11 CRR-NY 59.3NY-CRR
STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 11. INSURANCE
CHAPTER III. POLICY AND CERTIFICATE PROVISIONS
SUBCHAPTER A. LIFE, ACCIDENT AND HEALTH INSURANCE
PART 59. MINIMUM STANDARDS FOR THE FORM, CONTENT AND SALE OF GROUP AND BLANKET INSURANCE CERTIFICATES DEEMED TO HAVE BEEN DELIVERED IN THIS STATE PURSUANT TO SECTION 3201(B) OF THE INSURANCE LAW
11 CRR-NY 59.3
11 CRR-NY 59.3
59.3 Filing and approval of group insurance certificates delivered after January 1, 1986, where the master contract was delivered prior to January 1, 1986 and the solicitation of New York residents occurs prior to April l, 1986.
(a) Certificates delivered prior to July 1, 1986 shall not be subject to sections 59.4, 59.5 and 59.7 of this Part, and shall be approved provided the following conditions are met:
(1) the insurer provides written certification to the Department of Financial Services that the certificates substantially comply with the standards applicable to group policies and certificates delivered in this State;
(2) a certification that the premium charged is reasonable in relation to the benefits provided, including a statement of the expected benefit ratio, except where the policyholder pays the entire premium; and
(3) a statement that the insurer will retroactively modify such certificates, to the extent necessary, should it be found by the superintendent that the certificate fails to meet the tests as certified above.
(b) In the event the superintendent determines, at the time of filing, that the certification is incomplete or the certificate fails to meet the tests as certified above, no approval under this section will be given.
11 CRR-NY 59.3
Current through July 31, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.