New York State Seal

STATE OF NEW YORK
INSURANCE DEPARTMENT
AGENCY BUILDING ONE
EMPIRE STATE PLAZA
ALBANY, NY 12257

Circular Letter No. 8 (1999)
March 16, 1999
TO: ALL INSURERS AUTHORIZED TO WRITE LIFE INSURANCE AND ANNUITIES, INCLUDING LIFE INSURERS, FRATERNAL BENEFIT SOCIETIES, CHARITABLE ANNUITY SOCIETIES, SAVINGS BANK LIFE INSURANCE DEPARTMENTS AND ALL LICENSED VIATICAL SETTLEMENT COMPANIES
RE: PROCEDURAL CHANGES IN THE APPROVAL PROCESS FOR LIFE INSURANCE AND ANNUITY POLICY FORMS:

I. Required Format For Policy Form Submission Letters
II. Timely Responses to Comment Letters

        I. Required Format For Policy Form Submission Letters

        To facilitate the policy form filing process, the Department will no longer review the substance of a submission letter to determine the number, identity, or type of policy forms being submitted. The Department will no longer accept submission letters that do not follow the format detailed below.

        Effective for submissions made on or after April 15, 1999, all policy form submissions are to be made directly to the Life Bureau in Albany, New York. The filings should be addressed to:

        Ms. Kathleen Nelligan, Chief Insurance Policy Examiner
        Life Bureau-7th Floor
        New York State Insurance Department
        Agency Building One
        Empire State Plaza
        Albany, New York 12257

        The "Re" or the caption of the submission letter shall clearly identify each of the forms that are intended in the submission. This identification must include: the policy form identification number; a designation of the form as individual or group; a generic product description (See Appendix A for a list of acceptable generic product descriptions); and a generic form description (See Appendix B for a list of acceptable generic form descriptions). As an example, a submission of an individual whole life policy, application and rider would be identified in the "Re" or the caption of the submission letter as follows:

        Form No. "XX" Individual Whole Life Policy
        Form No. "YY" Individual Whole Life Application
        Form No. "ZZ"  Individual Accidental Death Benefit Rider

        Any additional information beyond this basic description, including references to fixed or flexible premiums or the period of coverage, (such as "life paid up at 85") which are consistent with the description on the policy cover page, is to be placed in the substance of the letter. If the submission consists of more than five forms, each of the forms should be listed in the required format on a separate attached sheet and the "Re" or caption should reference the attachment.

        These procedures will enable the staff to enter policy form submission information into the Department’s computer tracking system in a more expeditious manner thereby improving the overall policy form filing process.

        II. Timely Responses to Comment Letters

        To expedite the policy form review process, the Life Bureau will now close policy form files if a complete written response to the questions, comments, requests for explanation or other material in a comment letter from the Bureau are not received within fifteen calendar days of the date on the comment letter.


Very truly yours,
_______________________

Martin F. Carus
Assistant Deputy Superintendent and
Chief Examiner
Life Bureau

 

Appendix A

Generic Product Description

Individual Whole Life
Individual Term Life
Individual Indeterminate Premium Term Life
Individual Universal Life
Individual Variable Life
Individual Variable Universal Life
Group Whole Life
Group Term Life
Group Universal Life
Group Variable Life
Group Variable Universal Life
Group Life - Regulation 123
Individual Fixed Annuity (MVA if applicable)
Individual Variable Annuity
Individual Fixed & Variable Annuity (MVA if applicable)
Individual Funding Agreement
Group Fixed Annuity (Regulation 139, Section 4223 or Regulation 128 as applicable)
Group Variable Annuity
Group Fixed & Variable Annuity
Group Funding Agreement
Synthetic GIC
Structured Settlement
Credit Life/Disability
Credit Unemployment
Charitable Annuity
Viatical Settlement
Individual Accelerated Death Benefit
Group Accelerated Death Benefit
Prepaid Legal Plan
Miscellaneous

 

Appendix B

Generic Form Description

Contract
Insert Page for Contract
Contract Amendment
Contract Endorsement
Policy
Insert Page for Policy
Policy Amendment
Policy Endorsement
Rider
Rider Amendment
Rider Endorsement
Application
Endorsement to Application
Receipt (Temporary Insurance Agreement or Conditional Receipt or Receipt)
Certificate
Insert Page for Certificate
Certificate Amendment
Certificate Endorsement
Certificate Rider
Enrollment Form
Administrative Form
Disclosure Statement
Variable Material
Combination Policy and Certificate Rider
Combination Policy and Certificate Insert Page
Combination Rider and Certificate Insert Page

Applicable to Fraternals Only
By-Laws
Amendments to By-Laws
Constitution
Amendments to Constitution
Articles of Incorporation
Amendments to Articles of Incorporation
Amendments to Constitution and By-Laws
Combination Amendment to Constitution, By-Laws and Articles of Incorporation
Charter, Constitution and By-Laws
Revised Constitution and By-Laws
Resolutions Adopted