Fund Changes

Return to Life Insurers Alerts

Section 3201(b) of the Insurance Law was amended on August 30, 2010, pursuant to Chapter 441 of the Laws of 2010, to permit an approved policy form to continue to be delivered or issued for delivery without further approval from the Superintendent if the policy form is revised solely to reflect a change in the investment options of a separate account, which has been previously approved pursuant to Insurance Law § 4240 (e). However, an insurer must make an informational filing with the Superintendent identifying the policy forms that have been revised, and the investment options offered in each policy form. The informational filing must be made with the Department no later than 60 days after the amended Plan of Operations for the separate account has been approved. The new Section 3201(b)(7) is effective October 30, 2010.The informational filing must be in a form acceptable to the Superintendent. Please see the new filing
guidance on changes in the investment options of a separate account available at: www.dfs.ny.gov