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Filing Guidance on Section 4228(h) Statements of Self Support for Individual Life Insurance Policies When More Than One Plan is Offered Under One Base Policy

This guidance applies to all life insurance companies doing business in New York.

Section 4228(h) of the New York Insurance Law requires, in part, that a statement of self support be submitted with each individual life insurance policy form filed with the Superintendent for approval. The purpose of this guidance is to clarify the application of section 4228(h) of the New York Insurance Law to each plan offered under an individual life insurance policy, including but not limited to indeterminate premium term life policies where more than one current and/or guaranteed level premium term plan is offered.

For purposes of section 4228(h), each individual life insurance plan is considered a separate policy form and each must be independently self supporting. A separate set of schedule pages reflecting each available plan, each bearing a unique form number, is required to be submitted for approval by the superintendent pursuant to section 3201 of the Insurance Law. Each such set of schedule pages submitted for approval must be accompanied by a statement of self-support for the particular plan shown. It is not permissible for one plan to support another.

Contact Person

Questions concerning this subject should be directed to Dwight Hazzard, Supervising Actuary – Life, via e-mail or by phone at (518) 474-7929.

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