Changes in the Market Conduct Profile for the Year 2016
Circular Letter No. 20 (2005) announced the required annual filing of a Market Conduct Profile by each authorized life insurer.
For reporting year 2016 (due June 1, 2017), the following changes have been made:
- In Question 5 of the Marketing and Sales Activities Section, additional information are requested specifically on Immediate Annuity replacements in New York. The Guidance is revised with details on the additional information being requested (see text in italics).
- Question 3 under the Policyholder Service Activities Section is added. This question relates to the Company's procedures for processing contestable claims including procedures for processing unclaimed benefits when there is a match from performing cross-checks with the Social Security Death Master file per Insurance Regulation 200 and Section 3240 of the New York Insurance Law and the policy is within the contestable period.
The new profile can be found on the Department's website at: http://www.dfs.ny.gov/insurance/reg60/mc_profile_2016.pdf
If you have any questions regarding this, please call Sharon Ma at (212) 480‐4659 or Pauline Hall at (212) 480‐5015.