Checklist for Insurer Filings Submitted to Demonstrate Compliance with Section 4228

Section 4228 of the New York Insurance Law requires all insurers to file with the Department of Financial Services a demonstration that each plan of agent compensation, including expense allowance payments, currently used by the insurer in connection with the sale of individual life insurance and annuities, is in compliance with prescribed payment limitations. The current filing requirements supersede any previous filing requirements, including those under the previous version of Section 4228 and under Regulation 49, both of which have been repealed entirely. Each such plan of agent compensation must be on file with the Department, regardless of whether or not an identical plan was in use prior to January 1, 1998, the effective date of the current version of Section 4228.

In general, as specified in Subsection (f) of Section 4228, such an agent compensation plan must be re-filed whenever any changes in the plan are made. Among the types of changes requiring a re-filing is the introduction of a policy form not covered under previous filings for the plan.

In order to assist insurers with these filing requirements, we are providing a checklist, which we believe will cover a large majority of cases. The checklist file is in Rich Text Format (.RTF). If the document is applicable to your particular filing circumstances, you may open it and fill it in.

Please submit your entire filing, including the completed checklist (if you have chosen to use it ) and the Statement of Self Support required by Circular Letter 8 (1998), by one of the following methods:

Mail

Mail hard copy to  the following address:

Roy Mensch
Assistant Chief Actuary, Life Bureau
New York State Department of Financial Services
1 State Street
New York, NY 10004

or

Electronic Filing

Attach files containing your submission files for narrative material (such as our checklist) and Excel 97-compatible files for spreadsheets, to an email addressed to the following mailbox: [email protected]

• Insurer Checklist for Filings Submitted to Demonstrate Compliance with Section 4228 (RTF)

Related Circular Letters

• Circular Letter No. 8 (1998): Issues Resulting from the Enactment of Section 4228 of the Insurance Law
• Circular Letter No. 27 (1998): Section 4228 - Conditions Under Which Additional First Year Commissions May Be Paid in Renewal Years