Life Bureau Filing Guidance Note

Filing Guidance for Regulation 210 Annual Disclosure of Adverse Changes

COVID-19  [4/14/2021 Update]

The Department is not waiving the requirement for the Regulation 210 Annual Disclosure of Adverse Changes for any Company that did not have an adverse change in 2020. All insurers should follow the filing guidance below:

Per Section 48.4(e) of Regulation 210, insurers shall make a filing by May 1st of each year to the superintendent regarding any adverse changes in the current scale of non-guaranteed elements on any existing policy that occurred in the prior calendar year.

For Insurers that had an adverse change during the prior calendar year

The filing shall include a statement signed and dated by a qualified actuary that all changes were made in compliance with Regulation 210.

Additionally, the filing shall include a listing of any adverse change in the current scale of non-guaranteed elements on any existing policy that occurred in the prior calendar year.

For Insurers that did not have any adverse changes during the prior calendar year

The filing should include a statement to that effect.

Market Conduct Profile (MCP)

Supplement Item 3 of the MCP requests the identification of any changes in other discretionary elements subject to Section 4232 of the New York Insurance Law that had an adverse impact on any life insurance policy or annuity contract.

This requirement is redundant to the requirements of Regulation 210 and will be removed.

For submissions required by 5/1/2019, a statement in the MCP should be made that this requirement has been addressed by the Company in their Regulation 210 submission and provide the date of such submission and the SERFF tracking number, where applicable.

For submissions required by 5/1/2020, this requirement will be removed from the MCP.

How may submissions be made?

Effective May 25, 2020, the Department can no longer accept paper submissions for Regulation 210 Annual Disclosure filings pursuant to our Filing Guidance Regarding Regulation 195. Only electronic submissions made via the State Electronic Rate and Form Filing (SERFF) system will be accepted.

It is important to use the correct electronic captions when filing via SERFF.

When making a submission through SERFF

    Type of Insurance (TOI) = Life Insurance & Annuity Products
    SubTOI = General
    Filing Type = Regulation 210 - Annual Disclosure of Adverse changes
    Requested Filing Mode = Informational

Questions?

If you have any questions, please contact Mike Mazzie at (518) 473-7570.