Circular Letter No. 20 (2001)

August 13, 2001

STATUTE AND REGULATION REFERENCES: Sections 3201, 3203, 3209, 4217, 4218, 4221, 4228, 4231(g), 4232(b), 4510, 4511, 4517, and 4518 of the Insurance Law; Regulations 34-A (11 NYCRR 219); 60 (11 NYCRR 51); 74 (11 NYCRR 53); 77 ( 11 NYCRR 54); 147 (11 NYCRR 98); and 149 (11 NYCRR 42).

By Circular Letter No. 1 (2001), the Insurance Department set forth its conclusions concerning its review of the Circular Letters issued by the Department since 1924 and attached a listing of approximately 400 Withdrawn Circular Letters. The Department noted that the list of Withdrawn Circular Letters constituted the Department's conclusion that the listed Circular Letters should be withdrawn because they "…have either become outdated as a result of the passage of time, or are unnecessary or irrelevant to current operations, or are no longer valid because of changes in statute or in policy at the Department." We also noted that the Department's review of Circular Letters was continuing and that additional Circular Letters may be withdrawn as their content is updated, included in Department regulations, or otherwise clarified.

The purpose of the present Circular Letter, therefore, is to announce the Department’s conclusion that, utilizing the aforesaid criteria, it is hereby withdrawing Circular Letter No. 18 (1980), entitled "Guidelines for submission and approval of the insurance policies with projected indeterminate or adjustable premium rates less than or equal to maximum guaranteed premium rates", and Circular Letter No. 4 (1983), entitled "Guidelines for Submission and Approval of 'Universal Life' and Other Life Policies Subject to Sections 216-b or 458-b of the Insurance Law."

Life insurance and annuity product outlines providing general guidance to insurers submitting product filings in New York are available on the Department's website at www.ins.state.ny.us.

Very truly yours,

_________________________
Gregory V. Serio
Superintendent of Insurance