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Insurer Checklist for 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including those under the previous version of Section 4228 and under Regulation 49, both of which have been repealed entirely.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), a file format compatible with many different types of word processors. If the document is applicable to your particular filing circumstances, you may open it and fill it in with your word processor.

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:

(1) Mail hard copy to us at the following address (please note this address information supersedes the address information in Circular Letter 8 (1998)):

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


(2) Attach computer files containing your submission -.RTF files for narrative material (such as our checklist) and Excel 97-compatible files for spreadsheets - to an e-memo and e-mail the filing to the following dedicated e-mailbox: Section 4228 Submission

Insurer Checklist for Filings Submitted to Demonstrate Compliance with Section 4228 (Rich Text Format)

Related Circular Letters

Department of Financial Services


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