N.Y. Comp. Codes R. & Regs. tit. 11 § 41.3

Current through Register Vol. 46, No. 51, December 18, 2024

Section 41.3 - Advertising

In addition to complying with the provisions of Part 219 of this Title (Regulation No. 34-A), any advertisements for accelerated death benefits shall be subject to the following:

(a) all advertising material shall include a statement that receipt of the accelerated death benefits may affect eligibility for public assistance programs;

(b) all advertising material for accelerated death benefits under Insurance Law section 1113(a)(1)(A), (B), (C) or (D) shall include a statement that receipt of the accelerated death benefits may be taxable, and all advertising material for accelerated death benefits under Insurance Law section 1113(a)(1)(E) or (F) shall include a statement that receipt of these types of accelerated death benefits is not expected to receive the same favorable tax treatment as the receipt of other types of accelerated death benefits that may be available to the policyowner or certificateholder;

(c) no advertisement shall refer to life insurance policies providing for accelerated death benefits as long-term care insurance, nursing home insurance, home care insurance, or long-term care insurance provided under the partnership for long-term care program, as defined in Social Services Law section 367-f and Insurance Law section 3229, or as an alternative to such types of insurance, except as otherwise provided in section 41.8 of this Part;

(d) no advertisement shall indicate or imply that the accelerated death benefit provision is the only means for providing access to the policy's values; and

(e) no advertisement shall indicate or imply that the accelerated death benefit is being provided without cost unless the insurer can demonstrate otherwise to the superintendent.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 41.3

Amended New York State Register November 27, 2019/Volume XLI, Issue 48, eff. 11/27/2019