N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 50-1.9

Current through Register Vol. 46, No. 53, December 31, 2024

Section 50-1.9 - Required reports

(a) Each company issuing any separate account annuity contract shall at least once in each contract year mail or deliver to every separate account annuity contractholder, addressed to the contractholder's last post office address known to the company or delivered in person or electronically in a manner agreed to between the insurer and contractholder, a statement or statements reporting the investments held in the separate account and, in addition, in the case of contracts under which benefit payments have not yet commenced, a statement reporting as of a date not more than four months prior to the date of mailing or delivery, the number of accumulation units credited to such contracts, and the dollar value of each such unit or the total value of the contractholder's account, except that such statements need not be mailed or delivered with respect to such contracts which have been issued not more than four months prior to the date of the mailing or delivery. "Contractholder," as used in this subdivision, shall include a certificate holder who has accumulation units credited to the certificate holder's account. Such statement may be distributed to the certificate holder by providing the statements to the contractholder pursuant to a bona fide plan that provides for the further distribution of such statement or statements to the certificate holders.

(b) Each company issuing any separate account annuity contract shall submit annually to the superintendent, in such form as the superintendent may prescribe, a statement of the business of its separate account or accounts.

N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 50-1.9

Adopted New York State Register August 31, 2022/Volume XLIV, Issue 35, eff. 8/31/2022