N.Y. Comp. Codes R. & Regs. tit. 11 § 54.10

Current through Register Vol. 46, No. 43, October 23, 2024

Section 54.10 - Applications

The application for a variable life insurance policy shall contain:

(a) If either the amount or duration of the death benefit may vary under specified conditions, a prominent statement to that effect.

(b) A prominent statement that policy values may increase or decrease in accordance with the experience of the separate account (subject to any specified minimum guarantees).

(c) A prominent statement that, in the case of a variable endowment policy, the amount of the endowment payable at maturity is not guaranteed but is dependent upon the then cash surrender value (subject to any specified minimum guarantees).

(d) A prominent statement, in the case of a private placement variable life policy, that due to the illiquid nature of the investment options, the payment of the death benefit, the cash surrender value, policy loans, partial withdrawals or partial surrenders, as applicable, may be delayed. The statement shall advise the applicant to refer to the policy for further details on any delay of payments.

(e) A notice that the following are available upon request: Illustrations of benefits, including death benefits, policy values and cash surrender values. Such illustrations shall be in a form and content acceptable to the superintendent.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 54.10