N.Y. Comp. Codes R. & Regs. tit. 11 § 103.7

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

Section 103.7 - Valuation of all other reserves

(a) Scope. This section applies to all individual life insurance policies issued on or after January 1, 2020 and group life insurance policies, annuity contracts, and accident and health insurance contracts issued on or after January 1, 2021, for which sections 103.4, 103.5, and 103.6 of this Part do not apply.

(b) The minimum aggregate reserve, where the level of aggregation is defined by Section 2.A of VM-20 of the valuation manual, for individual life insurance policies issued on or after January 1, 2020 shall be the greater of:

(1) the sum of the minimum reserves calculated on a seriatim basis in accordance with the methodology and assumptions prescribed by Insurance Law section 4217(a) through (f), Part 98 (Insurance Regulation 147) of this Title, Part 100 (Insurance Regulation 179) of this Title, and any other applicable regulations; and

(2) the minimum aggregate reserve calculated in accordance with the methodology and assumptions prescribed by the valuation manual prior to reflecting any reinsurance ceded.

(c) The minimum reserve for each group life insurance certificate, annuity contract, and accident and health insurance contract issued on or after January 1, 2021 shall be the greater of:

(1) the minimum reserve calculated on a seriatim basis in accordance with the methodology and assumptions prescribed by Insurance Law section 4217(a) through (f) and any applicable regulations; and

(2) the minimum reserve calculated in accordance with the methodology and assumptions prescribed by the valuation manual prior to reflecting any reinsurance ceded.

(d) An insurer may submit a request to the superintendent to delay the implementation of the minimum valuation standards of subdivision (b) of this section, such that the minimum valuation standards shall be effective for policies issued on or after January 1, 2021, upon a demonstration of undue hardship, impracticability, or good cause, subject to the superintendent's approval.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 103.7

Adopted New York State Register February 26, 2020/Volume XLII, Issue 08, eff. 2/26/2020