N.Y. Comp. Codes R. & Regs. tit. 11 § 224.2

Current through Register Vol. 46, No. 45, November 2, 2024

Section 224.2 - Exemptions

Unless otherwise specifically included, this Part shall not apply to transactions involving:

(a) purchase of a policy where the application is solicited and received in response to a generalized offer by the insurer by mail, at the worksite, or under other methods without producer involvement, other than customer service, administrative support, or enrollment services, and where there is no recommendation made;

(b) a policy used to fund:

(1) an employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act (ERISA);

(2) a plan described by Internal Revenue Code sections 401(a), 401(k), 403(b), 408(k) or 408(p), as amended, if established or maintained by an employer;

(3) a government or church plan defined in Internal Revenue Code section 414, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization under Internal Revenue Code section 457;

(4) a nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor;

(5) a settlement or assumption of liabilities associated with personal injury litigation or any dispute or claim resolution process; or

(6) terminating employee pension plans or to assume liability of certain segments of ongoing plans, such as for terminated vested participants, or existing accrued benefits for currently active participants;

(c) any corporate or bank owned policy authorized by Insurance Law section 3205(d) where substantially all benefits under the policy are payable to the corporate or bank policy owner;

(d) any credit life insurance as defined in Part 185 of this Title (Insurance Regulation 27A) sold on a group basis and in compliance with Part 185 of this Title (Insurance Regulation 27A); or

(e) any life settlement contract as defined in and subject to Article 78 of the Insurance Law.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 224.2

Amended New York State Register August 1, 2018/Volume XL, Issue 31, eff. 8/1/2018