Amends the reserve valuation method for certain life insurance policies and contracts issued after December 31, 2010 which provide certain death benefits.
STATE OF NEW YORK
________________________________________________________________________
4061
2011-2012 Regular Sessions
IN ASSEMBLY
February 1, 2011
___________
Introduced by M. of A. MORELLE -- read once and referred to the Commit-
tee on Insurance
AN ACT to amend the insurance law, in relation to the valuation of
certain policies and contracts
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subparagraph (D) of paragraph 6 of subsection (c) of
2 section 4217 of the insurance law is relettered subparagraph (E) and a
3 new subparagraph (D) is added to read as follows:
4 (D) Reserves according to the superintendent's reserve valuation meth-
5 od for individual life insurance policies subject to subsection (b) of
6 section four thousand two hundred thirty-two of this article that are
7 issued after December thirty-first, two thousand ten and that provide
8 for death benefits that are guaranteed to remain in effect if specified
9 conditions, as defined in the life insurance policy, are met by the
10 policy owner, the value of the guarantee shall be calculated by a method
11 consistent with the principles of this section and the use of lapse
12 rates not to exceed two percent per annum.
13 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05382-01-1
