New York State Department of Financial Services |  | LIFE BUREAU FILING GUIDANCE NOTE |
|---|
Benjamin M. Lawsky, Superintendent of Financial Services
One State Street, New York, NY 10004
| GUIDANCE DATE: 12/14/2011 | FOR IMMEDIATE RELEASE |
New York State Department of Financial Services | | LIFE BUREAU FILING GUIDANCE NOTE |
|---|
Benjamin M. Lawsky, Superintendent of Financial Services
One State Street, New York, NY 10004
| GUIDANCE DATE: 12/14/2011 | FOR IMMEDIATE RELEASE |
Due to the nature and complexity of universal life insurance policies with secondary guarantees, insurers should not use the certified process set forth in Circular Letter No. 6 (2004) to submit these forms, and if an insurer does so, any such form submitted will not be deemed approved.
Universal life insurance products include all life insurance policies that provide additional amounts to be credited to the policy in accordance with Section 4232(b) of the Insurance Law, and in addition to any minimum benefits guaranteed under the policy. A “secondary guarantee” attached to a Universal Life Insurance policy guarantees that the policy will not lapse if the account value is less than zero, subject to a specified premium requirement or the requirement to maintain a separate notional account, or shadow account, greater than zero.
An insurer may submit universal life policies with secondary guarantees in accordance with the procedures specified in either Section 3201(b)(1) or (6) of the Insurance Law. Policies that have already received an approval under Circular Letter No. 6 prior to the posting of this guidance are not affected.
Questions concerning this guidance should be directed via e‐mail to Amanda Fenwick, FSA (Supervising Actuary) at amanda.fenwick@dfs.ny.gov or by phone at (518) 474-7929.
