New York Amends Controversial Provisions of Replacement Regulation

Amendments: Other Key Changes While Regulation 60 always exempted situations where the new life insurance or annuity application was submitted to the same insurer pursuant to a contractual conversion privilege, the revisions to the Regulation now also exempt circumstances where such an application is submitted to any authorized life insurer in the insurer’s holding company system. Electronic reporting will now be required on an annual, rather than quarterly, basis and the insurer who is replacing the existing policy can provide the insurer whose insurance is being replaced with a list of the sales material used in the sale rather than the actual copies of the sales material.

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