The purpose of this Part is to establish rules for the
accelerated death benefit provisions under an individual or group life
insurance policy or fraternal benefit certificate. This Part provides
advertising and disclosure requirements, benefit levels, benefit eligibility
and actuarial requirements. This Part also provides the requirements for
accelerated death benefits pursuant to Insurance Law section 1113(a)(1)(C) and
(D), which must be tax qualified in order to meet the definition of life
insurance under the Insurance Law. In addition to the requirements set forth in
this Part, it is the insurer's responsibility to ensure that Insurance Law
section 1113(a)(1)(C) and (D) accelerated death benefit policies, on a
standalone basis, meet the applicable requirements of the Internal Revenue Code
and regulations thereunder for Federal tax qualification.
Notes
N.Y. Comp.
Codes R. & Regs. Tit. 11
§
41.1
Amended
New
York State Register November 27, 2019/Volume XLI, Issue 48, eff.
11/27/2019
