N.Y. Comp. Codes R. & Regs. Tit. 11 § 41.1 - Purpose

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.


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

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