Sec. 42-1.1. Purpose

Latest version.

The purpose of this Subpart is:
(a) to provide rules pertaining to limitations on the issuance, renewal or continuation of term life insurance; and
(b) to prescribe rules and guidelines for determining minimum cash values on certain increasing premium life insurance policies, including policies under section 4221(1)(3) of the Insurance Law, which states cash surrender values and paid-up nonforfeiture benefits provided by certain policies must not be less than the minimum values and benefits required for the policy computed by a method consistent with section 4221 of the Insurance Law, as determined by the superintendent.

                    
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