New York Codes Rules Regulations (Last Updated: March 27,2024) |
TITLE 11. Insurance |
Chapter III. Policy and Certificate Provisions |
Subchapter A. Life, Accident and Health Insurance |
Part 53. Life and Annuity Cost Disclosure and Sales Illustrations |
Subpart 53-3. Life Illustrations and Reports |
Sec. 53-3.4. Standards for supplemental illustrations
Latest version.
- (a) A supplemental illustration may be provided so long as:(1) it is appended to, accompanied by or preceded by a basic illustration that complies with this Subpart;(2) the non-guaranteed elements shown are not more favorable to the policyowner than the corresponding elements based on the scale used in the basic illustration;(3) it contains the same statement required of a basic illustration that non-guaranteed elements are not guaranteed; and(4) for a policy that has a contract premium, the contract premium underlying the supplemental illustration is equal to the contract premium shown in the basic illustration. For policies that do not require a contract premium, the premium outlay underlying the supplemental illustration shall be equal to the premium outlay shown in the basic illustration.(b) The supplemental illustration shall include a notice referring to the basic illustration for guaranteed elements and other important information.