1/15/14 N.Y. St. Reg. DFS-46-13-00008-A
PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following action:
Action taken:
Amendment of Part 98 (Regulation 147) of Title 11 NYCRR.
Statutory authority:
Financial Services Law, sections 202 and 302; and Insurance Law, sections 301, 1304, 1308, 4217, 4218, 4240 and 4517
Subject:
Valuation of Life Insurance Reserves.
Purpose:
To remove the January 1, 2014 sunset provisions in section 98.9(c)(viii).
Text or summary was published
in the November 13, 2013 issue of the Register, I.D. No. DFS-46-13-00008-P.
Final rule as compared with last published rule:
No changes.
Text of rule and any required statements and analyses may be obtained from:
Michael Maffei, New York State Department of Financial Services, One State Street, New York, NY 10004, (212) 480-5027, email:
michael.maffei@dfs.ny.govRevised Job Impact Statement
Current Section 98.9(c)(2)(viii), which permits insurers to use certain prescribed lapse assumptions, is subject to “sunset” provisions that would make the section inoperable with respect to policies written on or after January 1, 2014. This amendment deletes the January 1, 2014 sunset provisions to keep the rule in operation. Therefore, amendment of the regulation will not adversely impact job or employment opportunities in New York, or have any adverse impact on self-employment opportunities, because the revision imposes no new or additional requirements on any insurer subject to the rule; it merely keeps the rule in effect with respect to policies written on or after January 1, 2014.
Assessment of Public Comment
The agency received no public comment.
