N.Y. Comp. Codes R. & Regs. tit. 11 § 59.6

Current through Register Vol. 46, No. 51, December 18, 2024

Section 59.6 - Accelerated approval procedure

(a) Any certificate, other than those subject to section 59.4(b) of this Part, will be granted a conditional approval upon the insurer's certification of full compliance with all applicable laws and regulations relative to group insurance policies and certificates of the same type delivered in this State.

(b) The certification and the certificate must include a statement that the insurer will retroactively modify such certificate form to the extent necessary, if it is found by the superintendent that the certificate fails to comply in all respects with the applicable law and regulations.

(c) Such certification shall include a statement of the expected benefit ratio and, as an attachment, the actuarial memorandum required by section 59.5 of this Part.

(d) In the event the superintendent determines, at the time of filing, that the certification is incomplete or the certificate fails to meet the tests as certified above, no conditional approval under this section will be given.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 59.6