N.Y. Comp. Codes R. & Regs. tit. 11 § 103.3

Current through Register Vol. 46, No. 53, December 31, 2024

Section 103.3 - Superintendent's authority to require adjustments from the valuation manual

(a) The superintendent may require a life insurance company to change an assumption or method that in the superintendent's opinion is necessary to comply with the requirements of the valuation manual or Insurance Law section 4217(g), and the life insurance company shall adjust the reserves as required by the superintendent. Pursuant to Insurance Law section 308, the superintendent may request information from a life insurance company in addition to the information specified in the valuation manual. The superintendent may take other disciplinary action as permitted by the Insurance Law, Financial Services Law, and any other applicable laws and regulations.

(b) For purposes of this Part, valuation manual shall have the meaning set forth in Insurance Law section 4217(g)(5).

¹The 2024 Valuation Manual, published by the National Association of Insurance Commissioners, is hereby incorporated by reference in this Part. The 2024 Valuation Manual is readily available without charge at the following internet address: https://www.naic.org/pbr_data.htm. The 2024 Valuation Manual is also available for public inspection and copying at the New York State Department of Financial Services, One State Street, New York, NY 10004.

(c) Except where the valuation manual conflicts with any provision of the Insurance Law or this Title, the valuation manual is adopted in its entirety, subject to the effective dates and other requirements specified in the applicable sections of this Part that deviate from the valuation manual.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 103.3

Amended and Renumbered from 103.2 New York State Register February 26, 2020/Volume XLII, Issue 08, eff. 2/26/2020

Amended New York State Register March 31, 2021/Volume XLIII, Issue 13, eff. 3/31/2021

Amended New York State Register December 29, 2021/Volume XLIII, Issue 52, eff. 12/29/2021

Amended New York State Register March 1, 2023/Volume XLV, Issue 09, eff. 3/1/2023

Amended New York State Register December 6, 2023/Volume XLV, Issue 49, eff. 12/6/2023

Amended New York State Register October 9, 2024/Volume XLVI, Issue 41, eff. 10/9/2024