New York Adds Accelerated Life LTC Benefits To To-Do List

By Steve Tuckey

June 13, 2005 at 08:00 PM

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The New York State Insurance Department has published an updated version of its regulatory agenda.[@@]

On the life side, agenda items include efforts to develop rules for:

- Life insurance policies that provide accelerated payment of benefits when insureds need long term care.

- Replacement of life and annuity contracts. New York regulators want agents to be able to complete applications without having to wait for replies from the insurers whose contracts are being replaced.

- Disposal of property gifted to charitable annuity societies.

New York department life officials also are working on many efforts to bring New York insurance regulations into conformance with standards developed by the National Association of Insurance Commissioners, Kansas City, Mo.

The New York department already has, for example, put the new standards that the NAIC is developing for universal life products with secondary guarantees on its regulatory agenda, and the department also is implementing the NAIC risk-based capital standard for fraternal benefit societies.

On the health side, one initiative will set reserve standards for group accident and health products and another will set new compensation disclosure rules for health insurance agents and brokers.

The full New York department regulatory agenda is on the Web at //www.ins.state.ny.us/acrobat/jun05agenda.pdf

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