NYSID monitoring VAGLB submissions
One question I get asked frequently is whether the NYSID knows that variable annuities with guaranteed living benefits are being filed under the CL6 process. My answer is that I am confident that they do - that the Life Bureau's tracking system is quite good and that I think they do keep track of what kind of submissions are coming in. That opinion was strengthened by a statement in the Life Bureau's opening section of the 2006 Annual Report, titled Faster New Product Introductions. www.lifeinsurancelawblog.com/Page 14 2006 Annual Report.pdf. While the text does not specifically say how many of these VAGLB submissions are CL6 submissions, it is likely that a good number of them are, in fact, certified submissions.
