New Guidance Posted for Reg 149 filings
The New York State Insurance Department has posted guidance for companies wishing to file policies or riders on a certified basis in advance of the 1/1/08 effective date for the new Reg 149. Among other things, this new regulation will make Return of Premium riders more feasible in NY and it will permit term policies to extend beyond age 80 so companies wanting to be in a position to launch products in January may want to review this guidance and prepare submissions accordingly.