2007 Filing Statistics Released by NYSID
In its 2007 Annual Report to the Legislature, the NYSID Life Bureau reports that it processed 1,740 files (7,770 forms) in that calendar year. Of the 7,770 forms, 2,660 were individual life and 1,981 were individual annuity. The rest were group life, group annuity, credit insurance, viatical settlement and miscellaneous policies. These are broken down in Table 14 of the Annual Report.
The Life Bureau reports that approximately 33.6% of the 7,770 were submitted for full prior approval and approximately 65.3% were submitted under a certified process.
Of course, some of the 7,770 were seen by the Department more than once, because rejected files are often re-submitted. Of the prior approval files, 29.8% were rejected or withdrawn and of the certified files 29.3% were rejected or withdrawn. It is very interesting to note the consistency of those numbers. This consistency even persists in out-of-state filings where 29.9% were rejected or withdrawn! (Because out-of-state forms no longer need be filed this last 29.9% is out of a much smaller total number of forms - just 1.1% of all forms processed were for out-of-state use in 2007).
The annual report does not discuss the reasons for the rejections or withdrawals, but it would seem that more of the prior approval rejections/withdrawals would have been for substantive reasons as those submissions tend to be of the more complex and innovative products. The 29% of certified filings would be likely to have more procedural errors in certifications, form number consistency and, in all likelihood, statements of variable material. So while the numbers across all types of filings are virtually identical, it is likely that the reasons for the department actions were very different.
