N.Y. Comp. Codes R. & Regs. tit. 11, § 103.3 – Superintendent’s authority to require adjustments from the valuation manual. | Midpage
§ 103.3
N.Y. Comp. Codes R. & Regs. tit. 11, § 103.3
Superintendent’s authority to require adjustments from the valuation manual.
Insurance
(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).1
(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.