The New York State Insurance Department has unveiled a draft of a variable life insurance regulation that includes new sections dealing with private placement variable life arrangements.
The proposed amendment to New York Regulation 77 would define a “private placement variable life insurance policy” as any variable life insurance policy that is exempt from registration under federal securities laws; includes one or more separate accounts that are exempt from registration as an investment company; is only available to a sophisticated investor who has enough assets to qualify under federal law as an accredited investor, according to the draft text.
A variable life issuer would have to value the assets in private placement variable life separate accounts at least every year, or every time the account benefits were determined, if the benefits were determined more often than once a year.
A private placement variable life policy would have to state that the issuer would pay death benefits within 30 days after the claimant asked for payment and provided the necessary documentation.
The policy would have to provide for payment of partial withdrawals, partial surrenders, cash surrender values and other amounts other than death benefits within 15 months of a request for payment being received.
私募変額生命保険は被保険者が保険請求をした場合、必要な書類が提出されていれば、請求から30日以内に死亡保険金を支払うことを明記しなければならないであろう。保険は一部分の出金や部分的解約、解約払い戻しやその他の死亡保険金以外の保険金支払いについて、保険料が支払われてから15ヶ月以内に行わなければならないとされるであろう。
保険会社は支払いの請求と必要な文書の提出があってから 30日の間に死亡給付金の支払いを行うと私募変額保険証券に明記しなければならなくなるだろう。
一部引き出し、一部解約、解約返戻金、死亡給付金を除くその他の支払いについても、支払い要求を受けてから 15ヶ月以内になされることを証券は規定しなければならなくなるだろう。
@tuck 評価、ありがとうございます。