- Circular Letter 1 of 2019 Working Group
Reviews and makes recommendations on policy generally relating to the use of artificial intelligence (AI) in the underwriting process and specifically relating to the details contained in Circular Letter 1 of 2019 – Use of External Data and Information Sources in Underwriting for Life Insurance.
- Climate Change Working Group
Shares with members and reviews for compliance discussion climate change initiatives released by the NY Department of Financial Services, in particular, related to the Proposed Guidance for Domestic Insurers on Managing the Financial Risks from Climate Change.
- Contestable Claims Working Group
Provides a forum for discussion of any compliance or interpretive concerns relating to Circular Letter 1 of 2017 – Life Insurance Unfair Claim Settlement Practices during the Contestability Period.
- Cyber Security Working Group
Discusses policy and interpretive and compliance concerns regarding 23NYCRR Part 500 – Cybersecurity Requirements for Financial Services Companies and provides a forum for discussion of other cybersecurity initiatives imposed by the NY Department of Financial Services.
- Disaster Preparedness Working Group
Provides a forum for discussion relating to the annual Circular Letter that requires a Disaster Planning and Response filing to be submitted to the NY DFS.
- Diversity & Inclusion Working Group
Provides a forum for discussion of any initiatives relating to Diversity and Inclusion that are released by the NY DFS, including relating to the 2021 survey of certain companies regarding diversity in their C-suites and Boards of Directors.
- Domestic Stock Life Insurer Working Group
Discusses policy generally relating to matters impacting domestic stock life insurers, particularly relating to requisite filings to DFS for dividend distributions.
- Electronic Applications Working Group
Develops policy for advocacy relating to the appropriate DFS review process for electronic applications and related marketing forms and to ease compliance burden for insurers choosing to execute forms using an electronic signature.
- Enterprise Risk Management Working Group
Provides a forum for members to discuss interpretive questions around and compliance with Regulation 203 – Enterprise Risk Management and Own Risk & Solvency Assessment; Group-wide Supervision, including annual filing requirements.
- Hospital Indemnity Policy Working Group
Reviews and advises on policy related to all legislative & regulatory issues relating to hospital indemnity insurance.
- LICGC Premium Tax Working Group
Reviews and makes recommendations to the Tax Subcommittee on all matters specifically relating to the Life Insurance Company Guaranty Corporation (LICGC) tax credit.
- Lost Policies Working Group
Assists members in complying with the lost policy requirements of Regulation 200 -- Unclaimed Life Insurance Benefits and Policy Identification (11NYCRR Part 226.5) and any related guidance.
- Non-Binary Applicants Working Group
Provides a forum for high-level member company discussion relating to accommodating non-binary or gender X applicants for life insurance and to develop policy positions generally relating to this topic.
- Paid Family Leave ACTUARIAL Subgroup
Provides feedback and makes recommendations to the Paid Family Leave Working Group on all matters specifically relating to the paid family leave wage rate and the impact of legislation/regulatory initiatives on the wage rate.
- Paid Family Leave TAX Subgroup
Provides feedback and makes recommendations to the Paid Family Leave Working Group on all matters relating to paid family leave and the impact of tax legislation/regulatory initiatives on the program.
- Paid Family Leave Working Group
Provides feedback on matters pertaining to paid family leave, to develop and respond to legislative/regulatory initiatives in this area and to make recommendations to the Legislative and Regulatory Committee on such initiatives.
- PBR Working Group
Discusses LICONY policy regarding potential amendments to Regulation 213 – Principles-Based Reserving (PBR) to bring it into conformance with the NAIC Valuation Manuals and provide a forum for members to discuss appropriate compliance with the Regulation.
- Privacy Working Group
Develops and responds to legislative/regulatory initiatives on matters relating to data privacy legislation and makes recommendations to the Legislative and Regulatory Committee on such matters.
- Reg 74 - Illustration ACTUARY Subgroup
Provides illustration actuarial support to the Regulation 74 Working Group
- Reg 74 - Illustration DELIVERY Subgroup
Develops advocacy relating to proposed amendments to Regulation 74 relating to illustration delivery.
- Reg 74 - Indexed Product Illustration
Develops advocacy relating to proposed amendments to Regulation 74 relating to indexed product illustration.
- Reg 74 - Universal Life DISCLOSURE Subgroup
Develops advocacy relating to proposed amendments to Regulation 74 relating to universal life disclosure.
- Reg 74 VUL Guidance Working Group
Provides a forum for discussion of compliance with DFS Guidance on Regulation 74 relating to variable universal life insurance (VUL).
- Reg. 187 Suitability & Best Interest Standard Working Group
Develops LICONY policy regarding potential amendments to Regulation 187 – Suitability & Best Interests in Life Insurance Policies & Annuities, to provide a forum for discussion of appropriate compliance and to track developments relating to the legal challenge of the Regulation.
- Regulation 143 Working Group
Establishes policy relating to advocacy for amendments to Regulation 143 re: Accelerated Death Benefits and provides a forum for discussion of appropriate compliance with the Regulation.
- Regulation 210 Working Group - Non-Guaranteed Elements
Develops LICONY policy and provides a forum for members to discuss appropriate compliance with Regulation 210 – Life Insurance & Annuity Non-Guaranteed Elements.
- Regulation 60 EXAMINATIONS Working Group
Provides a forum for discussion of any examination issues relating to appropriate compliance with Regulation 60 – Replacement of Life Insurance Policies and Annuity Contracts, including in relation to Circular Letter 7 of 2016 – Unsuitable Deferred-to-Immediate Annuity Contract Replacements ad Betterment of Rate Calculations.
- Regulation 74 Working Group
Develops policy on advocacy relating to proposed amendments to Regulation 74 – Life Insurance and Annuities Cost Disclosures and Illustrations and to act as a forum for and provide guidance relating to appropriate compliance with the Regulation.
- Risk Classification & Underwriting Working Group
Reviews and makes recommendations on policy relating to legislative and regulatory matters involving risk selection, appraisal and underwriting, genetic testing, and the use of AI in the underwriting process.
- Self-Support Working Group
Develops policy positions relating to the details required by the NY DFS in the self- support demonstrations required for submission to DFS pursuant to NYIL §4228.
- Special Considerations Letter Working Group
Discusses LICONY policy on our advocacy relating to the NY DFS Special Consideration Letter on life company reserving (SCL) provides a forum for members to discuss appropriate compliance with this annual guidance.
- SSDI Working Group
Develops and responds to DFS regulatory initiatives relating to long term disability insurance and insurers’ authority to offset for estimated social security disability income, and makes recommendations to the Disability Subcommittee.
- Structured Annuity - ACTUARIAL Subgroup
Provides actuarial support relating to proposed amendments to Regulation 47.
- Structured Annuity Working Group
Discusses LICONY policy around advocacy for a Proposed Amendment to Regulation 47 – Separate Accounts & Separate Account Products to open the market for registered index-linked annuity products in New York and discuss compliance matters relating to the amendments.
- Student Accident-Only Policies Working Group
Reviews and makes recommendations on policy related to all legislative and regulatory issues relating to student accident insurance.
- Unclaimed Property Working Group
Assists members in complying with the unclaimed life benefits requirements of Regulation 200 -- Unclaimed Life Insurance Benefits & Policy Identification (11NYCRR Part 226.5) and any related guidance.
- Universal Life Working Group
Provides a forum for discussion of appropriate compliance with regulations governing universal life and variable universal life products.