NYDFS Principle Based Reserving

On Jan. 11, NYDFS amendment to adopt 2020 NAIC valuation manual.

  • NYDFS superintendent Lacewell promulgated principle-based reserving amendments.
  • To comply with requirements of valuation manual or NYCRR Insurance Law S.4217(g).
  • Follows 2018 law requiring life insurers to use principle-based reserving, see #50716.
  • Principle Based Reserving
  • Promulgated emergency 2nd amendment to 11 NYCRR 103, insurance regulation 213.
  • 2018 Law required principle-based reserves to be based upon NAIC valuation manual.
  • Amendment issued to adopt 2020 NAIC manual, clarify and make certain adjustments.
  • Additionally, prescribed additional minimum standards for valuating statutory reserves.
  • In order to ensure they are set at an appropriate level for payment of future claims.
  • Filed on emergency basis, due to requirement that statutory reserves be reported in life insurers annual statements, which must be required by Mar. 1 of each year.
  • Effectiveness
  • Changes effective upon filing of notice of emergency adoption with secretary of state.

Regulators NAIC; NYDFS
Entity Types Ins
Reference RF 1/11/2021; Citation: NYCRR Insurance Law S.4217(g);
Functions Accounting; Financial; Operations; Reporting; Risk; Suitability; Treasury
Countries United States of America
Products Corporate; Insurance; Insurance-Life; Variable Annuity
Regions Am
Rule Type Final
Rule Date 1/11/2021
Effective Date 1/11/2021
Rule Id 95245
Linked to Rule :50716
Reg. Last Update 1/11/2021
Report Section US Insurance

Last substantive update on 01/12/2021