N.Y. Insurance Law 3202 – Withdrawal of approval of policy forms
§ 3202. Withdrawal of approval of policy forms. The superintendent may, in accordance with section three thousand one hundred ten of this chapter, withdraw an approval previously given to a policy form pursuant to section three thousand two hundred one of this article. The superintendent may also withdraw an approval in the case of any such policy form (i) pertaining to accident and health insurance, if the benefits provided therein are unreasonable in relation to the premium charged, or if it contains provisions which encourage misrepresentation or are unjust, unfair, inequitable, misleading, deceptive, contrary to law or to the public policy of this state, or (ii) pertaining to life insurance, annuity contract, group annuity certificate, or funding agreement, if in his judgment the use of such form would be prejudicial to the interests of policyholders or members, or it contains provisions which are unjust, unfair or inequitable.
Terms Used In N.Y. Insurance Law 3202
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.