The Preamble to New York's Regulation 210 (the
"Regulation") contains a March 19, 2018 effective
date. However, the Regulation's scope paragraph supports an
interpretation that the Regulation's requirements apply only
when an insurer makes a "determination or readjustment of a
non-guaranteed element [an "NGE action"] occurring on or
after the effective date ... , including any readjustment of
non-guaranteed elements occurring on or after the effective
date" for any policy issued prior to the effective date. The
Regulation defines the term policy as "any individual life
insurance policy, individual annuity contract, or applicable group
contract."
Thus, an insurer may not need to come into compliance with the
Regulation's requirements unless and until it takes an NGE
action. For example, a central requirement of the Regulation is
that an insurer obtain an actuarial memorandum signed and dated by
a qualified actuary (i) prior to the issuance of any policy under a
new
