§ 3201. Approval of life, accident and health, credit unemployment,\nand annuity policy forms. (a) In this article, "policy form" means any\npolicy, contract, certificate, or evidence of insurance and any\napplication therefor, or rider or endorsement thereto, affording\nbenefits of the kinds of insurance specified in paragraph one, two,\nthree or twenty-four of subsection (a) of section one thousand one\nhundred thirteen of this chapter, a group annuity certificate to which\nsubsection (a) of section three thousand two hundred nineteen of this\narticle applies, and a funding agreement authorized by section three\nthousand two hundred twenty-two of this article. The term "policy form"\nshall not include an agreement, special rider, or endorsement relating\nonly to the manner of distribution of benefits or to the reservation of\nrights and benefits used at the request of the individual policyholder,\ncontract holder or certificate holder.\n (b) (1) No policy form shall be delivered or issued for delivery in\nthis state unless it has been filed with and approved by the\nsuperintendent as conforming to the requirements of this chapter and not\ninconsistent with law. A group life, group accident, group health, group\naccident and health or blanket accident and health insurance certificate\nevidencing insurance coverage on a resident of this state shall be\ndeemed to have been delivered in this state, regardless of the place of\nactual delivery, unless the insured group is of the type described in:\n(A) section four thousand two hundred sixteen, except paragraph four\nwhere the group policy is issued to a trustee or trustees of a fund\nestablished or participated in by two or more employers not in the same\nindustry with respect to an employer principally located within the\nstate, paragraph twelve, thirteen or fourteen of subsection (b) thereof;\n(B) section four thousand two hundred thirty-five except subparagraph\n(D) where the group policy is issued to a trustee or trustees of a fund\nestablished or participated in by two or more employers not in the same\nindustry with respect to an employer principally located within the\nstate, subparagraph (K), (L) or (M) of paragraph one of subsection (c)\nthereof; or (C) section four thousand two hundred thirty-seven (except\nsubparagraph (F) of paragraph three of subsection (a) thereof; of this\nchapter; and where the master policies or contracts were lawfully issued\nwithout this state in a jurisdiction where the insurer was authorized to\ndo an insurance business. With regard to any certificate deemed to have\nbeen delivered in this state by virtue of this paragraph, the\nsuperintendent shall (i) require that the premiums charged be reasonable\nin relation to the benefits provided, except in cases where the\npolicyholder pays the entire premium; (ii) have power to issue\nregulations prescribing the required, optional and prohibited provisions\nin such certificates; (iii) establish an accelerated certificate form\napproval procedure available to an insurer which includes a statement in\nits policy form submission letter that it is the company's opinion that\nthe certificate form or forms comply with applicable New York law and\nregulations. The superintendent, upon receipt of such a filing letter,\nshall grant conditional approval of such certificate form or forms in\nreliance on the aforementioned statement by the company upon the\ncondition that the company will retroactively modify such certificate\nform or forms, to the extent necessary, if it is found by the\nsuperintendent that the certificate form fails to comply with applicable\nNew York laws and regulations. The superintendent may, with regard to\nthe approval of any certificate deemed to have been delivered in this\nstate by virtue of this paragraph, approve such certificate if the\nsuperintendent finds that the certificate affords insureds protections\nsubstantially similar to those which have been provided by certificates\n
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