N.Y. Comp. Codes R. & Regs. tit. 11 § 91.2

Current through Register Vol. 46, No. 42, October 16, 2024

Section 91.2 - Definitions

Wherever used in this Part, the following terms shall have the respective meanings hereinafter set forth or indicated, unless the context otherwise requires:

(a)Lines of business means such classifications of insurance business by line, class, type of policy and/or contract, or groups thereof, as are warranted in application of sections 4216, 4224, 4231, 4235, 4238 and 4239 of the Insurance Law to the outstanding insurance obligations of a life insurer.

(b)Annual statement lines of business means those lines of business as to which reporting is required on page five of the form of annual statement approved by the superintendent for use by life insurers licensed to do business in the State of New York.

(c)Major annual statement lines of business means the following annual statement lines of business:

Annual statement line of business	Column on page 6 of annual statement
Industrial life	(2)
Ordinary	(3), (4), (5)
Credit life (group and individual)	(6)
Group life	(7)
Group annuities	(8)
Group accident and health	(9)
Credit (group and individual) accident and health	(10)
Other accident and health	(11)

Incidental benefits: Include incidental benefits such as total and permanent disability (including both waiver of premium and disability income benefits), accidental death benefits, accidental death and dismemberment benefits, etc., in the same columns as the contracts with which they are associated.

(d)Secondary annual statement lines of business means the following annual statement lines of business:

Annual statement line of business	Column on page 6 of annual statement
Life insurance	(3)
Individual annuities	(4)
Supplementary contracts	(5)

Incidental benefits: Include incidental benefits such as total and permanent disability (including both waiver of premium and disability income benefits), accidental death benefits, accidental death and dismemberment benefits, etc., in the same columns as the contracts with which they are associated.

(e)Investment year method means a procedure for distributing net investment income which recognizes year-by-year variations in the yield on new investments.

(f)Department means any administrative unit, such as a division, bureau, section, team or branch office used in a departmental cost analysis.

(g)Operating department means an organizational unit directly engaged in production or servicing of policies, or investment activities, e.g., policy issue, policy loan, selection, premium collection, etc., as distinguished from a "service department" which performs work for other departments, such as mail, supply, personnel, etc.

(h)Service department has the meaning assigned to it in the definition of operating department.

(i)Activity means the work, or one of several lines of work, carried on within any unit or organizational subdivision of the company.

(j)Cost means all expenditures incurred in terms of salaries, wages and other expenses, and includes taxes, licenses and fees.

(k)Time ratios mean the proportion of total clerical working time devoted to each subdivision of work in an organizational unit.

(l)Salary ratios means ratios obtained by weighting the time ratios of individual clerks by the amount of their salary.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 91.2