NY A04446

Exempts certain group life insurance and annuity policies issued to large group policyholders from filing and approval requirements with the superintendent.

Defines "large group policyholder" as a group with a minimum of 500 employees or members that employs or contracts with a qualified benefits manager.

Requires insurers to file annual lists identifying and describing exempt policy forms with the superintendent in a prescribed manner.

Permits the superintendent to issue cease and desist orders against exempt policy forms if they are unjust, unfair, inequitable, or contrary to law requirements.

Allows premium rate schedules for exempt groups to be used immediately upon mailing to the superintendent rather than requiring prior approval.

Requires exempt group policies to contain notice that the policy forms are not subject to state filing and approval requirements.