§ 1304. Valuation reserves. Every insurer authorized under this chapter to transact the kinds of insurance specified in paragraph one, two or three of subsection (a) of section one thousand one hundred thirteen of this chapter shall, subject to specific provisions of this chapter, maintain:

Terms Used In N.Y. Insurance Law 1304

  • 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.

(a) reserves on all of its life insurance policies or certificates and annuity contracts in force, computed according to the applicable tables of mortality and rates of interest prescribed in this chapter;

(b) reserves for disability benefits, including reserves for disabled lives whether reported or unreported, and for accidental death benefits; and

(c) any additional reserves prescribed by the superintendent as necessary on account of such insurer's policies, certificates and contracts.

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