New York Reg 60 Procedural Update
As part of our continuing efforts to ensure submitted business is in full compliance with the State of New York’s Regulation 60 rules, we have updated the NY Life Disclosure Statement form (DD1576) (PDF). An updated version of the Disclosure Statement is now available in Advisor Digital and our vendor platforms for immediate usage. Please dispose of any old versions of the Disclosure Statement you may have.
Effective March 15, 2018, all value-based fields on the NY Life Disclosure Statement must contain a dollar amount. The following guidelines should be followed to ensure your business is submitted in good order:
- Do not indicate “N/A” or leave value-based fields blank.
- If a value does not apply to either the existing coverage or our proposed coverage, a $0 value must be placed into the value-based field.
02/12/2018 – 03/14/2018
- We will continue to accept either the old version (DD1576-5) or new version (DD1576-6) of the NY Life Disclosure Statement with a signature date of no later than 03/14/2018.
- Usage of “N/A” or blank fields on the NY Life Disclosure Statement, although not recommended, will be allowed on the form signed and dated no later than 03/14/2018.
- Submission of the new version of the NY Life Disclosure Statement (DD1576-6) will be required for all New York applications where replacement is occurring and the form is signed by the client on or after 03/15/2018.
- The NY Life Disclosure Statement must have a dollar amount in all value-based fields.
During the transition period, New Business will include a general reminder of this change on Welcome Letters sent for all New York applications received, regardless of replacement status.
For financial professional information only. Not for distribution to the public.
Insurance issued by Principal National Life Insurance Co. (except in NY) and Principal Life Insurance Co. Principal National and Principal Life are members of the Principal Financial Group®, Des Moines, IA 50392.Back to News Home