L&HNew Yorkhard
NY Insurance Law § 4217, the Standard Valuation Law, primarily governs which insurer obligation?
The minimum reserves a life insurer must hold against policy liabilities
BThe maximum commissions payable to producers
CThe advertising standards for life insurance illustrations
DThe licensing of variable annuity products
Why this is the answer
The Standard Valuation Law (§ 4217) prescribes the minimum reserves a life insurer must hold to back its in-force policies. NY adopted Principle-Based Reserving (PBR) under § 4217 to align reserves with each product's risk profile rather than using only formulaic CSO-mortality-and-interest computations. Commissions are governed by Article 21; illustrations by Reg 74 (11 NYCRR 53); variable product licensing by § 2103 and FINRA — none of which are § 4217.
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