Hypothetical Data Clause Samples

Hypothetical Data. All blank spaces for policy forms need to be filled in with hypothetical data. § I.E.1 of Circular Letter 63-6. D.4) Application If an application will be attached to the contract, it must be submitted with the contract for approval. If previously approved, the submission letter should so indicate. §I.E.4 of Circular Letter 63-6. D.5) Final Format Policy forms submitted for formal approval should be submitted in the form intended for actual issue. §I.F.1 of Circular Letter 63-6. D.6) Submissions Made on Behalf of the Insurer If the filing is made on behalf of the insurer by another party, a letter authorizing the third party to act on behalf of the insurer must be provided. The letter must be: (a) on company letterhead or include the company name in the subject line of the letter; (b) specifically addressed to the New York State Department of Financial Services; (c) properly executed by an authorized officer of the insurer; (d) dated; and (e) either (i) specific to the file submitted for approval by including form number(s); or (ii) generally applicable to all policy forms filed on behalf of the insurer as long as a copy of such authorization is included in each submission. It is the insurer’s responsibility to ensure that their authorizations are accurate and reflect their current relationship with the third party filer.

Hypothetical Data. The specification page must be complete with hypothetical data. Circular Letter No. 6 (1963) I.E.1.