Service
NY Regulation 60
Replacement Changes
New York Reg 60 Replacement Changes: The New York State Department of Financial Services is revising the Regulation 60 replacement requirements effective April 21, 2015. Essentially, those changes impact the timing of the delivery of the Disclosure Statement to allow immediate binding of coverage. However, Individual Life will not be making these changes immediately; first, we’re introducing revised replacement forms. Process to be followed for applications taken April 21, 2015 and later: 
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If a replacement transaction and not exempt, prior to taking the application notify the existing insurer and obtain policy values on the existing policy to be replaced. The existing insurer still has 25 days to respond to the request and provide the necessary information. If this process is not followed and an application is taken prior to allowing the existing insurer the time to respond, the application will be declined and a new application will be required. Once you have the policy value information from the existing insurer, complete the ‘Disclosure Statement’. Meet with the applicant at the time of application and present the Disclosure Statement comparing the existing and proposed coverages. Obtain the signed and dated ‘Important Notice Regarding Replacement or Change of Life Insurance Policies or Annuity Contracts’ and Definition of Replacement form. Submit all forms to Prudential. Use the revised DOR, Important Notice Regarding Replacement and Disclosure Statement. These all bear a ‘2015’ edition date. Future communications will address the new replacement procedures and will notify you of a cut‐off date for acceptance of the old edition of New York replacement forms (2014 edition). Regulatory changes that impact applications taken on or after 4/21/2015:  The 10 day time period for replacement requirements that are outstanding or require correction before an application is rejected, has been eliminated.  Contractual conversions between Prudential affiliates are now exempt. Write ‘exempt’ on the Definition of Replacement (DOR) form and submit. The Important Notice and NY Disclosure Statement are no longer needed for contractual conversions.  New edition of all replacement forms ‐ See Form Changes below NOT FOR CONSUMER USE.
The Prudential Insurance Company of America, Newark, NJ
© 2015 Prudential Financial, Inc. and its related entities.
NR-15A289901 Ed. 4/2015 Exp. 4/21/2016
[Contact your Prudential Life Wholesaler]
New York Reg 60 Replacement Form Changes The following Regulation 60 replacement forms have been updated and reflect the 2015 edition date. There will be a short transition period where the new and the old Regulation 60 form editions will be acceptable for applications taken on or after April 21, 2015. These changes only apply to Individual Life applications; a separate communication will be sent regarding any form and process changes for Annuities. 
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Definition of Replacement (98774) Important Notice Regarding Replacement (89216) Authorization to Disclose (98808) NY Disclosure Statements (89218 and 112836) ‐ The new edition of the NY Disclosure Statement will only require the Financial Professional’s signature, not the applicant’s. Other form changes that will occur with the delivery package:  The Policy at a Glance will contain an attestation that the applicant has received and reviewed the NY Disclosure Statement. This form will continue to require the applicant’s signature.  If the policy is approved as applied for ‐ the NY Disclosure Statement matching the application will be included as part of the Policy Delivery Package to be provided to the applicant and will not be required to be returned to the Home Office.  If the policy is issued other than applied ‐ a revised NY Disclosure Statement reflecting the changes will be required and included in the Policy Delivery Package and must be signed and returned to the Home Office At some point, the replacement process will change further to more of a ‘1 step’ process. However, until you are notified otherwise, continue with the current process and submit the application with the 2015 edition of the New York Reg 60 replacement forms. Note that, for now, the applicant will receive the Disclosure Statement twice; once at time of application, and again at policy delivery. NOT FOR CONSUMER USE.