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October 18, 2006 at 12:05 PM
The New York State Insurance Department wants to encourage life insurers to sell riders that will keep life policies in force if policyholders lose their jobs.
The department has proposed regulations that would set minimum standards for unemployment lapse rider benefit levels and benefit eligibility and exclusions.
The proposed regulations also would require that the premium charged be reasonable in relation to the benefit provided, according to a department discussion of the proposed regulations.
