Tom Hartman

Confused about designing annuities in NY?

If the answer is yes, then our Demystifying NYS Annuity Nonforfeiture course is your go-to source. This course will teach you everything you need to know about NYS nonforfeiture law and what you need to do to design a product that complies.

This course, authored by Tom Hartman, Senior Compliance Actuary (formerly with NYSDFS), clarifies the requirements in detail so you know exactly which product designs will and will not work.

When it comes to understanding these requirements, few are as knowledgeable as Tom. This course will help you develop products with confidence, determine an appropriate filing method, and achieve an approval quickly.

ACT NOW and purchase Demystifying NYS Annuity Nonforfeiture for only $1499/single user access or $2998/unlimited access.

Download this free white paper to learn some basic and common drafting issues.

If you would like more information about the Demystifying NYS Annuity Nonforfeiture course, please email Glenda Bean or call her directly at (518) 512-0172.

Tom Hartman

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Tom Hartman, formerly a senior actuary with NYSDFS, is now able to work with you at LONG last!

Most, if not all of you know Tom Hartman from his days as a senior actuary with NYSDFS. He had a reputation of doing a tremendous volume of work and doing it well. Tom was always helpful to companies trying to figure out how to comply with some of NY’s byzantine rules and regulations. Guess what? He can do that for you again!

Since he left DFS, all of us – and none more than Tom himself - have been counting the days until he could come out of his basement and work directly with you. More than once he has mused in the two years since leaving DFS while barred from appearing before the Department, that it was hard not to be able to do the things he is best at and has the strongest reputation for, but now he can! 

He has learned about the compact and other states and he has done important and great work since joining us, and now he is free to do what he and so many of you want him to do . . . the work he is best at and has the strongest reputation for: New York product work. 

Please welcome Tom to the industry in his new and full capacity as senior compliance actuary at CCS. We are thrilled he is with us and we know you will be too!

Update on Approval Times in NY

Tom Hartman of the New York State Insurance Department recently reported these approval statistics for 2009:

Prior approval where only legal review was necessary: 45 days

Prior approval where both legal and actuarial review was necessary: 126 days

There has been a marked improvement in these times and it was noted that a significant number of the legal staff are relatively new and that over the last couple of years they have gotten more experienced and able to review forms more quickly and efficiently.

Certified (CL6): 8.2 days. Out of the approximately 1200 files received, there was a 22% rejection rate.

Note that these are average time periods - outlier information was not available.

Mr. Hartman also reported that there has been an increase in the election to use prior approval over 2008. From 20% of all submissions in 2008 up to 30% in 2009.