N.J. Admin. Code § 11:1-21A.1

Current through Register Vol. 57, No. 1, January 6, 2025

Section 11:1-21A.1 - Purpose and scope

(a) The purpose of these rules is to prescribe:

1. Requirements for statements of actuarial opinion and for memoranda in support thereof;

2. Rules applicable to the appointment of an appointed actuary; and

3. Guidance as to the meaning of "adequacy of reserves."

(b) These rules shall apply to all insurers authorized or admitted to transact life, accident and health or annuity business in this State, all fraternal benefit societies doing business in this State pursuant to N.J.S.A. 17:44B-1 et seq., and to all such insurers and fraternal benefit societies which are authorized to reinsure life insurance, annuities or accident and health insurance business in this State.

(c) These rules shall apply to all annual statements filed with the Commissioner on or after November 20, 1995, and the amendments effective April 17, 2006 (see 38 N.J.R. 101(a) and 1737(a)) shall apply to all annual statements filed with the Commissioner on or after April 17, 2006. A statement of opinion on the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with N.J.A.C. 11:1-21A.4, and a memorandum in support thereof in accordance with N.J.A.C. 11:1-21A.5, shall be required each year.

N.J. Admin. Code § 11:1-21A.1

Amended by R.2006 d.146, effective 4/17/2006.
See: 38 N.J.R. 101(a), 38 N.J.R. 1737(a).
Rewrote the section.