N.J. Admin. Code § 11:4-11.1
Current through Register Vol. 56, No. 11, June 3, 2024
Section 11:4-11.1 - Purpose and scope(a) The purpose of this subchapter is to require insurers to deliver information to purchasers of life insurance that will improve the buyer's ability to select the most appropriate plan of life insurance for the buyer's needs and improve the buyer's understanding of the basic features of the policy that has been purchased or is under consideration for purchase.(b) This subchapter does not prohibit the use of additional material that is not a violation of this subchapter or any other New Jersey statute or regulation.(c) Except for the exemptions specified in (d) below, this subchapter shall apply to any solicitation, negotiation or procurement of life insurance occurring within this State. 11:4-11.3(b) shall apply only to an existing nonexempt policy held by a policyowner residing in this State. This subchapter shall apply to any issuer of life insurance contracts, including fraternal benefit societies.(d) This subchapter shall not apply to: 1. Individual and group annuity contracts;2. Credit life insurance;4. Life insurance policies issued in connection with pension and welfare plans as defined by, and which are subject to, the Federal Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. §§ 1001 et seq., as amended; or5. Variable life insurance, as defined in this subchapter.N.J. Admin. Code § 11:4-11.1