N.J. Admin. Code § 11:4-30.10

Current through Register Vol. 56, No. 24, December 18, 2024

Section 11:4-30.10 - Form submission requirements

(a) Pursuant to N.J.S.A. 17B:25-18 and 17B:27-25, individual and group policies, riders and endorsements and group certificates with accelerated death benefit provisions must be filed by the Commissioner before they are delivered or issued for delivery in this State.

(b) The following requirements apply to the submission of accelerated death benefit forms to the Department:

1. The material submitted by the insurer to the Department shall disclose the types of forms with which this benefit will be offered, any underwriting restrictions involving face amount or age, and whether the form is intended for use with new issues and/or in force business.

2. The material submitted by the insurer to the Department shall include a specimen issue of the illustrations provided to the owner prior to or concurrent with the election of the accelerated death benefit provision and an explanation of how and when the illustration will be provided. See N.J.A.C. 11:4-30.1 1.

3. Where a form links interest rates or charges to indices such as the 90-day Treasury bill, the form shall provide that if the named index is discontinued, the insurer will use an appropriate substitute index subject to the approval of the Department.

N.J. Admin. Code § 11:4-30.10

Amended by R.2000 d.170, effective 4/17/2000.
See: 32 N.J.R. 167(a), 32 N.J.R. 1396(a).
In (b), deleted a former 3, and recodified former 4 as 3.
Amended by R.2012 d.096, effective 5/7/2012.
See: 43 N.J.R. 3119(a), 44 N.J.R. 1531(a).
In the introductory paragraph of (b), substituted a colon for a period at the end; and in (b)2, deleted "policy" preceding and "or certificate holder" following "owner" and substituted "provision" for "option".