N.J. Admin. Code § 11:4-35.11

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

Section 11:4-35.11 - Reporting requirement

(a) On or before March 1 of each year, each viatical settlement provider licensed in this State shall make and file with the Commissioner a report of all viatical settlement transactions where the viator is a resident of this State and for all states in the aggregate containing the following information for the previous calendar year:

1. For viatical settlements contracted during the reporting period:

i. The date of viatical settlement contract;

ii. The viator's state of residence at the time of the contract;

iii. The mean life expectancy of the insured at time of contract in months;

iv. The face amount of policy viaticated;

v. The net death benefit viaticated;

vi. The estimated total premiums to keep policy in force for mean life expectancy;

vii. The net amount paid to viator;

viii. The payment type (lump sum or fixed annuity);

ix. The source of policy (B-Broker; D-Direct Purchase; SM-Secondary Market);

x. The type of coverage (I-Individual or G-Group);

xi. Whether the policy is within the contestable or suicide period, or both, at the time of viatical settlement (yes or no);

xii. The primary ICD Diagnosis Code, in numeric format, as defined by the international classification of diseases, as published by the U.S. Department of Health and Human Services; and

xiii. The type of funding (I-Institutional; P-Private);

2. For viatical settlements where death has occurred during the reporting period:

i. The date of viatical settlement contract;

ii. The viator's state of residence at the time of the contract;

iii. The mean life expectancy of the insured at time of contract in months;

iv. The net death benefit collected;

v. The total premiums paid to maintain the policy (WP-Waiver of Premium; NA-Not Applicable);

vi. The net amount paid to viator;

vii. The primary ICD Diagnosis Code, in numeric format, as defined by the international classification of diseases, as published by the U.S. Department of Health and Human Services;

viii. The date of death;

ix. The amount of time between date of contract and date of death in months; and

x. The difference between the number of months that passed between the date of contract and the date of death and the mean life expectancy in months as determined by the reporting viatical settlement provider;

3. The name and address of each viatical settlement broker through whom the reporting viatical settlement provider purchased a policy from a viator who resided in this State at the time of contract;

4. The number of policies reviewed and rejected;

5. The number of policies purchased in the secondary market as a percentage of total policies purchased;

6. An audited financial statement; and

7. A study of mortality experience (see subchapter Appendix, incorporated herein by reference) signed by a member of the American Academy of Actuaries (MAAA).

N.J. Admin. Code § 11:4-35.11