N.J. Admin. Code § 11:4-40A.3

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

Section 11:4-40A.3 - Eligibility

(a) Forms submitted to the Commissioner on the basis that they have been made available for sale or use in 40 states, subject to state variations that do not alter the unique features or design of the product, shall be eligible for sale or use pursuant to the requirements of this subchapter. Notwithstanding eligibility, any such form shall comply with New Jersey law regarding standard contract provisions as identified below.

1. Individual Life:

i. Free Look as set forth in N.J.S.A. 17B:25-2.1;

ii. Grace Period as set forth in N.J.S.A. 17B:25-3;

iii. Incontestability as set forth in N.J.S.A. 17B:25-4, 16 and 17;

iv. Entire Contract as set forth in N.J.S.A. 17B:25-5;

v. Misstatement of Age as set forth in N.J.S.A. 17B:25-6;

vi. Dividends as set forth in N.J.S.A. 17B:25-7;

vii. Policy Loan as set forth in N.J.S.A. 17B:25-8;

viii. Reinstatement as set forth in N.J.S.A. 17B:25-9;

ix. Payment of Premium as set forth in N.J.S.A. 17B:25-10;

x. Automatic Premium Loan Notice as set forth in N.J.S.A. 17B:25-10.1;

xi. Payment of Claims as set forth in N.J.S.A. 17B:25-11;

xii. Beneficiary as set forth in N.J.S.A. 17B:25-12;

xiii. Nonforfeiture Benefits as set forth in N.J.S.A. 17B:25-19(a) and (l);

xiv. Title as set forth in N.J.S.A. 17B:25-14; and

xv. Period in Which to Commence Cause of Action as set forth in N.J.S.A. 17B:25-15;

2. Group Life:

i. Requirements for Eligible Groups as set forth in N.J.S.A. 17B:27-1;

ii. Dependents as set forth in N.J.S.A. 17B:27-9;

iii. Grace Period as set forth in N.J.S.A. 17B:27-11;

iv. Incontestability as set forth in N.J.S.A. 17B:27-12;

v. Application, Representations not Warranties, Entire Contract as set forth in N.J.S.A. 17B:27-13;

vi. Evidence of Insurability as set forth in N.J.S.A. 17B:27-14;

vii. Age Adjustments as set forth in N.J.S.A. 17B:27-15;

viii. Participating Policies as set forth in N.J.S.A. 17B:27-16;

ix. Beneficiary and Facility of Payment as set forth in N.J.S.A. 17B:27-17;

x. Certificates as set forth in N.J.S.A. 17B:27-18;

xi. Conversion as set forth in N.J.S.A. 17B:27-19 and 20;

xii. Death within Conversion Period as set forth in N.J.S.A. 17B:27-21;

xiii. Certificate to Debtors as set forth in N.J.S.A. 17B:27-22; and

xiv. Conversion of Debtors as set forth in N.J.S.A. 17B:27-23;

3. Individual Annuity:

i. Standard Nonforfeiture Law as set forth in N.J.S.A. 17B:25-20(f), (l), (o) and (p);

ii. Misstatement of Age or Sex as set forth in N.J.A.C. 11:4-43.3(c)4; and

iii. Premium payments as set forth in N.J.A.C. 11:4-43.5(a); and

4. Variable Contracts:

i. Required statements as set forth in N.J.S.A. 17B:28-4; and

ii. Form of contract as set forth in N.J.S.A. 17B:28-5(c) and (d), except that a periodic report that complies with N.J.A.C. 11:4-45 shall be considered to be approved by the Commissioner as required by N.J.S.A. 17B:28-5(c)(iii).

(b) Carriers shall solicit, market, administer and service forms made available for sale or use pursuant to P.L. 2001, c. 237 in accordance with all applicable New Jersey statutes and rules, including as of April 7, 2003:

1. Advertisement of life insurance and annuity, N.J.A.C. 11:2-23;

2. Accelerated death benefit, N.J.A.C. 11:4-30;

3. Fraud warning statement, N.J.S.A. 17:33A-6c;

4. Funeral insurance policy, N.J.A.C. 11:4-25;

5. Group coverage discontinuance and replacement, N.J.A.C. 11:2-13;

6. Illustrations, N.J.A.C. 11:4-52 and N.J.S.A. 17B:28-5(b);

7. Juvenile insureds, N.J.A.C. 11:4-24.4;

8. Life Insurance Solicitation, N.J.A.C. 11:4-11;

9. Life and Health Insurance Policy Language Simplification Act, N.J.S.A. 17B:17-17 et seq.;

10. Limited Death Benefit Form, N.J.A.C. 11:4-21;

11. Loan notices, N.J.A.C. 11:4-41.3(b)7;

12. New Jersey Fair Credit Reporting Act, N.J.S.A. 56:11-33;

13. Periodic reports, N.J.A.C. 11:4-45;

14. Replacement of life insurance policy, N.J.A.C. 11:4-2;

15. Standards for smoker/nonsmoker and/or tobacco/nontobacco reclassification, N.J.A.C. 11:4-41.1 4;

16. Trade practices and discrimination, N.J.S.A. 17B:30-1 et seq.; and

17. Unfair claims settlement practices, N.J.A.C. 11:2-17.

N.J. Admin. Code § 11:4-40A.3