N.J. Admin. Code § 11:4-47.4

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

Section 11:4-47.4 - Modification of flexible factors

(a) Any modification to flexible factors on an in-force policy made by an insurer shall be subject to the following requirements:

1. The modification shall be made only to flexible factors identified as such in the contract;

2. The modification shall be based upon future anticipated or emerging experience and on experience factors only as identified in the contract; and

3. The modification shall be made to all individuals of the same class or equal expectation of life in compliance with the requirements of N.J.S.A. 17B:30-12c.

(b) Any modification to flexible factors shall not result in the distribution of prior profits or the recovery of prior losses.

N.J. Admin. Code § 11:4-47.4

Repeal and New Rule, R.2003 d.278, effective 7/7/2003.
See: 35 New Jersey Register 497(a), 35 New Jersey Register 2897(a).
Section was "Pricing assumption-actuarial certification".