N.J. Admin. Code § 11:4-52.1

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

Section 11:4-52.1 - Purpose and scope

(a) The purpose of these rules is to provide life insurance policy illustrations that shall protect consumers and foster consumer education. These rules provide illustration formats, prescribe standards to be followed when illustrations are used, and specify the disclosures that are required in connection with illustrations. The goals of these rules are to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable. Insurers shall, as far as possible, eliminate the use of footnotes and caveats and define terms used in the illustration in language that would be understood by a typical person within the segment of the public to which the illustration is directed.

(b) These rules shall apply to all group and individual life insurance policies and certificates except:

1. Variable life insurance;

2. Individual and group annuity contracts;

3. Credit life insurance; or

4. Life insurance policies with illustrated death benefits which at no duration or under any condition on an individual exceed $ 10,000.

N.J. Admin. Code § 11:4-52.1