N.J. Admin. Code § 11:4-8.1

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

Section 11:4-8.1 - Purpose

(a)N.J.S.A. 17B:17-13.1 provides that qualified organizations as defined therein may enter into annuity agreements under conditions which are different from those which are applicable to organizations which are deemed to be insurers. This subchapter protects the interest of individual holders of annuities and their beneficiaries by requiring:

1. The use of forms which clearly set forth the conditions of the agreement being entered into;

2. The maintenance of segregated assets in such form and such amount as will protect the interest of the annuitants; and

3. The submission to the Commissioner, by the issuers of charitable annuities, of periodic reports which will enable the Commissioner to determine that the requirements of law and of this subchapter are being met.

(b) Charitable annuities are different from other annuities in that a significant part of the consideration paid for the annuity represents a gift to the issuing organization. In order to assure that such a gift results, this subchapter specifies maximum rates of income to annuitants for charitable annuities.

N.J. Admin. Code § 11:4-8.1

Amended by R.1985 d.94, effective 3/4/1985.
See: 16 New Jersey Register 3172(a), 17 New Jersey Register 598(b).
Deleted text in subsection (a).