N.J. Admin. Code § 11:4-8.4

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

Section 11:4-8.4 - Forms of agreement

(a) An application for a special permit shall include a copy of each form of agreement that the applicant proposes to issue to annuitants. If a special permit holder intends to change or replace an existing agreement, or add a new form of agreement, the special permit holder shall not use the new form unless it has been filed with the Commissioner at least 30 days prior to its intended use and the Commissioner has not disapproved it within that 30 day period. The new form shall be submitted to:

Office of Life and Health

Attention: Charitable Annuity Review

NJ Department of Banking and Insurance

PO Box 325

Trenton, NJ 08625-0325

(b) Each form of agreement shall include, but not be limited to, the following:

1. A distinct alphanumeric form number on each page;

2. The official name and address of the issuing charity prominently displayed;

3. The age and/or birthdate of the annuitant(s);

4. A provision for corrective action if the annuitant has made:

i. A misstatement of age; or

ii. A misstatement of age or sex if a distinction is made between male and female payout rates;

5. A statement that the agreement is governed by the laws of the State of New Jersey;

6. A clear identification of, and differentiation between, agreements that allow for immediate payments, and those for which payments are deferred;

7. A statement that payments shall terminate upon the death of the last surviving annuitant; and

8. A statement that the organization's obligation to make payment shall terminate if all annuitants are deceased prior to the contractual date that payments are scheduled to commence.

N.J. Admin. Code § 11:4-8.4

New Rule, R.2005 d.49, effective 2/7/2005.
See: 36 New Jersey Register 4623(a), 37 New Jersey Register 528(a).
Former N.J.A.C. 11:4-8.4, Surplus and reserves, recodified to N.J.A.C. 11:4-8.6.