Current through Register Vol. 56, No. 24, December 18, 2024
Section 11:4-8.7 - Compliance with investment requirements(a) The segregated assets held by a special permit holder shall be invested pursuant to the standards set forth at N.J.S.A. 3B:20-11.1 et seq. An application for a special permit shall include the applicant's plan of operation for the segregated account. The plan of operation shall include, but not be limited to, the following: 1. A statement of the amount of the gift to be placed in the segregated account. If such amount is less than the entire gift, the method for determining such amount;2. Standards for monitoring the adequacy of the segregated account to meet the requirements of N.J.A.C. 11:4-8.6 on a continuous basis;3. A contingency plan for additional sources of funding if the segregated account falls below the statutorily required minimum amount; and4. An investment plan for the segregated account, which shall include: i. The person(s) responsible for oversight of the investments, and whether such responsibility is to be delegated;ii. The allocation of assets by investment categories;iii. The standards for investment quality; andiv. The duration and liquidity of assets.(b) Any proposed change(s) to a plan of operation of the segregated account, or to the investment plan of the segregated account, shall not be implemented unless the special permit holder has filed the changes with the Commissioner at least 30 days prior to the intended date of implementation, and the Commissioner has not disapproved the changes within that 30-day period. The proposed change(s) 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
N.J. Admin. Code § 11:4-8.7
Amended by R.1985 d.94, effective 3/4/1985.
See: 16 New Jersey Register 3172(a), 17 New Jersey Register 598(b).
Added "N.J.S.A. 17B-20". Deleted text "However, prior to ... chapter 19 of the code."
Recodified from N.J.A.C. 11:4-8.5 and amended by R.2005 d.49, effective 2/7/2005.
See: 36 New Jersey Register 4623(a), 37 New Jersey Register 528(a).
Rewrote the section. Former N.J.A.C. 11:4-8.7, Special permit, repealed.