N.J. Admin. Code § 17:7-22.8

Current through Register Vol. 57, No. 1, January 6, 2025

Section 17:7-22.8 - Assignments; group life insurance

(a) Any participant insured under the Alternate Benefit Program group life insurance policy, pursuant to an arrangement among the insured, the group policyholder and the insurer, shall be entitled to make any person other than the employer a gift assignment of the rights and benefits conferred on the participant by any provision of such group life policy or by law, including specifically but not by way of limitation the right to exercise the conversion privilege and the right to name a beneficiary.

(b) Any such assignment, whether made before or after June 28, 1973, the effective date of this section, shall entitle the insurer to deal with the assignee as the owner of all rights and benefits conferred on the insured under the group life policy in accordance with the terms of the assignment.

N.J. Admin. Code § 17:7-22.8

Adopted by 47 N.J.R. 905(b), effective 5/4/2015.