Section 17B:25-33 - Effective date, applicabilityThis act shall take effect immediately and shall apply as follows:
a. Before the second anniversary of the effective date of this act, on a contract form-by-contract form basis, to those annuity contracts for which the company has filed a notice of election of applicability with the Commissioner of Banking and Insurance. A company that elects not to file using the "Indexed Standard Forfeiture Law for Individual Deferred Annuities," P.L. 2005, c. 194(C.17B:25-21 et al.), may continue to use contract forms which use the interest rate of 1 1/2% per annum for minimum nonforfeiture values as specified by paragraph (4) of subsection g. of section 5 of P.L. 1981, c.285 (C.17B:25-20).b. In all other instances, to all annuity contracts issued by the company on or after the second anniversary of the effective date.Added by L. 2005, c. 194, s. 14, eff. 8/18/2005.