N.J. Admin. Code § 11:2-6.10

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

Section 11:2-6.10 - Bonus, profit sharing and other remuneration plans

(a) If action is to be taken with respect to any bonus, profit sharing, or other remuneration plan, the insurer shall furnish the following information:

1. A brief description of the material features of the plan;

2. Each class of persons who will participate therein and the approximate number of persons in each such class;

3. The basis of such participation; and

4. The amounts which would have been distributable under the plan during the last calendar year to:

i. Each person named in N.J.A.C. 11:2-6.9;

ii. Directors and officers as a group; and

iii. All other employees as a group, if the plan had been in effect.

(b) If the plan to be acted upon may be amended (other than by a vote of stockholders) in a manner which would materially increase the cost thereof to the insurer or to materially alter the allocation of the benefits as between the groups specified in (a)4 above, the nature of such amendments should be specified.

N.J. Admin. Code § 11:2-6.10

Amended by R.1996 d.3, effective 1/2/1996.
See: 27 New Jersey Register 3278(b), 28 New Jersey Register 152(b).