N.J. Admin. Code § 11:4-40.3

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

Section 11:4-40.3 - Life/health/annuity form approval standards

(a) All life, health and annuity forms shall comply with the standards set forth in this subchapter and in any other applicable statutes, rules and published guidelines before being delivered or issued for delivery in this State.

(b) No form delivered or issued for delivery in this State shall contain provisions which are unjust, unfair, inequitable, misleading or contrary to law or to the public policy of this State.

(c) The following types of contracts and forms are exempt from compliance with this subchapter:

1. Annuity contracts, other than individual contracts and synthetic guaranteed investment contracts;

2. Annuity contracts used solely for structured settlements that are purchased by an insurer or an obligor for the purpose of funding defined periodic payments pursuant to a court order or an out of court settlement of a tort liability claim, or for periodic payments in settlement of a workers compensation claim; and

3. Individual variable life forms and individual variable annuity forms sold exclusively as private placement forms.

(d) Forms drafted exclusively to meet the requirements for favorable tax treatment of a life insurance policy or annuity contract under the Internal Revenue Code of 1986, as amended (Code), are exempt from compliance with this Subchapter. Such requirements include those found in Sections 401, 403(b) and 408A, and in any similar section of the Code applicable to Federal tax treatment of life insurance policies or annuity contracts. This exemption shall not apply to any form which contains additional or optional provisions, requirements or modifications included by the insurer.

N.J. Admin. Code § 11:4-40.3

Amended by R.2001 d.408, effective 11/5/2001.
See: 33 N.J.R. 2263(a), 33 N.J.R. 3747(a).
Added (c).
Amended by R.2004 d.174, effective 5/3/2004.
See: 35 N.J.R. 4437(a), 36 N.J.R. 2197(a).
Added (d).
Amended by R.2007 d.131, effective 5/7/2007.
See: 38 N.J.R. 4392(a), 39 N.J.R. 1733(a).
Rewrote (c).