New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 11 - LIFE INSURANCE DISCLOSURE
Section 11:4-11.4 - General regulations
Current through Register Vol. 56, No. 6, March 18, 2024
(a) Each insurer shall maintain, at its home office or principal office, a complete file containing one copy of each document authorized and used by the insurer pursuant to this subchapter for a period of three years following the date of its last authorized use unless otherwise provided by this subchapter.
(b) An agent shall inform the prospective purchaser, prior to commencing a life insurance sales presentation, that he or she is acting as a life insurance agent and the full name of the insurer the agent is representing. In sales situations in which an agent is not involved, the insurer shall identify its full name.
(c) An insurance producer shall not use terms such as "financial planner," "investment advisor," "financial consultant," or "financial counseling" in such a way as to imply that he or she is primarily engaged in an advisory business in which compensation is unrelated to sales unless that is actually the case. This provision is not intended to preclude persons who hold some form of formal recognized financial planning or consultant designation from using this designation even when they are only selling insurance. This provision also is not intended to preclude persons who are members of a recognized trade or professional association, and having such terms as part of its name, from citing membership providing that a person citing membership, if authorized only to sell insurance products, shall disclose that fact. This provision does not permit persons to charge an additional fee for services that are customarily associated with the solicitation, negotiation or servicing of policies.
(d) Any reference to non-guaranteed elements shall include a statement that the item is not guaranteed and is based on the company's current scale of non-guaranteed elements (use appropriate special term such as "current dividend" or "current rate" scale). If a non-guaranteed element would be reduced by the existence of a policy loan, a statement to that effect shall be included in any reference to non-guaranteed elements. A presentation or depiction of a policy issued after July 6, 1998 (the effective date of N.J.A.C. 11:4-52, Life Insurance Illustrations) that includes non-guaranteed elements over a period of years shall be governed by that subchapter.
