New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 30 - ACCELERATED DEATH BENEFITS
Section 11:4-30.10 - Form submission requirements
Universal Citation: NJ Admin Code 11:4-30.10
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Pursuant to 17B:25-18 and 17B:27-25, individual and group policies, riders and endorsements and group certificates with accelerated death benefit provisions must be filed by the Commissioner before they are delivered or issued for delivery in this State.
(b) The following requirements apply to the submission of accelerated death benefit forms to the Department:
1. The material submitted by the insurer to
the Department shall disclose the types of forms with which this benefit will
be offered, any underwriting restrictions involving face amount or age, and
whether the form is intended for use with new issues and/or in force
business.
2. The material submitted
by the insurer to the Department shall include a specimen issue of the
illustrations provided to the owner prior to or concurrent with the election of
the accelerated death benefit provision and an explanation of how and when the
illustration will be provided. See
11:4-30.1 1.
3. Where a form links interest rates or
charges to indices such as the 90-day Treasury bill, the form shall provide
that if the named index is discontinued, the insurer will use an appropriate
substitute index subject to the approval of the Department.
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