New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 40 - LIFE/HEALTH/ANNUITY FORMS
Section 11:4-40.7 - Valuation and non-forfeiture interest rates form approval procedures
Universal Citation: NJ Admin Code 11:4-40.7
Current through Register Vol. 56, No. 24, December 18, 2024
(a) In addition to those items set forth at N.J.A.C. 11:4-40.5, insurers seeking approval of valuation and non-forfeiture interest rate changes to previously filed forms shall include, if applicable, the following items in the submission to the Department:
1. If the interest rate
and/or non-forfeiture values appearing on the form change as a result of the
new interest rate, the submission shall include the new page(s) bearing
distinct identifying form numbers for filing;
2. A revised actuarial memorandum reflecting
the change in interest rate or a statement that the new rate does not affect
the memorandum currently on file;
3. Pursuant to N.J.S.A. 17B:25-19h(x), an
insurer is not required to refile other provisions of the form to file the
changes described in (a)1 and 2 above; and
4. The interest rate and non-forfeiture
values may be filed as variable to the extent they are equal to or determinable
from the maximum interest rate, and cash values calculated using that rate, as
described in
N.J.S.A. 17B:25-19. Insurers shall place
variable brackets around the appropriate item(s) on the revised policy
page(s).
(b) The Department shall acknowledge a submission indicating a change in the valuation interest rate and amending actuarial data related to reserve calculations. If a form actually refers to, or contains provisions depending on, the valuation interest rate, the submission shall be treated as a refiling of policy pages to change the interest rate pursuant to (a)1 and 2 above.
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