New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 40A - '40 STATES' FILE AND USE STANDARDS AND PROCEDURES
Section 11:4-40A.2 - Definitions
The following words and terms, as used in this subchapter, shall have the following meanings unless the context clearly indicates otherwise:
"Annuity" means all contracts meeting the definition set forth at 17B:17-5.
"Available for sale or use" means that the insurer has complied with the state's laws, regulations, and procedures to allow the insurer to sell or use the form in that state.
"Commissioner" means the Commissioner of the Department of Banking and Insurance.
"Department" means the Department of Banking and Insurance.
"Form," "contract form" and "policy form" mean all annuity contract forms; all life insurance policy and contract forms; all variable contract forms; and all group insurance certificates as defined within this subchapter, including endorsements, riders and application forms.
"Health insurance" means all policies, contracts and benefits meeting the definition set forth at 17B:17-4, including specified disease and critical illness policies, contracts and benefits as defined at N.J.A.C. 11:4-53.
"Improper certification" means providing any misrepresentation or false statement material to a certification form.
"Life insurance" means all policies and contracts meeting the definition set forth at 17B:17-3.
"Responsible officer of the insurer" means a corporate officer of the level of vice president or higher, or of equivalent title within the insurer's structure, who is either the actuary of the insurer with responsibility for the type of form filed, or the individual with responsibility for managing the form filing process for the insurer with regard to the type of form filed.
"Unique product features or design" means that the contract language that expresses the methodology used to calculate values, benefits and rates is materially the same. Nonmaterial differences include unique requirements mandated by a state's law (for example, mandated use of a unisex mortality table); synonyms used (for example, "period" instead of "term," "face amount" instead of "insurance amount"); and quantitative differences of no more than 10 percent (for example, one policy contains a $ 50.00 charge, while another contains a $ 55.00 charge). Standard contract provisions are not considered part of the unique product feature or design.
"Variable contracts" means all contracts meeting the definition set forth at 17B:28-1 et seq.
