New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 44 - STANDARDS FOR CONTRACTS ON A VARIABLE BASIS
Section 11:4-44.2 - Definitions

Universal Citation: NJ Admin Code 11:4-44.2
Current through Register Vol. 56, No. 18, September 16, 2024

The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise.

"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.

"Contract on a variable basis" or "variable contract" means any separate account contract providing for the dollar amount of life insurance or annuity benefits or other contractual payments or values thereunder to vary so as to reflect investment results of one or more separate accounts in which amounts with respect to any such contracts have been placed. Market value adjusted annuities are included within this definition, and are not fixed annuities.

"Department" means the New Jersey Department of Banking and Insurance.

"Separate account" means any segregated portfolio of investments or designated account of an insurer established pursuant to 17B:28-1 et seq.

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