New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 45 - PERIODIC REPORTS
Section 11:4-45.5 - Individual variable annuity forms; reporting requirements
Universal Citation: NJ Admin Code 11:4-45.5
Current through Register Vol. 56, No. 24, December 18, 2024
(a) Any periodic report for use with an individual variable annuity shall satisfy, at a minimum, the following requirements:
1. The report
shall be provided at least annually, and shall show the values by fund,
sub-account and division (including, but not limited to, dollar and unit
values) applicable at both the beginning and end of the period covered by the
report;
2. The report shall list
the number of units and dollar value of a unit not more than two months prior
to the date of the mailing of the report;
3. For the period prior to annuitization, the
report shall list the number of units and the unit value by fund, sub-account
or division. The units and unit value shall not be listed in the
aggregate;
4. Except as provided in
(a)5 below, for the period prior to annuitization, the report shall record the
following transactions by date:
i. Premium
receipt;
ii. Loans, incurred and
repaid;
iii. Partial surrenders or
withdrawals;
iv. Transfers;
and
v. Charges;
5. Alternatively to (a)4, for any
transactions for which transaction or confirmation notices are sent, the report
may show an aggregate amount for each such type of transaction, except that
transfers need not be shown;
6. For
forms that provide a fixed account or other interest option, all interest
credits, rates, and the amounts to which such rates apply for the period
covered by the report shall be recorded in a periodic report, or transaction or
confirmation notice.
i. In the case of
policies with "buckets" or "generations" of interest, the Commissioner shall
waive the requirement set forth in (a)6 above if:
(1) The report states that the insurer will
provide interest rates and crediting methodology to the owner upon request and
free of charge; and
(2) The
information available upon request shall record all interest rates, together
with the amounts to which such rates apply.
ii. Notwithstanding any waiver granted
pursuant to (a)6i above, the report shall record the interest rates and credits
applied to monies newly allocated to a fixed account option during the
reporting period, unless such interest rates and credits are provided by the
insurer in a transaction or confirmation notice at the time of allocation;
and
7. The report sent
after annuitization for variable payments shall provide a reconciliation of
annuity payments. The annuity unit values shall be listed by fund, sub-account
or division. The units and unit values shall not be listed in the aggregate.
For annuitization to fixed payments, no report is required.
Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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