New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 46 - SYNTHETIC GUARANTEED INVESTMENT CONTRACT FORMS
Section 11:4-46.3 - Form submission requirements
Universal Citation: NJ Admin Code 11:4-46.3
Current through Register Vol. 56, No. 6, March 18, 2024
(a) In addition to complying with the requirements set forth in these rules, all synthetic guaranteed investment contract form submissions shall comply with all applicable requirements of N.J.A.C. 11:4-40.
(b) All synthetic guaranteed investment contract form submissions shall comply with the following requirements:
1. The submission shall include a plan of
operation that meets the requirements set forth in
11:4-46.4. The plan of operation
shall be annotated to correspond to the applicable requirements of
11:4-46.4, and shall be a separate
document;
2. The submission shall
include a contract form that meets the requirements set forth in
11:4-46.5. The contract shall be
annotated to correspond to the applicable requirements of
11:4-46.5;
3. The submission shall include a statement
identifying any requirements of
11:4-46.4 or 46.5 that the insurer
considers inapplicable to its particular submission, together with a complete
explanation of such inapplicability.
4. The extensive use of variable text
bracketing in contract forms that permits variable text is prohibited. Such
bracketing shall be minimal, and shall relate only to the names and
identification of the parties to the contract or to identified parameters or
scenarios as specified in any statement on variable text accompanying the
contract form. Determination of the excessive use of such bracketing shall be
within the sole discretion of the Department.
i. The use of variable bracketing in contract
forms that permits either the omission of text or the inclusion of alternate
text shall be permitted if the submission includes sufficient specimen examples
showing all versions of variable text as is necessary for the Department to
complete its review of the form;
5. Any revision to the plan of operation
shall be submitted to the Department pursuant to this subsection at least 60
days prior to implementation. The insurer may utilize the new plan of operation
provided the Department has not disapproved within the 60-day period pursuant
to (b)5ii below the continued use of the previously-approved form.
i. The submission shall include a copy of the
prior plan of operation with the revisions incorporated therein and annotated
pursuant to (b)1 above. The revised portions of the plan of operation shall be
highlighted or otherwise identified as new. The submission shall also include a
certification that the remaining portions of the plan of operation are
unaffected by the revision.
ii. Any
revision to the contract form necessary to conform to the revised plan of
operation shall be submitted to the Department for approval pursuant to this
subsection. The Department reserves the right to prohibit the use of a
previously-approved contract form with any revised plan of operation deemed
incompatible therewith;
6. Any of the plan of operation requirements
set forth 11:4-46.4 shall be waived upon
request of the insurer if the state of domicile of the insurer has adopted
rules that are substantially similar to these rules and has approved such plan
of operation. Evidence of such approval shall be included in the submission;
and
7. Any submission that fails to
meet the requirements set forth in this section shall be considered incomplete,
and shall be returned to the insurer for nonaction pursuant to
11:4-40.5(c).
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