New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 47 - ACTUARIAL REQUIREMENTS FOR FLEXIBLE-FACTOR POLICY FORMS
Section 11:4-47.4 - Modification of flexible factors
Universal Citation: NJ Admin Code 11:4-47.4
Current through Register Vol. 56, No. 6, March 18, 2024
(a) Any modification to flexible factors on an in-force policy made by an insurer shall be subject to the following requirements:
1.
The modification shall be made only to flexible factors identified as such in
the contract;
2. The modification
shall be based upon future anticipated or emerging experience and on experience
factors only as identified in the contract; and
3. The modification shall be made to all
individuals of the same class or equal expectation of life in compliance with
the requirements of N.J.S.A. 17B:30-12c.
(b) Any modification to flexible factors shall not result in the distribution of prior profits or the recovery of prior losses.
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