New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 52 - LIFE INSURANCE ILLUSTRATIONS
Section 11:4-52.1 - Purpose and scope

Universal Citation: NJ Admin Code 11:4-52.1

Current through Register Vol. 56, No. 6, March 18, 2024

(a) The purpose of these rules is to provide life insurance policy illustrations that shall protect consumers and foster consumer education. These rules provide illustration formats, prescribe standards to be followed when illustrations are used, and specify the disclosures that are required in connection with illustrations. The goals of these rules are to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable. Insurers shall, as far as possible, eliminate the use of footnotes and caveats and define terms used in the illustration in language that would be understood by a typical person within the segment of the public to which the illustration is directed.

(b) These rules shall apply to all group and individual life insurance policies and certificates except:

1. Variable life insurance;

2. Individual and group annuity contracts;

3. Credit life insurance; or

4. Life insurance policies with illustrated death benefits which at no duration or under any condition on an individual exceed $ 10,000.

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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.