New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 59 - DISCLOSURE REQUIREMENTS FOR ANNUITIES DIRECTLY SOLICITED TO CONSUMERS
Section 11:4-59.3 - Buyer's guide

Universal Citation: NJ Admin Code 11:4-59.3

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

(a) Pursuant to N.J.S.A. 17B:25-37d, an insurance producer, agent, representative or member of a fraternal benefit society not required to be licensed as an insurance producer pursuant to 17:44B-32, or an insurer shall provide a consumer who applies for an annuity a copy of a buyer's guide regarding the sale of annuities.

1. Pursuant to N.J.S.A. 17B:25-37d(1), the buyer's guide shall be provided no later than five business days after receipt of the application.

2. Pursuant to N.J.S.A. 17B:25-37d(2), if the direct response solicitation occurs via the Internet, the requirement in (a)1 above shall be satisfied by:
i. Making the buyer's guide available, in printable form, to consumers on the issuing insurer's Internet website, and providing notice to the consumer of its availability; and

ii. Allowing consumers to request, through the issuing insurer's Internet website, a mailed copy of the buyer's guide, provided that the insurer provides the documents to the consumer no later than five business days after receipt of the application.

3. If the buyer's guide is not provided in accordance with (a)1 or 2 above, as applicable, the consumer shall have a period of not less than 15 days after receipt of any annuity purchased, or longer if provided by the terms of the annuity, to cancel the annuity and receive from the insurer a prompt refund of any account value of the annuity, including any contract fees or other charges, by mailing or otherwise surrendering the annuity together with a written request for cancellation. This cancellation period shall run concurrently with the cancellation period provided by 17B:25-39.

(b) For purposes of complying with N.J.S.A. 17B:25-37b, such a person or entity shall utilize the Buyer's Guide to Fixed Deferred Annuities, or however otherwise designated, approved by the NAIC and in use at the time the buyer's guide is required to be provided, modified to reflect the 10-day cancellation period for consumers set forth at 17B:25-39 and the 15-day cancellation period set forth in N.J.S.A. 17B:25-37d (3) and (a)3 above. The buyer's guide approved for use shall be posted on the Department's website at: www.njdobi.org.

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