New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 8 - CHARITABLE ANNUITIES
Section 11:4-8.5 - Annuity rates

(a) The original consideration for periodic payments payable to the holder of a charitable annuity may not be less than the net single premium, computed according to interest and mortality assumptions permitted by 17B:19-1 et seq. for guaranteed periodic payments, plus a life insurance net single premium, computed according to the same assumptions for an amount of death benefit equal to one-half of such original consideration. For this purpose the original consideration shall include the gross amount paid by the annuitant to the special permit holder in order to provide the annuity payments and the residue.

(b) An applicant for a special permit shall submit, with its application to the Commissioner, a schedule of its annuity rates and a demonstration that the rates meet the requirements of (a) above for each form of annuity that it proposes to issue.

(c) A special permit holder which adopts rates for a proposed new form of annuity or which proposes to change the rates on its existing annuities shall submit such rates and a demonstration that the rates meet the requirements of (a) above to the Commissioner for his approval before they become effective.

(d) The Commissioner shall waive the requirement for a demonstration from the special permit holder that the rates meet the requirements of (a) above if the special permit holder uses the rates of the American Council on Gift Annuities and these rates meet the requirements of (a) above.