New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 8 - CHARITABLE ANNUITIES
Section 11:4-8.7 - Compliance with investment requirements

Universal Citation: NJ Admin Code 11:4-8.7

Current through Register Vol. 56, No. 18, September 16, 2024

(a) The segregated assets held by a special permit holder shall be invested pursuant to the standards set forth at 3B:20-11.1 et seq. An application for a special permit shall include the applicant's plan of operation for the segregated account. The plan of operation shall include, but not be limited to, the following:

1. A statement of the amount of the gift to be placed in the segregated account. If such amount is less than the entire gift, the method for determining such amount;

2. Standards for monitoring the adequacy of the segregated account to meet the requirements of 11:4-8.6 on a continuous basis;

3. A contingency plan for additional sources of funding if the segregated account falls below the statutorily required minimum amount; and

4. An investment plan for the segregated account, which shall include:
i. The person(s) responsible for oversight of the investments, and whether such responsibility is to be delegated;

ii. The allocation of assets by investment categories;

iii. The standards for investment quality; and

iv. The duration and liquidity of assets.

(b) Any proposed change(s) to a plan of operation of the segregated account, or to the investment plan of the segregated account, shall not be implemented unless the special permit holder has filed the changes with the Commissioner at least 30 days prior to the intended date of implementation, and the Commissioner has not disapproved the changes within that 30-day period. The proposed change(s) shall be submitted to:

Office of Life and Health

Attention: Charitable Annuity Review

NJ Department of Banking and Insurance

PO Box 325

Trenton, NJ 08625-0325

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