New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 8 - CHARITABLE ANNUITIES
Section 11:4-8.8 - Annual report

Universal Citation: NJ Admin Code 11:4-8.8

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

(a) As of December 31 of the calendar year in which a special permit is issued, and as of December 31 of each succeeding calendar year, the holder of a special permit shall submit a report to the Commissioner. Such report shall be submitted to the Commissioner within 120 days following the end of the calendar year to which the report applies. The annual report shall be in such form as the Commissioner shall prescribe within three months prior to the end of each preceding calendar year. Subject to approval by the Commissioner, a special permit holder may file its annual report on a fiscal year basis.

(b) Each special permit holder shall submit, as part of the annual report, a statement by a qualified actuary setting forth his or her opinion as to the adequacy of reserves. A qualified actuary for the purpose of this subsection means a member in good standing of the American Academy of Actuaries, or a person who has otherwise demonstrated his or her actuarial competence to the satisfaction of the Commissioner. The Commissioner shall waive the requirement for the actuarial opinion if a special permit holder demonstrates to the satisfaction of the Commissioner that it has the appropriate software and technical expertise to calculate the required reserves, and that waiving this requirement would not be hazardous to the operations of the segregated account.

(c) Each special permit holder shall submit a copy of the workpapers used to calculate the required reserves.

(d) Each special permit holder shall respond on a timely basis to any inquiry of the Commissioner, or his designee, regarding the annual report.

(e) Each special permit holder shall submit, with the annual report of the segregated account required in (a) above, a copy of the applicant's or, where not available, the applicant's parent organization's, most recent audited financial statements and the Independent Auditors Report.

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