Title 17B, Title 17B: INSURANCE

17B:25-12. Beneficiary; industrial policies An industrial life insurance policy shall have the name of the beneficiary designated thereon, or in the application or other form if attached to the policy, with a reservation of the right to designate or change the beneficiary after t…

17B:25-13. Nonforfeiture benefits and cash surrender values There shall be a provision for nonforfeiture benefits and cash surrender values in accordance with the requirements of section 17B:25-19. L.1971, c. 144, s. 17B:25-13.

17B:25-14. Title There shall be a title on the policy, briefly describing it. L.1971, c. 144, s. 17B:25-14.

17B:25-15. Provision prohibited No policy of life insurance shall be delivered or issued for delivery in this State which limits the time within which any action may be commenced to less than 5 years after the cause of action accrues. L.1971, c. 144, s. 17B:25-15.

17B:25-16. Excluded or restricted coverage A clause in any policy of life insurance providing that such policy shall be incontestable after a specified period shall preclude only a contest of the validity of the policy, and shall not preclude the assertion at any time of defenses…

17B:25-17. Incontestability; limitation of liability after reinstatement a. A reinstated policy of life insurance may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same co…

17B:25-18. Filing of forms 17B:25-18. a. No life insurance policy, or application, if a written application is required and is to be made a part of the policy, or printed rider or endorsement for use with the policy, shall be delivered or issued for delivery in this State unless …

17B:25-18.1. Life, health insurance policy, contract; compliance 15. No life insurance policy, health insurance policy, annuity, or variable contract subject to the provisions of Title 17B of the New Jersey Statutes, or application for that insurance if a written application is r…

17B:25-18.2. Filing of policy, contract or related form 16. a. Except as otherwise provided in P.L.1992, c.161 (C.17B:27A-2 et seq.) and P.L.1992, c.162 (C.17B:27A-17 et seq.), any life insurance policy or contract, health insurance policy or contract, annuity, or variable contra…

17B:25-18.3. Policies, contract forms; certification memorandums; exceptions 17. a. Pursuant to the provisions of this section, an insurer authorized to do business in this State may file with the commissioner and use, in accordance with subsection d. of this section, any form of…

17B:25-18.4 Filing of certain forms of life insurance approved in other states. 1. a. Notwithstanding the provisions of any other law to the contrary and pursuant to the provisions of this section, an insurer authorized to do business in this State may file with the Commissioner …

17B:25-18.5 Certain actions taken by department employees to result in termination. 2. a. An officer or employee of the Department of Banking and Insurance shall not take or threaten any action or omission in retaliation against a person for efforts of that person, or a person ac…

17B:25-19 Standard nonforfeiture law for life insurance. 17B:25-19. This section shall be known as the standard nonforfeiture law for life insurance. a. No policy of life insurance, except as stated in subsection l., shall be delivered or issued for delivery in this State unless …

17B:25-2. Standard provisions required a. No policy of life insurance, other than group insurance and pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this State unless it contains in substance all of the…

17B:25-2.1. Cancellation of policy within 10 days after receipt No policy of life insurance, other than group insurance, shall be delivered or issued for delivery in this State unless such policy contains in substance a provision or has attached to it a notice stating that during…

17B:25-20 Standard nonforfeiture law for individual deferred annuities. 5. This section shall be known as the standard nonforfeiture law for individual deferred annuities. a. No contract of annuity or pure endowment, except as stated in subsection p., shall be issued or delivered…

17B:25-20.1 Supersedure of standard nonforfeiture law, certain. 13. Effective on the second anniversary of the effective date of the "Indexed Standard Nonforfeiture Law for Individual Deferred Annuities," P.L.2005, c.194 (C.17B:25-21 et al.), the standard nonforfeiture law for in…

17B:25-21 Short title. 1. This act shall be known and may be cited as the "Indexed Standard Nonforfeiture Law for Individual Deferred Annuities." L.2005,c.194,s.1.

17B:25-22 Inapplicability of act. 2. This act shall not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer (including a partnership or sole proprietorship) or by an employee organizat…

17B:25-23 Required provisions for contract of annuity. 3. a. No contract of annuity to which this act applies shall be delivered or issued for delivery in this State on or after the second anniversary of the effective date of this act, or any earlier date as elected by the compan…

17B:25-24 Minimum values. 4. The minimum values provided by sections 5, 6, 7, 8 and 10 of this act of any paid-up annuity, cash surrender or death benefits available under an annuity contract shall be based upon minimum nonforfeiture amounts as defined in this section. a. (1) The…

17B:25-25 Paid-up annuity benefit. 5. Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. Present value shall be computed using…

17B:25-26 Cash surrender benefits, determination of present value. 6. For contracts that provide cash surrender benefits, the cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity v…

17B:25-27 Determination of present value. 7. For contracts that do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of t…

17B:25-28 Determination of benefits. 8. a. For the purpose of determining the benefits calculated under sections 6 and 7 of this act, in the case of annuity contracts for which the maturity date is stated, that maturity date shall not be after the later of: (1) the anniversary of…

17B:25-29 Notice of benefits not provided in contract. 9. A contract that does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in …

17B:25-3. Grace period There shall be a provision that a grace period of 30 days, or, at the option of the insurer, of 1 month of not less than 30 days, or of 4 weeks in the case of industrial life insurance policies the premiums for which are payable more frequently than monthly…

17B:25-30 Benefits allowance for lapse of time and payments beyond schedule. 10. Any paid-up annuity, cash surrender or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with al…

17B:25-31 Minimum nonforfeiture benefits. 11. For a contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gro…

17B:25-32 Rules. 12. The Commissioner of Banking and Insurance may adopt rules to implement the provisions of this act pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.). L.2005,c.194,s.12.

17B:25-33 Effective date, applicability. 14. This act shall take effect immediately and shall apply as follows: a. Before the second anniversary of the effective date of this act, on a contract form-by-contract form basis, to those annuity contracts for which the company has file…

17B:25-34 Findings, declarations relative to certain annuity products. 1. The Legislature finds and declares that it is a valid public purpose to set forth standards and procedures regarding annuity products directly solicited to consumers to: prevent the fraudulent and misleadin…

17B:25-35 Definitions relative to certain annuity products. 2. As used in this act, except as otherwise specified: "Annuity" means an annuity as defined by N.J.S.17B:17-5 directly solicited to a consumer. "Consumer" means a natural person who resides in this State. "Deferred annu…

17B:25-36 Use of certain terms regulated; exceptions. 3. a. (1) Consistent with the unfair trade practices set forth in N.J.S.17B:30-1 et seq., an insurance producer, or an agent, representative or member of a fraternal benefit society not required to be licensed as an insurance …

17B:25-37 Certain annuities excluded; annuities buyer's guide; annuity contract disclosure statement. 4. a. An annuity, for purposes of this section, concerning disclosure requirements, shall not include any annuity directly solicited to a consumer, that is: (1) an annuity that s…

17B:25-38 Certain annuities excluded, information recorded; determination as to suitability of annuity for consumer; system of supervision. 5. a. An annuity, for purposes of this section concerning the suitability of an annuity for a particular consumer, shall not include any ann…

17B:25-39 Cancellation provision for certain annuities. 6. An annuity directly solicited to a consumer, except for any annuity that is excluded pursuant to the provisions of section 5 of this act, shall not be delivered, issued, executed or renewed in this State or approved for i…

17B:25-4. Incontestability There shall be a provision that the policy (exclusive of provisions of the policy or any contract supplemental thereto relating to disability benefits or to additional benefits in event of death by accident or accidental means or in event of dismemberme…

17B:25-40 Certain annuities excluded; report to owner. 7. a. An annuity, for purposes of this section, shall not include any annuity directly solicited to a consumer that is excluded pursuant to the provisions of section 4 of this act. b. (1) An insurer shall provide the owner of…

17B:25-41 Collection, maintenance of information. 8. Any information required to be collected and maintained in order to fulfill the requirements of this act shall be done in accordance with the insurance information practice provisions of P.L.1985, c.179 (C.17:23A-1 et seq.). L.…

17B:25-42 Violations, penalties. 9. a. A violation of this act shall be a violation of N.J.S.17B:30-1 et seq. b. Pursuant to the authority provided to the commissioner under N.J.S.17B:30-1 et seq., the commissioner may, upon finding a violation occurred or is occurring, order: (1…

17B:25-5. Entire contract There shall be a provision that the policy, or the policy and the application therefor if a copy of such application is attached to or endorsed upon the policy when issued, shall constitute the entire contract between the parties, and that all statements…

17B:25-6. Misstatement of age There shall be a provision that if the age of the insured or of any other person whose age is considered in determining the premium or benefit has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium wo…

17B:25-7. Dividends a. There shall be a provision in participating policies other than industrial life insurance policies that, beginning not later than the end of the third policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will a…

17B:25-8. Policy loan There shall be a provision that after 3 full years' premiums have been paid and after the policy has a cash surrender value and while no premium is in default beyond the grace period for payment, the insurer will advance, on proper assignment or pledge of th…

17B:25-9. Reinstatement There shall be a provision that unless: a. the policy has been surrendered for its cash surrender value, or b. its cash surrender value has been exhausted, or c. the paid-up term insurance, if any, has expired, the policy will be reinstated at any time wit…