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Nj Individual Variable Annunity Contracts

Nj Individual Variable Annunity Contracts

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Published by Mary Cochrane

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Published by: Mary Cochrane on Jan 17, 2013
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NEW JERSEY FORM REQUIREMENTSINDIVIDUAL VARIABLE ANNUITY CONTRACTS
ITEMCITATIONYES/NO/NAFORM/PAGE NO.
Provision that in the event of default in payment of consideration beyond the grace period, the companywill pay the value of the contract, in accordance withthe contract, starting not later than the datecontractual payments by the company were to havecommenced.N.J.S.A. 17B:28-5(c)(i)Provision that upon request of contract holder received by the company at least 4 months prior tothe date payments were to commence, the companywill commence payment as of the first day of thefourth month after receipt of the request, or someother date requested by the contract holder, inaccordance with a plan provided by the contract andselected by the owner.N.J.S.A. 17B:28-5(c)(ii) Annual Report, which complies with N.J.S.A. 17B:28-5(c)(iii) and N.J.A.C. 11:4-45, will be mailed onceeach contract year after the first.N.J.S.A. 17B:28-5(c)(iii)
 
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NEW JERSEY FORM REQUIREMENTSINDIVIDUAL VARIABLE ANNUITY CONTRACTS (CONT.)
ITEMCITATIONYES/NO/NAFORM/PAGE NO.
Provision that stipulates: (1) the investmentincrement factors to be used in computing dollar amounts of variable benefits or other payments or values; (2) guarantees that expense and mortalityresults do not adversely affect dollar amounts (notapplicable to investment management fee; and (3)mortality and investment factors may not produce alarger initial payment than would be produced under N.J.S.A. 17B:19-8, using an annual investmentincrement no greater than 5%.N.J.S.A. 17B:28-5(d)Provision describing periodic reports.N.J.A.C. 11:4-44.3(a)1Provision specifying any rights for deferral including:(1) payment of death benefits in excess of anyminimum guaranteed death benefits; (2) cash value;and (3) partial withdrawals or partial surrendersdependent upon the valuation of the separateaccount.N.J.A.C. 11:4-44.3(a)2
 
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NEW JERSEY FORM REQUIREMENTSINDIVIDUAL VARIABLE ANNUITY CONTRACTS (CONT.)
ITEMCITATIONYES/NO/NAFORM/PAGE NO.
Provision describing any conditions for partialwithdrawals, partial surrenders, loans, transfers andnew deposits. Must include restrictions on theamounts and timing of such transactions and feescharged. Minimum amount may not exceed $1,000.Contract may set forth most stringent limits butcompany may not reserve right to unilaterally changeminimum amount, timing or fees.N.J.A.C. 11:4-44.3(a)3Compliance with applicable requirements of N.J.S.A.17B:28-1 et seq. and all laws applicable to non-variable annuity forms that are not inconsistent withthe variable nature of the form.N.J.A.C. 11:4-44.3(b)Provision permitting monies to be deposited intogeneral account fund, subject to general accountmeeting contract requirements of N.J.A.C. 11:4-43.N.J.A.C. 11:4-44.3(c)1Variable wording to describe separate account fundsand related charges is identified by use of bracketsin contract and in application forms.N.J.A.C. 11:4-44.3(c)2

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