marketing policies to which these rules are applicable shall
notify the Commissioner
whether a policy form is to be marketed with or without
1. For policy forms filed
after July 6, 1998, the identification shall be made at the time of filing. Any
previous identification may be changed by notice to the Commissioner.
(b) If the insurer identifies a
policy form as one to be marketed without an illustration, any use of an
illustration for any policy using that form prior to the first policy
anniversary is prohibited. Notwithstanding whether a policy form has been
designated to be marketed with an illustration, an insurer is responsible for
any illustration used by its producer or other authorized representative or
agent in connection with the marketing of its products.
(c) If a policy form is identified by the
insurer as one to be marketed with an illustration, and an insurer or its
producer or other authorized representative or agent markets a policy subject
to these rules with an illustration, a basic illustration prepared and
delivered in accordance with these rules is required, except that a basic
illustration need not be provided to individual members of a group or to
individuals insured under multiple lives coverage issued to a single applicant
unless the coverage is marketed to these individuals. The illustration
furnished an applicant for a non-term group life insurance policy or policies
issued to a single applicant on multiple lives may be either an individual or
composite illustration representative of the coverage on the lives of members
of the group or the multiple lives covered.
(d) Potential enrollees of non-term group
life subject to these rules shall be furnished a quotation with the enrollment
materials. The quotation shall show potential policy values for sample ages and
policy years on a guaranteed and non-guaranteed basis appropriate to the group
and the coverage. This quotation shall not be considered an illustration for
purposes of these rules, but all information provided shall be consistent with
the illustrated scale. A basic illustration shall be provided at delivery of
the certificate to enrollees for non-term group life who enroll for more than
the minimum premium necessary to provide pure death benefit protection. In
addition, the insurer shall make a basic illustration available to any non-term
group life enrollee who requests it.
Amended by R.2007 d.392,
See: 39 N.J.R. 3711(a), 39 N.J.R. 5346(a).
(a)1; recodified (a)2 as (a)1; and in (a)1, deleted "and shall be accompanied
by a certification for that policy form that satisfies the requirements of
N.J.A.C. 11:4-52.9(f)" following "filing".