N.J. Admin. Code § 18:26-11.23

Current through Register Vol. 56, No. 19, October 7, 2024

Section 18:26-11.23 - Life insurance companies

(a) All corporations, associations, societies, or other organizations, incorporated or organized under the laws of this State to transact the business of providing life insurance or to grant annuities, and all corporations, associations, societies, or other organizations, incorporated or organized elsewhere and authorized by the New Jersey Commissioner of Banking and Insurance to transact the business of providing life insurance or to grant annuities within this State must give notice to the Director, at the time and in the manner and form set forth below, of all amounts payable by them as a result of the death of a resident of this State:

1. Under the terms of life insurance policies, endowment policies, and annuity contracts owned by a decedent or paid to a partnership, firm, or corporation entitled to receive payment in its own right in those instances where a decedent held an interest in the partnership, firm, or corporation at death; and

2. Under the terms of a supplementary optional settlement or similar contract issued to effectuate the distribution of benefits under life insurance policies, endowment policies, and annuity contracts except when the sums payable represent a continuation of payments under a policy or contract which provided for such payment at a prior decedent's specific direction.

(b) The written consent of the Director is not required to release any sums payable referenced in (a) above.

(c) Neither the written consent of the Director nor notice to the Director is required to release any sums payable referenced in (a) above when payment is made outright to the decedent's surviving spouse/civil union partner.

(d) Neither the written consent of the Director nor notice to the Director is required to release any sums payable under pension or retirement plans (including group annuity contracts) legally owned by an employer or a qualified trust. See N.J.A.C. 18:26-11.13(a)4.

N.J. Admin. Code § 18:26-11.23

Adopted by 50 N.J.R. 1624(a), effective 7/16/2018