reglab/housing_qa huggingface dataset:
NJ Rev Stat § 17B:28-8 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:28-8 - Amounts placed in account; liabilities

17B:28-8. Amounts placed in account; liabilities  Except as may be otherwise specifically provided by the contract, all amounts with respect to any contract on a variable basis shall be placed in the variable contract account designated in such contract, and all liabilities on any such contract shall be set up in said account. L.1971, c. 144, s. 17B:28-8. Amended by L.1977, c. 37, s. 6, eff. March 10, 1977.
NJ Rev Stat § 17B:28-10 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:28-10 - Valuation of assets

17B:28-10. Valuation of assets  Except as the commissioner may require or permit a different basis of valuation, the valuation of separate account assets for all purposes, including annual reports of the insurer to the commissioner, shall be determined in accordance with the market value of such assets notwithstanding the application of other valuation methods to assets of the insurer other than the assets of separate accounts. If there shall be no readily available market for any such assets, their market value may be determined by reference to opinions or estimates based upon reasonably current transactions in similar investments with such adjustments, if any, as shall be deemed appropriate to take into account any dissimilarities in the investment being valued, or such other method as shall reflect what a willing buyer, under no pressure to buy, would pay a willing seller, under no pressure to sell, for such investment. The net asset value of common stock or shares of any investment company which is an open-end company shall be deemed to be the market value thereof. Such valuation may be made as of such valuation dates as the insurer shall establish from time to time, except as otherwise required for such annual reports to the commissioner. L.1971, c. 144, s. 17B:28-10. Amended by L.1977, c. 37, s. 8, eff. March 10, 1977.
NJ Rev Stat § 17B:28-11 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:28-11 - Reserve liability

17B:28-11. Reserve liability  The reserve liability for contracts on a variable basis shall be established by the commissioner pursuant to the requirements of section 17B:19-8 (the Standard Valuation Law) in accordance with actuarial procedures that recognize the variable nature of the benefits provided. L.1971, c. 144, s. 17B:28-11.
NJ Rev Stat § 17B:28-12 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:28-12 - Annuities

17B:28-12. Annuities  Any insurer which establishes one or more variable contract accounts and issues variable annuity contracts may in its discretion, but need not, require in any case the purchase of annuities which provide for benefits of predetermined dollar amount in specified proportions in combination with the purchase of annuities providing for benefits of variable dollar amount. L.1971, c. 144, s. 17B:28-12.
NJ Rev Stat § 17B:28-14 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:28-14 - Regulation of separate account contracts, insurers issuing the same and sales agents

17B:28-14. Regulation of separate account contracts, insurers issuing the same and sales agents  The commissioner shall have the sole and exclusive authority to regulate the issuance and sale of separate account contracts; and such contracts, the insurers which issue them and the agents, solicitors or other persons who sell them shall not be subject to the Uniform Securities Law (1967) (P.L.1967, c. 93) as amended or supplemented, in the issuance or sale of such contracts. L.1971, c. 144, s. 17B:28-14. Amended by L.1977, c. 37, s. 10, eff. March 10, 1977; L.1981, c. 355, s. 2.
NJ Rev Stat § 17B:28-15 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:28-15 - Application to separate accounts and separate account contracts of Title 17B; required provisions for variable life insurance contracts

17B:28-15. Application to separate accounts and separate account contracts of Title 17B; required provisions for variable life insurance contracts  Except for N.J.S. 17B:25-3, 17B:25-8, 17B:25-9, 17B:25-13, 17B:25-19 and 17B:27-11, in the case of a variable life insurance policy and except as otherwise provided in this act, all pertinent provisions of Title 17B of the New Jersey Statutes shall apply to separate accounts and contracts relating thereto. Any individual variable life insurance contract, delivered or issued for delivery in this State shall contain loan, grace, reinstatement and nonforfeiture provisions acceptable to the commissioner. Any group variable life insurance contract, delivered or issued for delivery in this State shall contain a grace provision appropriate to such a contract. The commissioner shall have the sole authority to issue such reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of this act. L.1977, c. 37, s. 11, eff. March 10, 1977.
NJ Rev Stat § 17B:28A-1 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:28A-1 - Insurance against risk of loss in value of redeemable securities issued by investment company

17B:28A-1. Insurance against risk of loss in value of redeemable securities issued by investment company  A domestic insurer authorized to do the business specified in N.J.S. 17B:17-3 may issue and deliver individual and group policies insuring against the risk of loss in the value of (a) redeemable securities issued by an investment company regulated by the Investment Company Act of 1940 (15 U.S.C.A. s. 80a-1 et seq.) and whose redeemable securities are registered under the Securities Act of 1933 (15 U.S.C.A. s. 77a et seq.) or (b) redeemable securities issued by an investment company which shall include an investment fund, trust, or other similar investment entity, existing under the laws of a foreign country and not so regulated if such company or its securities are determined by the commissioner to be subject to regulation reasonably designed to provide adequate protection to investors in the redeemable securities issued by such company. Such insurance is herein termed investment return assurance. Investment return assurance does not include guarantees of benefits provided by separate account contracts issued by the insurer, which guarantees shall be subject to the provisions of chapter 28 of Title 17B of the New Jersey Statutes. L.1977, c. 374, s. 1, eff. Feb. 8, 1978.
NJ Rev Stat § 17B:28A-2 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:28A-2 - Limitation on benefit and protection

17B:28A-2. Limitation on benefit and protection  Except with the approval of the commissioner and under such conditions as he may prescribe, the benefit provided by such insurance may not exceed the difference between the amount paid for such redeemable securities and the value of such redeemable securities at or after the end of a specified or determinable period of not less than 5 years from the date of the issuance of the policy or the certificate under a group policy, or at the date of death of the insured, if earlier. The protection provided by investment return assurance shall not extend beyond the coverage of shares of an investment company which are acquired or held during such time as the insurer, or a subsidiary or affiliate of the insurer, shall be the investment manager or investment adviser of such investment company; such a policy or certificate under a group policy shall not be extended or renewed beyond the end of the specified or determinable period if the insurer, or a subsidiary or affiliate of the insurer, ceases to be the investment manager or investment adviser. L.1977, c. 374, s. 2, eff. Feb. 8, 1978.
NJ Rev Stat § 17B:28A-3 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:28A-3 - Undertaking or continuance; approval of commissioner; rules and regulations

17B:28A-3. Undertaking or continuance; approval of commissioner; rules and regulations  No domestic insurer shall undertake or continue the issuance of any such insurance unless the commissioner is satisfied that the condition or methods of operation of such domestic insurer in connection with the issuance of policies of such insurance is not such as to render its operation hazardous to the public or its policyholders. The commissioner may adopt rules and regulations as may be reasonable and appropriate to carry out the purposes hereof, including the establishment of limitations on the amount of liabilities under such policies that might be assumed by the domestic insurer. L.1977, c. 374, s. 3, eff. Feb. 8, 1978.
NJ Rev Stat § 17B:28A-4 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:28A-4 - Form of policy; submission to commissioner

17B:28A-4. Form of policy; submission to commissioner  No policy providing investment return assurance shall be issued or delivered in this State until a copy of the form thereof is submitted to the commissioner. The provisions of N.J.S. 17B:25-18, relating to the filing of forms of life insurance policies other than group, and N.J.S. 17B:27-25, relating to the filing of group life insurance forms, shall apply, respectively, to individual policies of investment return assurance and group policies of investment return assurance. L.1977, c. 374, s. 4, eff. Feb. 8, 1978.
NJ Rev Stat § 17B:28A-5 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:28A-5 - Foreign or alien insurers; conditions for qualification to issue

17B:28A-5. Foreign or alien insurers; conditions for qualification to issue  No foreign or alien company shall deliver or issue for delivery within this State any policy of investment return assurance unless it is licensed to do life insurance business within this State, and the commissioner is satisfied that the applicable law and regulation of the company's state or country of domicile with respect to the issuance by it of policies of investment return assurance and its condition and methods of operation with respect to the issuance of such policies will not render its operation hazardous to the public or its policyholders in this State. The commissioner may adopt rules and regulations concerning limitations on foreign or alien companies similar to those applied to domestic insurers. L.1977, c. 374, s. 5, eff. Feb. 8, 1978.
NJ Rev Stat § 17B:28A-6 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:28A-6 - Rules and regulations

17B:28A-6. Rules and regulations  The commissioner shall make appropriate further rules and regulations for the protection of policyholders and the public, including requirements for nonforfeiture benefits where appropriate, and regulations for valuation methods and minimum requirements for life insurance reserves which are set aside to mature or liquidate, as the case may be, future unaccrued claims under policies of investment return assurance, including specification of maximum assumed rates of interest and recognized minimum assumed mortality tables. L.1977, c. 374, s. 6, eff. Feb. 8, 1978.
NJ Rev Stat § 17B:29-1 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:29-1 - Scope; differences in long-term and short-term indebtedness; rules and regulations

17B:29-1. Scope; differences in long-term and short-term indebtedness; rules and regulations  All life insurance and all health insurance in connection with loans or other credit transactions shall be subject to the provisions of this chapter, except where the issuance of such insurance is an isolated transaction on the part of the insurer not related to an agreement or a plan for insuring debtors of the creditor. The commissioner may, after notice and hearing, promulgate rules and regulations which will take account of the differences inherent in long-term and short-term indebtedness, including, but not limited to, differences in underwriting standards, the term of the loan, the nature of the risk, and the maximum amount of insurance purchased. L.1971, c. 144, s. 17B:29-1. Amended by L.1982, c. 184, s. 1, eff. Nov. 24, 1982.
NJ Rev Stat § 17B:29-2 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:29-2 - Definitions

17B:29-2. Definitions  a. "Credit life insurance" means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction; b. "Credit health insurance" means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy; c. "Creditor" means the lender of money or vendor or lessor of goods, services, property, rights or privileges, for which payment is arranged through a credit transaction, or any successor to the right, title or interest of any such lender, vendor, or lessor, and an affiliate, associate or subsidiary of any of them or any director, officer or employee of any of them or any other person in any way associated with any of them; d. "Debtor" means a borrower of money or a purchaser or lessee of goods, services, property, rights of privileges for which payment is arranged through a credit transaction, and includes each partner who is jointly and severally liable for a partnership indebtedness. An officer of a corporation is not a debtor in connection with a corporate indebtedness, unless he is personally liable for such indebtedness as a codebtor. When more than one person is jointly obligated in connection with an indebtedness, credit insurance may be written either on an individual basis or, at the option of the insureds, on a joint basis, provided that the credit insurance has been approved by the Department of Insurance to be written on a joint basis in this State; e. "Indebtedness" means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction. L.1971, c. 144, s. 17B:29-2. Amended by L.1977, c. 296, s. 1, eff. Dec. 15, 1977; L.1982, c. 184, s. 2, eff. Nov. 24, 1982.
NJ Rev Stat § 17B:29-3 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:29-3 - Forms of credit life insurance and credit health insurance

17B:29-3. Forms of credit life insurance and credit health insurance  Credit life insurance and credit health insurance shall be issued only in the following forms: a. Individual policies of life insurance issued to debtors on the term plan; b. Individual policies of health insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance; c. Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; d. Group policies of health insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage. L.1971, c. 144, s. 17B:29-3.
NJ Rev Stat § 17B:29-3.1 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:29-3.1 - Insurance offered with credit involuntary unemployment insurance

17B:29-3.1. Insurance offered with credit involuntary unemployment insurance  1. a. The individual and group coverages permitted by N.J.S.17B:29-3 may be offered in combination with credit involuntary unemployment insurance, credit personal property insurance, or both, under separate and distinct policies, provided that the total combined premium amount or rate to be charged to the debtor shall be reduced by five percent or by a greater percentage at the discretion of the insurer. b. When credit involuntary unemployment insurance is included in the combined coverages and (1) the debtor notifies the insurer in writing that he is or has become ineligible for credit involuntary unemployment insurance coverage by reason of being or becoming voluntarily unemployed, or by reason of being or becoming self-employed, and states the date on which that ineligibility commenced; or (2) a claim is denied under the credit involuntary unemployment insurance coverage because the debtor became ineligible for that coverage, the insurer shall promptly remit a refund of the portion of the premium applicable to the credit involuntary unemployment insurance coverage during the period of ineligibility. c. (1) Notwithstanding the provisions of N.J.S.17B:27-3 to the contrary, group life insurance coverage may be issued in combination with other coverages in accordance with this section. (2) Insurers issuing insurance coverages combined in accordance with this section shall not be required to offer any of the coverages for separate purchase. (3) The purchase of insurance coverages combined in accordance with this section shall be voluntary on the part of the debtor. d. For the purpose of this section, "credit personal property insurance" means insurance covering direct or indirect damage or loss, by fire or other perils, including those of extended coverage, to the personal property of the debtor all or part of which is the security for the loan, which insurance shall be for an amount and term not to exceed the amount and term of the loan. L.1996,c.146.
NJ Rev Stat § 17B:29-4 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:29-4 - Amount of credit life insurance and credit health insurance

17B:29-4. Amount of credit life insurance and credit health insurance  a. Credit Life Insurance (1) The initial amount of credit life insurance shall not exceed the total amount repayable under the contract of indebtedness and, where an indebtedness is repayable in substantially equal installments, the amount of insurance shall at no time exceed the scheduled or actual amount of unpaid indebtedness, whichever is greater. (2) Notwithstanding the provisions of the above paragraph, insurance on agricultural credit transaction commitments, not exceeding 18 months in duration, may be written up to the amount of the loan commitment, on a nondecreasing or level term plan. (3) Notwithstanding the provisions of paragraph a. (1) of this or any other subsection, insurance on educational credit transaction commitments may be written for the amount of the portion of such commitment that has not been advanced by the creditor. b. Credit Health Insurance The total amount of periodic indemnity payable by credit health insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of the indebtedness; and the amount of each periodic indemnity payment shall not exceed the original indebtedness divided by the number of periodic installments. L.1971, c. 144, s. 17B:29-4.
NJ Rev Stat § 17B:29-5 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:29-5 - Term of credit life insurance and credit health insurance

17B:29-5. Term of credit life insurance and credit health insurance  The term of any credit life insurance or credit health insurance shall, subject to acceptance by the insurer, commence on the date when the debtor becomes obligated to the creditor, except that, where a group policy provides coverage with respect to existing obligations, the insurance on a debtor with respect to such indebtedness shall commence on the effective date of the policy. Where evidence of insurability is required and such evidence is furnished more than 30 days after the date when the debtor becomes obligated to the creditor and such evidence is determined by the insurer to be satisfactory, the term of the insurance may commence on the date on which the evidence is furnished to the insurer and in such event there shall be an appropriate refund or adjustment of any charge to the debtor for insurance. The term of such insurance shall not extend more than 15 days beyond the scheduled maturity date of the indebtedness except when extended without additional cost to the debtor. If the indebtedness is discharged due to renewal or refinancing prior to the scheduled maturity date, the insurance in force shall be terminated before any new insurance may be issued in connection with the renewed or refinanced indebtedness. In all cases of termination prior to scheduled maturity, a refund shall be paid or credited as provided in section 17B:29-8. L.1971, c. 144, s. 17B:29-5.
NJ Rev Stat § 17B:29-8 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:29-8 - Premiums and refunds

17B:29-8. Premiums and refunds  a. Any insurer may revise its schedules of premium rates from time to time, and shall file such revised schedules with the commissioner. No insurer shall issue any credit life insurance policy or credit health insurance policy for which the premium rate exceeds that determined by the schedules of such insurer as then on file with the commissioner. b. Each individual policy, or group certificate shall provide that in the event of termination of the insurance prior to the scheduled maturity date of the indebtedness, any refund of an amount paid by the debtor for insurance shall be paid or credited promptly to the person entitled thereto; provided, however, that the commissioner shall prescribe a minimum refund and no refund which would be less than such minimum need be made. The formula to be used in computing such refund shall be filed with and approved by the commissioner. c. If a creditor requires a debtor to make any payment for credit life insurance or credit health insurance and an individual policy or group certificate of insurance is not issued, the creditor shall immediately give written notice to such debtor and shall promptly make an appropriate credit to the account. d. The amount charged to a debtor for any credit life or credit health insurance shall not exceed the premiums charged by the insurer, as computed at the time the charge to the debtor is determined. e. Nothing in this chapter shall be construed to legalize any charge now illegal under any statute or rule of law governing credit transactions. L.1971, c. 144, s. 17B:29-8.
NJ Rev Stat § 17B:29-9 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:29-9 - Issuance of policies

17B:29-9. Issuance of policies  All policies of credit life insurance and credit health insurance shall be delivered or issued for delivery in this State only by an insurer authorized to do an insurance business therein, and shall be issued only through holders of licenses or authorizations issued by the commissioner. The commissioner may require that a restricted license as referred to in section 17B:22-12d be obtained by a group policyholder. L.1971, c. 144, s. 17B:29-9.
NJ Rev Stat § 17B:29-10 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:29-10 - Claims

17B:29-10. Claims  a. All claims shall be promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate claim files. All claims shall be settled as soon as possible and in accordance with the terms of the insurance contract. b. All claims shall be paid either by draft drawn upon the insurer or by check of the insurer to the order of the claimant to whom payment of the claim is due pursuant to the policy provisions, or upon direction of such claimant to one specified. c. No plan or arrangement shall be used whereby any person, firm or corporation other than the insurer or its designated claim representative shall be authorized to settle or adjust claims. The creditor shall not be designated as claim representative for the insurer in adjusting claims; provided, that a group policyholder may, by arrangement with the group insurer, draw drafts or checks in payment of claims due to the group policyholder subject to audit and review by the insurer. L.1971, c. 144, s. 17B:29-10.