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New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.13 - Application or notice of proposed insurance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If an individual policy or certificate of group insurance is not delivered to the debtor at the time the indebtedness is incurred, a copy of the application for such policy or a notice of proposed insurance signed by the debtor shall be delivered to the debtor at the time such indebtedness is incurred, setting forth the following information:
1. The name and home office address of the insurer;
2. The name or names of the debtor proposed for insurance;
3. The rate or amount of payment, if any, collected from the debtor separately in connection with credit life insurance and credit accident and health insurance;
4. The amount and term of the coverage provided which, in the case of group insurance, may be by description rather than by stated amount and term; and
5. A brief description of the coverage provided.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.14 - Filing

Current through Register Vol. 56, No. 14, July 15, 2024
No individual or group policy of credit life insurance or credit accident and health insurance shall be issued for delivery in this State, and no application, binder, endorsement, rider certificate of group insurance, notice of proposed insurance, or other form pertaining to credit life insurance or credit accident and health insurance under such policy shall be issued for delivery or used in this State, on or after the effective date of this subchapter unless such forms and the premium rates and refund formulas therefor have been filed with the Commissioner and such filing has been acknowledged in writing by him prior to such issuance or use, and has not been disapproved.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.15 - Group policy; delivery

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No credit life insurance or credit accident and health insurance shall be effected in this State on a debtor under a group policy, regardless of where or when issued, unless a certificate of group insurance or a notice of proposed insurance as required by 11:2-3.6 and 3.13 is delivered to the debtor.
(b) The certificate or notice of proposed insurance shall be on a form filed with the Commissioner together with the refund formula applicable thereto and acknowledged in writing and not disapproved by him.
(c) If a payment for insurance is collected from the debtor, the amount thereof may not exceed the amount permitted by 11:2-3.1 9, and no such certificate of group insurance or notice of proposed insurance shall be delivered unless the schedule of premiums is also filed with the Commissioner and acknowledged in writing by him.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.16 - Disapproval by Commissioner

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Commissioner may disapprove any form filed with him pursuant to the provisions of 11:2-3.1 4 and 3.15 for the following reasons:
1. The benefits provided are not reasonable in relation to the premium charge; or
2. It contains provisions which are unjust, unfair, inequitable, misleading, deceptive, or which encourage misrepresentation.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.17 - Standards for premium rates

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The fact that standards are set forth in this section does not indicate that premium charges in excess of those standards will furnish cause for disapproval of policy forms, as described in N.J.A.C. 11:2-3.1 6.
(b) The standards set forth in this section are derived from studies made by the Department, and are provided to serve as a guide to insurers in preparing filings for credit life insurance and credit accident and health insurance on the term plan.
(c) The benefits to be provided in connection with forms filed with the Commissioner in accordance with N.J.A.C. 11:2-3.1 4 shall be deemed prima facie reasonable in relation to the premium charge if the schedule of rates filed with such forms does not exceed the standards set forth in this section.
(d) This section shall not preclude an insurer from filing rates which exceed the standards set forth if the filing conforms to the requirements of N.J.S.A. 17B:29-7 and 8.
(e) In determining whether any filing shall be disapproved, the Commissioner will give consideration to available mortality and morbidity data pertaining to the class or classes of debtors to be insured; previous experience, if any, on the debtors of a particular creditor, including the experience of any subsidiary or affiliate of such creditor; available age data and a reasonable rate of expense.
(f) Standards for premium rates for credit life insurance shall be as follows:
1. If premiums are paid monthly on outstanding balances, the monthly premium rate per $ 1,000 of insurance in force is $ 0.62.
2. If premiums are paid in one sum for the entire duration of the indebtedness:
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3. For the purpose of computing the average amount of insurance in force on all debtors of a creditor in (f)1 and 2 above, there shall be included the insurance in force on all debtors of any subsidiary or affiliate of the creditor whether provided by one or more insurers, unless the Commissioner determines that it is inequitable to do so.
4. As an alternative to the standards set forth in (f)1 and 2 above, an insurer may, where age data applicable to the insured persons are available, determine premium rates based on such age data and computed in a manner consistent with (f)1 and 2 above.
5. Standards for premium rates for indebtedness repayable in installments other than as indicated in this subsection shall be the equivalent of the standards set forth in (f)1 and 2 above.
6. The standards for premium rates set forth in (f)1 and 2 above are applicable to the type of credit life insurance contract customarily offered for sale. Standards for premium rates in the case of forms which vary in any material respect from this standard type of credit life insurance contract shall reflect such variations to the extent that there is a measurable difference in the cost of the coverage provided.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.18 - Joint credit accident and health insurance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Joint credit accident and health insurance covers two insured individuals who are jointly obligated in connection with an indebtedness and pays benefits in the event that either insured becomes disabled. Joint credit accident and health coverage is permitted on either a split basis or a full basis. Split basis and full basis coverage may not be provided under the same policy form.
(b) Split basis joint credit accident and health insurance provides coverage for each insured for a specified percentage of the payment, with the sum of the insured amounts equaling the entire payment. The rates for split basis coverage shall equal the rates for a single insured covered for the entire payment.
(c) Full basis joint credit accident and health insurance provides coverage for each insured for the full payment, provided that only one benefit is payable if both insureds become disabled. The rates for full basis coverage shall be no greater than 185 percent of the rates for a single insured covered for the full payment. Any policy or certificate form providing full basis coverage shall state that only one payment will be made even if both insureds are disabled.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.19 - Maximum payments by debtors

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The amount collected from a debtor for credit life or credit accident and health insurance shall not exceed the premium charged by the insurer; provided, that if the amount collected from a debtor is determined in a single sum but the premium charged by the insurer is not, the amount so collected from a debtor shall not exceed the lesser of:
1. The single premium rate set forth in 11:2-3.1 7 or such higher single premium rate consistent with such premiums to be charged by the insurer pursuant to that section; and
2. The aggregate of the premiums to be charged by the insurer.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.21 - Maintenance of statistics

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each insurer writing credit life insurance and credit accident and health insurance shall maintain statistics, subject to call by the Commissioner from time to time, on a policy-year basis for group policies and on a calendar-year basis for individual policies with respect to each creditor on whose debtors term insurance is provided, showing on an accrual basis, separately for credit life insurance and credit accident and health insurance and separately for direct business and reinsurance assumed, the following:
1. Gross premiums received;
2. Refunds of premium on terminated insurance;
3. Increase in unearned premium reserve;
4. Earned premiums;
5. Claims paid;
6. Increase in claim reserve;
7. Claims incurred;
8. Reserve increases other than the increases described in (a)3 and 6 above;
9. Commissions;
10. Fees and other allowances;
11. Dividends and experience rating refunds;
12. Mean amount of life insurance in force; and
13. Mean number of individual policies in force during the calendar year.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.22 - Issuance of policies

Current through Register Vol. 56, No. 14, July 15, 2024
All policies of credit life insurance and credit accident and 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.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.23 - Payment of claims

Current through Register Vol. 56, No. 14, July 15, 2024
(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.
(d) 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 claim due to the group policyholder subject to audit and review by the insurer.
(e) The insurer shall make periodic audits of claim payments made on its behalf by claim representatives or group policyholders.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.24 - Existing insurance; choice of insurer

Current through Register Vol. 56, No. 14, July 15, 2024
When credit life insurance or credit accident and health insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by him, or of procuring and furnishing the required coverage through any insurer authorized to transact an insurance business within this State.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.25 - Separability

Current through Register Vol. 56, No. 14, July 15, 2024
If any provision of this subchapter or the application thereof to any person or circumstances is held invalid, the remainder of the subchapter and the application of such provision to other persons or circumstances shall not be affected thereby.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.26 - Effect on previously filed forms and rates

Current through Register Vol. 56, No. 14, July 15, 2024
Forms and rates which have been filed by the Commissioner pursuant to 17B:29-7 and 8 which are not in compliance with these rules shall be deemed withdrawn as of November 20, 1996.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Appendix - APPENDIX

Current through Register Vol. 56, No. 14, July 15, 2024
CREDIT ACCIDENT AND HEALTH INSURANCE
SINGLE PREMIUM RATES PER $ 100 OF INITIAL INSURED INDEBTEDNESS
7-Days Retroactive--Col. I
Number of Equal
Single Premium
Monthly Installments
Rate per $ 100
6
1.68
12
1.99
24
2.33
36
2.58
48
2.77
60
2.91
72
3.02
84
3.14
96
3.25
108
3.34
120
3.44
14-Days Retroactive--Col. I
Number of Equal
Single Premium
Monthly Installments
Rate per $ 100
6
1.28
12
1.71
24
2.05
36
2.26
48
2.49
60
2.66
72
2.80
84
2.95
96
3.11
108
3.24
120
3.35
14-Days Non-Retroactive--Col. I
Number of Equal
Single Premium
Monthly Installments
Rate per $ 100
6
0.91
12
1.27
24
1.62
36
1.82
48
2.03
60
2.22
72
2.37
84
2.52
96
2.67
108
2.80
120
2.92
30-Days Retroactive--Col. I
Number of Equal
Single Premium
Monthly Installments
Rate per $ 100
6
0.90
12
1.28
24
1.63
36
1.84
48
2.07
60
2.29
72
2.42
84
2.59
96
2.75
108
2.90
120
3.04
30-Days Non-Retroactive--Col. I
Number of Equal
Single Premium
Monthly Installments
Rate per $ 100
6
0.52
12
0.85
24
1.18
36
1.42
48
1.62
60
1.81
72
1.95
84
2.12
96
2.27
108
2.42
120
2.57
7-Days Retroactive--Col. II
Number of Equal
Single Premium
Monthly Installments
Rate per $ 100
6
1.87
12
2.21
24
2.58
36
2.87
48
3.08
60
3.23
72
3.35
84
3.49
96
3.61
108
3.71
120
3.82
14-Days Retroactive--Col. II
Number of Equal
Single Premium
Monthly Installments
Rate per $ 100
6
1.43
12
1.90
24
2.28
36
2.52
48
2.76
60
2.95
72
3.12
84
3.29
96
3.45
108
3.60
120
3.72
14-Days Non-Retroactive--Col. II
Number of Equal
Single Premium
Monthly Installments
Rate per $ 100
6
1.02
12
1.42
24
1.80
36
2.03
48
2.26
60
2.47
72
2.63
84
2.79
96
2.96
108
3.12
120
3.24
30-Days Retroactive--Col. II
Number of Equal
Single Premium
Monthly Installments
Rate per $ 100
6
1.01
12
1.43
24
1.81
36
2.05
48
2.30
60
2.55
72
2.69
84
2.88
96
3.05
108
3.22
120
3.38
30-Days Non-Retroactive--Col. II
Number of Equal
Single Premium
Monthly Installments
Rate per $ 100
6
0.58
12
0.94
24
1.31
36
1.58
48
1.80
60
2.01
72
2.16
84
2.36
96
2.53
108
2.69
120
2.85
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 4 - ELECTRONIC DATA PROCESSING EQUIPMENT › Section 11:2-4.1 - Cost of equipment as admitted asset

Current through Register Vol. 56, No. 14, July 15, 2024
In determining the financial condition of a domestic or foreign insurance company or the United States branch of an alien insurance company, there shall be allowed as admitted assets the cost of electronic data processing equipment (hardware) purchased by the company, provided that such cost shall be amortized in full over a period not to exceed five calendar years, and provided further that where software is necessary to operate the system, such software shall be included as an asset.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 5 - PROXIES, CONSENTS AND AUTHORIZATIONS › Section 11:2-5.1 - Applicability

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter is applicable to all domestic stock insurers having 100 or more stockholders; provided, however, that this subchapter shall not apply to any insurer if 95 percent or more of its stock is owned or controlled by a parent or an affiliated insurer and the remaining shares are held by less than 500 stockholders.
(b) A domestic stock insurer which files with the Securities and Exchange Commission forms of proxies, consents and authorizations complying with the requirements of the Securities and Exchange Act of 1934 and the Securities and Exchange Acts Amendments of 1964 and Regulation X-14 of the Securities and Exchange Commission promulgated thereunder shall be exempt from the provisions of this subchapter.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 5 - PROXIES, CONSENTS AND AUTHORIZATIONS › Section 11:2-5.2 - Solicitation; prohibition

Current through Register Vol. 56, No. 14, July 15, 2024
No domestic stock insurer, or any director, officer or employee of such insurer subject to this subchapter, or any other person, shall solicit, or permit the use of his name to solicit, by mail or otherwise, any proxy, consent or authorization in respect to any stock of such insurer in contravention of this subchapter, and N.J.A.C. 11:2-6 and 11:2-7.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 5 - PROXIES, CONSENTS AND AUTHORIZATIONS › Section 11:2-5.3 - Disclosure of equivalent information

Current through Register Vol. 56, No. 14, July 15, 2024
Unless proxies, consents or authorizations in respect of a stock of a domestic insurer subject to this subchapter are solicited by or on behalf of the management of such insurer from the holders of records of stock of such insurer in accordance with this subchapter and N.J.A.C. 11:2-6 and 11:2-7 prior to any annual or other meeting, such insurer shall, in accordance with this subchapter, and for such further regulations as the Commissioner may adopt, file with the Commissioner and transmit to all stockholders of record information substantially equivalent to the information which would be required to be transmitted if a solicitation were made.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 5 - PROXIES, CONSENTS AND AUTHORIZATIONS › Section 11:2-5.4 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The definitions and instructions set out in Schedule SIS, as promulgated by the National Association of Insurance Commissioners, shall be applicable for purpose of this subchapter.
(b) The terms "solicit" and "solicitation" for purposes of this subchapter include:
1. Any request for a proxy, whether or not accompanied by or included in a form of proxy;
2. Any request to execute or not to execute, or to revoke, a proxy; or
3. The furnishing of a proxy or other communication to stockholders under circumstances reasonably calculated to result in the procurement, withholding or revocation of a proxy.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 5 - PROXIES, CONSENTS AND AUTHORIZATIONS › Section 11:2-5.5 - Information to be furnished to stockholders

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No solicitation subject to this subchapter shall be made unless each person solicited is concurrently furnished or has previously been furnished with a written proxy statement containing the information specified in this subchapter.
(b) If the solicitation is made on behalf of the management of the insurer and relates to an annual meeting of stockholders at which directors are to be elected, each proxy statement furnished pursuant to (a) above shall be accomplished or preceded by an annual report, in preliminary or final form, to such stockholders containing such financial statements for the last fiscal year as are referred to in Schedule SIS under the heading "Financial Reporting to Stockholders." Subject to the requirements of this subsection with respect to financial statements, the annual report to stockholders may be in any form deemed suitable by the management.
(c) Two copies of each report sent to the stockholders pursuant to this section shall be mailed to the Commissioner not later than the date on which such report is first sent or given to stockholders or the date on which preliminary copies of solicitation material are filed with the Commissioner pursuant to 11:2-5.7(a), whichever date is later.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 5 - PROXIES, CONSENTS AND AUTHORIZATIONS › Section 11:2-5.6 - Proxy requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following requirements shall be included in the form of proxy:
1. An indication in boldface type as to whether or not the proxy is solicited on behalf of the management;
2. A specifically designated blank space for dating the proxy; and
3. Clear and impartial identification of each matter or group of related matters intended to be acted upon, whether proposed by the management or stockholders.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 5 - PROXIES, CONSENTS AND AUTHORIZATIONS › Section 11:2-5.7 - Material required to be filed

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Two preliminary copies of the proxy statement and form of proxy and any other soliciting material to be furnished concurrently to stockholders shall be filed with the Commissioner at least ten days prior to the date definitive copies of such materials are first sent or given to stockholders, of such shorter period prior to that date as the Commissioner may authorize upon a showing of good cause.
(b) Two preliminary copies of any additional soliciting material relating to the same meeting or subject matter to be furnished to stockholders subsequent to the proxy statements shall be filed with the Commissioner at least two days, exclusive of Saturdays, Sundays or holidays, prior to the date copies of this material are first sent or given to stockholders, or a shorter period prior to such date as the Commissioner may authorize upon a showing of good cause.
(c) Two definitive copies of the proxy statement, form of proxy and all other soliciting material, in the form in which this material is furnished to stockholders, shall be filed with, or mailed for filing to, the Commissioner not later than the date such material is first sent or given to the stockholders.
(d) Where any proxy statement, form of proxy or other material filed pursuant to this subchapter is amended or revised, two of the copies shall be marked to clearly show such changes.
(e) Copies of replies to inquiries from stockholders requesting further information and copies of communications which do no more than request that forms of proxy theretofore solicited be signed and returned need not be filed pursuant to this section.
(f) Notwithstanding the provisions of (a) and (b) above, and of 11:2-5.1 0(k), copies of soliciting material in the form of speeches, press releases and radio or television scripts may, but need not, be filed with the Commissioner prior to use or publication. Definitive copies, however, shall be filed with or mailed for filing to the Commissioner as required by (c) above not later than the date such material is used or published. The provisions of (a) and (b) above and 11:2-5.1 0(k) shall apply, however, to any reprints or reproductions of all or any part of such material.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 5 - PROXIES, CONSENTS AND AUTHORIZATIONS › Section 11:2-5.8 - False or misleading statements

Current through Register Vol. 56, No. 14, July 15, 2024
No solicitation subject to this subchapter shall be made by means of any proxy statement, form of proxy, notice of meeting, or other communication, written or oral, containing any statement which at the time and in the light of the circumstances under which it is made, is false or misleading with respect to any material fact, or which omits to state any material fact necessary in order to make the statements therein not false or misleading or necessary to correct any statement in any earlier communication with respect to the solicitation of a proxy for the same meeting or subject matter which has become false or misleading.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 5 - PROXIES, CONSENTS AND AUTHORIZATIONS › Section 11:2-5.9 - Undated or postdated proxy; prohibition

Current through Register Vol. 56, No. 14, July 15, 2024
No person making a solicitation which is subject to this subchapter shall solicit any undated or postdated proxy or any proxy which provides that it shall be deemed to be dated as of any date subsequent to the date on which it is signed by the stockholder.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 5 - PROXIES, CONSENTS AND AUTHORIZATIONS › Section 11:2-5.10 - Election contests; special provisions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This section shall apply to any solicitation subject to this subchapter by any person or group for the purpose of opposing a solicitation subject to this subchapter by any other person or group with respect to the election or removal of directors at any annual or special meeting of stockholders.
(b) For purposes of this section the terms "participant" and "participant in a solicitation" include:
1. The insurer;
2. Any director of the insurer, and any nominee for whose election as a director proxies are solicited; or
3. Any other person, acting alone or with one or more other persons, committees or groups, in organizing, directing or financing the solicitation.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.1 - Revocability of proxy

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The proxy statement shall state whether or not the person giving the proxy has the power to revoke it.
(b) If the right of revocation before the proxy is exercised is limited or is subject to compliance with any formal procedure, the proxy statement shall briefly describe such limitation or procedure.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.2 - Dissenters' rights of appraisal

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The proxy statement shall outline briefly the rights of appraisal or similar rights of dissenting stockholders with respect to any matter to be acted upon and indicate any statutory procedure required to be followed by such stockholders in order to perfect their rights.
(b) Where such rights may be exercised only within a limited time after the date of the adoption of a proposal, the filing of a charter amendment, or other similar act, the proxy statement shall state whether the person solicited will be notified of such date.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.3 - Solicitation by management

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the solicitation is made by the management of the insurer, the proxy statement shall so state.
(b) The proxy statement shall state the name of any director of the insurer who has informed the management in writing that he intends to oppose any action intended to be taken by the management, and shall indicate the action which he intends to oppose.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.4 - Solicitation by nonmanagement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the solicitation is made other than by the management of the insurer, the proxy statement shall state:
1. The names and addresses of the persons by whom and on whose behalf it is made; and
2. The names and addresses of the persons by whom the cost of solicitation has been or will be borne, directly or indirectly.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.5 - Solicitation by specially engaged employees or paid solicitors

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the solicitation is to be made by specially engaged employees or paid solicitors, the proxy statement shall state:
1. The material features of any contract or arrangement for such solicitation and identify the parties; and
2. The cost or anticipated cost thereof.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.6 - Disclosure of interests of solicitors

Current through Register Vol. 56, No. 14, July 15, 2024
The proxy statement shall describe briefly any substantial interest, direct or indirect, by stockholdings or otherwise, of any director, nominee for election for director, officer and, if the solicitation is made other than on behalf of management, each person on whose behalf the solicitation is made, in any matter to be acted upon other than elections to office.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.7 - Stocks and principal stockholders

Current through Register Vol. 56, No. 14, July 15, 2024
(a) As to each class of voting stock of the insurer entitled to be voted at the meeting, the proxy statement shall state:
1. The number of shares outstanding; and
2. The number of votes to which each class is entitled.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.8 - Nominees and directors

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If action is to be taken with respect to the election of directors, the proxy statement shall furnish the following information (in tabular form to the extent practicable) with respect to each person nominated for election as a director and with respect to every other person whose term of office as a director will continue after the meeting:
1. The name of each such person;
2. When his term of office or the term of office for which he is a nominee will expire;
3. All other positions and offices with the insurer presently held by him;
4. Which persons are nominees for election as directors at the meeting;
5. His present principal occupation or employment and the name and principal business of any corporation or other organization in which such employment is carried on;
6. Similar information as to all of his principal occupations or employments during the last five years, unless he is now a director and was elected to his present term of office by a vote of stockholders at a meeting for which proxies were solicited under this regulation;
7. If he is or has previously been a director of the insurer, the period or periods during which he has served as such; and
8. As of the most recent practicable date, the approximate amount of each class of stock of the insurer or any of its parents, subsidiaries or affiliates other than directors' qualifying shares, beneficially owned directly or indirectly by him. If he is not the beneficial owner of any such stocks make a statement to that effect.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.9 - Remuneration and other transactions with management and others

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The proxy statement shall furnish the information reported or required in item 1 of Schedule SIS under the heading "Information regarding management and directors" if action is to be taken with respect to:
1. The election of directors;
2. Any remuneration plan, contract or arrangement in which any director, nominee or election as a director, or officer of the insurer will participate;
3. Any pension or retirement plan in which any such person will participate; or
4. The granting or extension to any such person of any options, warrants or rights to purchase any stocks, other than warrants or rights issued to stockholders, as such, on a pro rata basis.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.10 - Bonus, profit sharing and other remuneration plans

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If action is to be taken with respect to any bonus, profit sharing, or other remuneration plan, the insurer shall furnish the following information:
1. A brief description of the material features of the plan;
2. Each class of persons who will participate therein and the approximate number of persons in each such class;
3. The basis of such participation; and
4. The amounts which would have been distributable under the plan during the last calendar year to:
i. Each person named in 11:2-6.9;
ii. Directors and officers as a group; and
iii. All other employees as a group, if the plan had been in effect.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.11 - Pension and retirement plan

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If action is to be taken with respect to any pension or retirement plan of the insurer, the proxy statement shall furnish the following information:
1. A brief description of the material features of the plan;
2. Each class of persons who will participate therein;
3. The approximate number of persons in each such class;
4. The basis of such participation;
5. The approximate total amount necessary to fund the plan with respect to:
i. Past services;
ii. The period over which such amount is to be paid; and
iii. The estimated annual payments necessary to pay the total amount over such period; the estimated annual payment to be made with respect to current services.
6. The amount of such annual payments to be made for the benefit of:
i. Each person named in 11:2-6.9;
ii. Directors and officers as a group; and
iii. Employees as a group.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.12 - Options, warrants or rights

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If action is to be taken with respect to the granting or extension of any options, warrants or rights (all referred to herein as "warrants") to purchase stock of the insurer or of any subsidiary or affiliate, other than warrants issued to all stockholders on a pro rata basis, the proxy statement shall furnish the following information:
1. The title and amount of stock called for or to be called for;
2. The prices, expiration dates and other material conditions upon which the warrants may be exercised;
3. The consideration received or to be received by the insurer, subsidiary or affiliate for the granting or extension of the warrants; and
4. The market value of the stock called for or to be called for by the warrants, as of the latest practicable date.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.13 - Authorization or issuance of stock

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If action is to be taken with respect to the authorization or issuance of any stock of the insurer, the proxy statement shall furnish the title, amount and description of the stock to be authorized or issued.
(b) If the shares of stock are other than additional shares of common stock of a class outstanding, the proxy statement shall furnish a brief summary of the following, if applicable:
1. Dividend rights;
2. Voting rights;
3. Liquidation rights;
4. Preemptive rights;
5. Conversion rights;
6. Redemption and sinking fund provisions; and
7. Interest rate and date of maturity.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.14 - Mergers, consolidations, acquisitions and similar matters

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If action is to be taken with respect to a merger, consolidation, acquisition, or similar matter, the proxy statement shall furnish, in brief outline, the following information:
1. The rights of appraisal or similar rights of dissenters with respect to any matters to be acted upon;
2. Any procedure required to be followed by dissenting stockholders in order to perfect such rights;
3. The material features of the plan or agreement;
4. The business done by the company to be acquired or whose assets are being acquired;
5. The high and low sales prices for each quarterly period within two years (if available); and
6. The percentage of outstanding shares which must approve the transaction before it is consummated.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.15 - Restatement of accounts

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If action is to be taken with respect to the restatement of any asset, capital, or surplus of the insurer, the proxy statement shall furnish the following information:
1. The nature of the restatement;
2. The date as of which it is to be effective;
3. The reasons for the restatement and for the selection of the particular effective date; and
4. The name and amount of each account affected by the restatement and the effect of the restatement thereon.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.16 - Matters not required to be submitted

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If action is to be taken with respect to any matter which is not required to be submitted to a vote of stockholders, the proxy statement shall state:
1. The nature of such matter;
2. The reason for submitting it to a vote of stockholders; and
3. That action which is intended to be taken by the management in the event of a negative vote on the matter by the stockholders.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 6 - INFORMATION REQUIRED IN PROXY STATEMENT, GENERALLY › Section 11:2-6.17 - Amendment of charter, bylaws or other documents

Current through Register Vol. 56, No. 14, July 15, 2024
If action is to be taken with respect to any amendment of the insurer's charter, bylaws or other documents as to which information is not required above, the proxy statement shall state briefly the reasons for and general effect of such amendment, and the vote needed for its approval.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.2 - Transactions exempted from the operation of N.J.S.A 17:17B-2

Current through Register Vol. 56, No. 14, July 15, 2024
With respect to the equity securities of the insurer, any acquisition or disposition of any equity security by a director or officer of the insurer within six months prior to the date on which the Act shall first become applicable shall not be subject to the operation of 17:17B-2.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.3 - Filing of statements under N.J.S.A 17:17B-1

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Initial statements of beneficial ownership of equity securities required by 17:17B-1 shall be filed on Form A.
(b) Statements of changes in such beneficial ownership required by 17:17B-1 shall be filed on Form B.
(c) All such statements shall be prepared and filed in accordance with the requirements of the applicable form.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.4 - Ownership of more than 10 percent of an equity security under N.J.S.A 17:17B-1

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In determining, for the purpose of 17:17B-1, whether a person is the beneficial owner, directly or indirectly, of more than 10 percent of any class of any equity security (except voting trust certificates or certificates of deposit for equity securities), such class shall be deemed to consist of the total amount of such class outstanding, exclusive of any securities of such class held by or for the account of the insurer or a subsidiary of the insurer.
(b) For the purpose of determining percentage ownership of voting trust certificates or certificates of deposit for equity securities, the class of voting trust certificates or certificates of deposit shall be deemed to consist of the amount of voting trust certificates or certificates of deposit issuable, with respect to the total amount of outstanding equity securities of the class which may be deposited under the voting trust agreement or deposit agreement in question, whether or not all of such outstanding securities have been so deposited.
(c) For the purpose of this section a person acting in good faith may rely on the information contained in the latest Convention Form Statement filed with the Commissioner with respect to the amount of securities of a class outstanding, or in the case of voting trust certificates or certificates of deposit, the amount thereof issuable.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.5 - Disclaimer of beneficial ownership under N.J.S.A 17:17B-1

Current through Register Vol. 56, No. 14, July 15, 2024
Any person filing a statement may expressly declare therein that the filing of such statement shall not be construed as an admission that such person is, for the purpose of the Act, the beneficial owner of any equity securities covered by the statement.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.6 - Exemptions from N.J.S.A 17:17B-1 and 2

Current through Register Vol. 56, No. 14, July 15, 2024
(a) During the period of 12 months following their appointment and qualification, securities held by the following persons shall be exempt from 17:17B-1 and 17:17B-2:
1. Executors or administrators of the estate of a decedent;
2. Guardians or committees for an incompetent; and
3. Receivers, trustees in bankruptcy, assignees for the benefit of creditors, conservators, liquidating agents, and other similar persons duly authorized by law to administer the estate or assets of other persons.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.7 - Exemption from Act of securities purchased or sold by odd-lot dealers

Current through Register Vol. 56, No. 14, July 15, 2024
Securities purchased or sold by an odd-lot dealer (1) in odd lots so far as reasonably necessary to carry on odd-lot transactions or (2) in round lots to offset odd-lot transactions previously or simultaneously executed or reasonably anticipated in the usual course of business, shall be exempt from the provisions of the Act with respect to participation by such odd-lot dealer in such transactions.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.8 - Transferable options, puts, calls, spreads and straddles

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The acquisition or disposition of any transferable option, put, call, spread or straddle shall be deemed such a change in the beneficial ownership of the security to which such privilege relates as to require the filing of a statement reflecting the acquisition or disposition of such privilege.
(b) Nothing in this section however, shall exempt any person from filing the statements required upon the exercise of such option, put, call, spread or straddle.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.9 - Ownership of securities held in trust

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Beneficial ownership of a security for the purpose of 17:17B-1 shall include:
1. The ownership of securities as a trustee where either the trustee or members of his immediate family have a vested interest in the income or corpus of the trust;
2. The ownership of a vested beneficial interest in a trust; and
3. The ownership of securities as a settlor of a trust in which the settlor has the power to revoke the trust without obtaining the consent of all the beneficiaries.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.10 - Exemption from N.J.S.A 17:17B-1; small transactions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any acquisition of securities shall be exempt from 17:17B-1 where:
1. The person effecting the acquisition does not within six months thereafter effect any disposition, other than by way of gift, of securities of the same class; and
2. The person effecting such acquisition does not participate in acquisitions or in dispositions of securities of the same class having a total market value in excess of $ 3,000 for any six month period during which the acquisition occurs.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.11 - Exemption from N.J.S.A 17:17B-2 of transactions which need not be reported under N.J.S.A. 17:17B-1

Current through Register Vol. 56, No. 14, July 15, 2024
Any transaction which has been or shall be exempted from the requirements of 17:17B-1 shall, insofar as it is otherwise subject to the provisions of 17:17B-2 be likewise exempted from 17:17B-2.