New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 23 - ADVERTISEMENT OF LIFE INSURANCE AND ANNUITIES › Section 11:2-23.3 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
"Advertisement" means material designed to create public interest in life insurance or annuities or in an insurer, or to induce the public to purchase, increase, modify, reinstate or retain a policy, and for the purpose of this subchapter, includes:
1. Printed and published material, including material disseminated through electronic means (including, but not limited to, the internet, fax machines, and other similar devices), audiovisual material, and descriptive literature of an insurer used in direct mail, newspapers, magazines, radio and television scripts, billboards and similar displays;
2. Descriptive literature and sales aids of all kinds issued by an insurer or agent, including but not limited to circulars, leaflets, booklets, depictions, illustrations, and form letters;
3. Material used for the recruitment, training and education of an insurer's sales personnel, agents, solicitors, and brokers which is designed to be used or is used to induce the public to purchase, increase, modify, reinstate, or retain a policy; or
4. Prepared sales talks, presentations, and material for use by sales personnel, agents, solicitors, and brokers.
"Advertisement" for the purpose of this subchapter shall not mean:
1. Communications or materials used within an insurer's own organization and not intended for dissemination to the public;
2. Communications with policyholders other than material urging policyholders to purchase, increase, modify, reinstate, or retain a policy;
3. A general announcement from a group or blanket policyholder to eligible individuals who are currently employees or members of the group that a policy or program has been written or arranged; provided that the announcement clearly indicates that it is preliminary to the issuance of a booklet explaining the proposed coverage; or
4. Any disclosure required under any rules currently in force or subsequently adopted in New Jersey governing specific aspects of the sale or replacement of life insurance including, but not limited to, rules dealing with life insurance cost comparison indices, deceptive practices in the sale of life insurance, replacement of life insurance policies, and rules concerning annuities and deposit funds.
"Commissioner" means the Commissioner of the Department of Banking and Insurance.
"Department" means the Department of Banking and Insurance.
"Endorsement" means any appraisal, analysis, testimonial or other public statement describing or expressing approval of any insurance product or the terms, benefits or any other aspect of any insurance product.
"Insurer" shall include any individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyd's, fraternal benefit society, and any other legal entity which is defined as an "Insurer" in the insurance laws of this State or which issues life insurance or annuities in this State and is engaged in the advertisement of a policy.
"Person" means any individual, insurer, company, association, organization, society, partnership, syndicate, trust, corporation and every legal entity.
"Policy" shall include any policy, plan, certificate, contract, agreement, statement of coverage, rider, or endorsement which provides for life insurance or annuity benefits.