reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.12 - Exemption from N.J.S.A 17:17B-2-certain transactions effected in connection with a distribution

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any transaction of purchase and sale, or sale and purchase, of a security which is effected in connection with the distribution of a substantial block of securities shall be exempt from the provisions of 17:17B-2, to the extent specified in this subsection as not comprehended within the purpose of said section upon the following conditions:
1. The person effecting the transaction is engaged in the business of distributing securities and is participating in good faith in the distribution of such block of securities and in the ordinary course of such business;
2. The security involved in the transaction is:
i. A part of such block of securities and is acquired by the person effecting the transaction, with a view to the distribution thereof, from the insurer or other person on whose behalf such securities are being distributed or from a person who is participating in good faith in the distribution of such block of securities; or
ii. A security purchased in good faith by or for the account of the person effecting the transaction for the purpose of stabilizing the market price of securities of the class being distributed, or to cover an over-allotment or other short position created in connection with such distribution; and
3. Other persons not within the purview of 17:17B-2 are participating in the distribution of such block of securities on terms at least as favorable as those on which such person is participating, and to an extent at least equal to the aggregate participation of all persons exempted from the provisions of 17:17B-2 by this section. However, the performance of the functions of manager of a distributing group and the receipt of a bona fide payment for performing such functions shall not preclude an exemption which would otherwise be available under this section.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.13 - Exemption from N.J.S.A 17:17B-2-acquisitions of shares of stock and stock options under certain stock bonus, stock option or similar plans

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any acquisition of shares of stock (other than stock acquired upon the exercise of an option, warrant or right) pursuant to a stock bonus, profit sharing, retirement, incentive, thrift, savings or similar plan; or any acquisition of a qualified or a restricted stock option pursuant to a qualified or a restricted stock option plan; or a stock option pursuant to an employee stock purchase plan; by a director or officer of an insurer issuing such stock or stock option shall be exempt from the operation of 17:17B-2 if the plan meets the conditions as set forth in (b) through (e) below.
(b) The plan has been approved, directly or indirectly, in one of the following ways;
1. By the affirmative votes of the holders of a majority of the securities of such insurer present, or represented, and entitled to vote at a meeting duly held in accordance with the applicable laws of the State of New Jersey; or
2. By the written consent of the holders of a majority of the securities of such insurer entitled to vote.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.14 - Exemption from N.J.S.A 17:17B-2-certain transactions in which securities are received by redeeming other securities

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any acquisition of an equity security (other than a convertible security or right to purchase a security) by a director or officer of the insurer issuing such security shall be exempt from the operation of 17:17B-2 upon condition that:
1. The equity security is acquired by way of redemption of another security of an insurer, substantially all of whose assets other than cash (or Government bonds) consist of securities of the insurer issuing the equity security so acquired, and which:
i. Represented substantially and in practical effect a stated or readily ascertainable amount of such equity security;
ii. Had a value which was substantially determined by the value of such equity security; and
iii. Conferred upon the holder the right to receive such equity security without the payment of any consideration other than the security redeemed.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.15 - Exemption of long-term profits incident to sales within six months of exercise of an option

Current through Register Vol. 56, No. 14, July 15, 2024
(a) To the extent specified in (b) below, the Commissioner hereby exempts as not comprehended within the purposes of 17:17B-2 any transaction or transactions involving the purchase and sale, or sale and purchase, of any equity security where such purchase is pursuant to the exercise of an option or similar right either:
1. Acquired more than six months before its exercise; or
2. Acquired pursuant to the terms of an employment contract entered into more than six months before its exercise.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.16 - Exemption from N.J.S.A 17:17B-2- certain acquisitions and dispositions of securities pursuant to merger or consolidations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following transactions shall be exempt from the provisions of 17:17B-2 as not comprehended within the purpose of that section:
1. The acquisition of a security of an insurer, pursuant to a merger or consolidation, in exchange for a security of a company which, prior to said merger or consolidation, owned 85 per cent or more of the equity securities of all other companies involved in the merger or consolidation except, in the case of consolidation, the resulting company;
2. The disposition of a security, pursuant to a merger or consolidation of an insurer which, prior to said merger or consolidation, owned 85 per cent or more of the equity securities of all other companies involved in the merger or consolidation except, in the case of consolidation, the resulting company;
3. The acquisition of a security of an insurer, pursuant to a merger or consolidation, in exchange for a security of a company which, prior to said merger or consolidation, held over 85 per cent of the combined assets of all the companies undergoing merger or consolidation. The percentage of the combined assets so held shall be computed according to their book values prior to the merger or consolidation, as determined by reference to their most recent available financial statements for a 12-month period prior to the merger or consolidation.
4. The disposition of a security pursuant to a merger or consolidation of an insurer which, prior to said merger or consolidation, held over 85 per cent of the combined assets of all the companies undergoing merger or consolidation. The percentage of the combined assets so held shall be computed according to their book values prior to merger or consolidation, as determined by reference to their most recent available financial statements for a 12-month period prior to the merger or consolidation.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.17 - Exemption from N.J.S.A 17:17B-2-certain securities received upon surrender of similar equity securities

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Where a person receives shares of stock of a class having general voting power from an insurer, upon the person's surrender of an equal number of shares of stock of the insurer of a class which does not have general voting power, pursuant to provisions of the insurer's certificate of incorporation, for the purpose of a sale of the shares (either accompanied simultaneously or followed immediately) so received, such transaction shall be exempt from the operation of 17:17B-2 as a transaction not comprehended within the purpose of that section, if the following conditions exist:
1. The person so receiving such shares is not an officer or director, or the beneficial owner, directly or indirectly, immediately prior to such receipt, of more than ten per cent of an equity security of the insurer;
2. The shares surrendered and the shares issued upon such surrender shall be of classes which are freely transferable and which entitle the holders thereof to participate equally per share in all distributions of earnings and assets;
3. The surrender and issuance are made pursuant to provisions of a certificate of incorporation which require that the shares issued upon such surrender shall be registered upon issuance in the name of a person or persons other than the holder of the shares surrendered, and may be required to be issued as of right only in connection with the public offering, sale and distribution of such shares and the immediate sale by such holder of such shares for that purpose, or in connection with a gift of such shares;
4. The shares surrendered are not or have not been purchased (otherwise than in a transaction exempted by this section) by the person surrendering such shares within six months before or after such surrender. "Shares surrendered" as used in this paragraph, refers to:
i. The shares actually surrendered;
ii. Shares of the same class as those surrendered;
iii. Shares of the same class as those issued upon surrender.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.18 - Exemption from N.J.S.A 17:17B-2-certain transactions involving exchange of similar securities

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any acquisition or disposition of securities made in an exchange of shares of a class (or series thereof) of stock of an insurer for an equivalent number of shares of another class (or series thereof) of stock of the same insurer, pursuant to a right of conversion under the terms of the insurer's charter or other governing instruments, shall be exempt from the operation of 17:17B-2 if:
1. The shares surrendered and those acquired in exchange therefor evidence substantially the same rights and privileges except that, pursuant to the provisions of the insurer's charter or other governing instruments, the board of directors may declare and pay a lesser dividend per share on shares of the class surrendered than on shares of the class acquired in exchange therefor, or may declare and pay no dividend on shares of the class surrendered; and
2. The transaction was effected in contemplation of a public sale of the shares acquired in the exchange; provided, that this section shall not be construed to exempt from the operation of 17:17B-2 any purchase or sale of shares of the class surrendered, and any sale or purchase of shares of the class acquired in the exchange (otherwise than in the transaction of exchange exempted by this section, within a period of less than six months.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.19 - Exemption from N.J.S.A 17:17B-3-certain securities

Current through Register Vol. 56, No. 14, July 15, 2024
Any security shall be exempt from the operation of 17:17B-3 to the extent necessary to render lawful under that section the execution by a broker of an order for an account in which he or she has no direct or indirect interest.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.20 - Exemption from N.J.S.A 17:17B-3-certain transactions effected in connection with a distribution

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any security shall be exempt from the operation of 17:17B-3 to the extent necessary to render lawful under such section any sale made by or on behalf of a dealer in connection with a distribution of a substantial block of securities, upon the following conditions:
1. The sale is represented by an over-allotment in which the dealer is participating as a member of an underwriting group, or the dealer or a person acting on his behalf intends in good faith to offset such sale with a security to be acquired by or on behalf of the dealer as a participant in an underwriting, selling or soliciting-dealer group of which the dealer is a member at the time of the sale, whether or not the security to be so acquired is subject to a prior offering to existing security holders or some other class of persons; and
2. Other persons not within the purview of 17:17B-3 are participating in the distribution of such block of securities on terms at least as favorable as those on which such dealer is participating, and to an extent at least equal to the aggregate participation of all persons exempted from the provisions of 17:17B-3 by this section. However, the performance of the functions of manager of a distributing group and the receipt of a bona fide payment for performing such functions shall not preclude an exemption which would otherwise be available under this section.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.21 - Exemption from N.J.S.A17:17B-3-sales of securities to be acquired

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Whenever any person is entitled, as an incident to his ownership of an issued security and without the payment of consideration, to receive another security "when issued" or "when distributed", the security to be acquired shall be exempt from the operation of 17:17B-3, provided that:
1. The sale is made subject to the same conditions as those attaching to the right of acquisition;
2. Such person exercises reasonable diligence to deliver such security to the purchaser promptly after his right of acquisition matures; and
3. Such person reports the sale on the appropriate form for reporting transactions by persons subject to 17:17B-1.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.22 - Arbitrage transactions under N.J.S.A 17:17B-5

Current through Register Vol. 56, No. 14, July 15, 2024
It shall be unlawful for any director or officer of an insurer to effect any foreign or domestic arbitrage transaction in any equity security of such insurer, unless he shall include such transaction in the statements required by 17:17B-1, and shall account to such insurer for the profits arising from such transaction, as provided in 17:17B-2. The provisions of 17:17B-3 shall not apply to such arbitrage transactions. The provisions of the Act shall not apply to any bona fide foreign or domestic arbitrage transaction insofar as it is effected by any person other than such director or officer of the insurer.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.24 - Form A

Current through Register Vol. 56, No. 14, July 15, 2024
For copies of Form A, write to the New Jersey Department of Banking and Insurance, PO Box 325, Trenton, New Jersey 08625-0325.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES › Section 11:2-9.26 - Form B

Current through Register Vol. 56, No. 14, July 15, 2024
For copies of Form B, write to the Department of Banking and Insurance, PO Box 325, Trenton, New Jersey 08625-0325.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.1 - Purpose, general provisions and definitions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose of this subchapter is to formalize standards to be followed in order to avoid misleading and deceptive advertising in the health insurance business.
(b) The proper promotion, sale and expansion of health insurance are in the public interest, and these rules shall be construed in such a manner as not to unduly restrict, inhibit or retard such promotion, sale and expansion.
(c) The Department, in interpreting the meaning of the rules when applied to a specific advertisement, shall take into consideration the detail, character, purpose, use and entire content of the advertisement. In all instances the basic test will be a rule of reason as to whether the advertisement has the capacity and tendency to mislead and deceive.
(d) Specific interpretations of the rules will be issued from time to time as circumstances warrant.
(e) An advertisement for the purpose of this subchapter shall include:
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 for presentation to members of the public, including but not limited to circulars, leaflets, booklets, depictions, illustration, and form letters; and
3. Prepared sales talks, presentations and material for use by agents, brokers, and solicitors and representations made by agents, brokers, and solicitors in accordance therewith.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.2 - Advertisements in general

Current through Register Vol. 56, No. 14, July 15, 2024
Advertisements shall be truthful and not misleading in fact or in implication. Words or phrases the meaning of which is clear only by implication or by familiarity with insurance terminology shall not be used.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.3 - Advertisements of benefits payable, losses covered or premiums payable

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Words, phrases or illustrations shall not be used in a manner which misleads or has the capacity and tendency to deceive as to the extent of any policy benefit payable, loss covered or premium payable.
(b) An advertisement relating to any policy benefit payable, loss covered or premium payable shall be sufficiently complete and clear as to avoid deception or the capacity and tendency to deceive.
(c) When an advertisement refers to any dollar amount, period of time for which any benefit is payable, cost of policy, or specific policy benefit or the loss for which such benefit is payable, it shall also disclose those exceptions, reductions and limitations affecting the basic provisions of the policy without which the advertisement would have the capacity and tendency to mislead or deceive.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.4 - Necessity for disclosing policy provisions relating to renewability, cancellability and termination

Current through Register Vol. 56, No. 14, July 15, 2024
An advertisement which refers to renewability, cancellability or termination of a policy, or which refers to a policy benefit, or which shows or illustrates time or age in connection with eligibility of applicants or continuation of the policy, shall disclose the provisions relating to renewability, cancellability and termination and any modification of benefits, losses covered or premiums because of age or for other reasons, in a manner which shall not minimize or render obscure the qualifying conditions.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.5 - Method of disclosure of required information

Current through Register Vol. 56, No. 14, July 15, 2024
All information required to be disclosed by these rules shall be set out conspicuously and in close conjunction with the statements in which such information relates or under appropriate captions of such prominence that it shall not be minimized, rendered obscure or presented in an ambiguous fashion or intermingled with the context of the advertisements so as to be confusing or misleading.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.6 - Endorsements by third parties

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Endorsements used in advertisements shall be genuine, represent the current opinion of the author, be applicable to the policy advertised and be accurately reproduced. The insurer, in using an endorsement, adopts as its own all of the statements contained therein, and the advertisement, including such statements, shall be subject to all of the provisions of this subchapter.
(b) A person shall be a "spokesperson" if either his or her image, voice or words are used in making an endorsement and if the person:
1. Has a financial interest in the insurer or a related entity as a stockholder, director, officer, employee or otherwise;
2. Is an entity formed by the insurer, or is owned or controlled by the insurer, its employees, or the person or persons who own or control the insurer;
3. Is in a policymaking position and is affiliated with the insurer in any of the capacities in (b)1 or 2 above; or
4. Is in any way directly or indirectly compensated for making the endorsement.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.7 - Use of statistics

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An advertisement relating to the dollar amounts of claims paid, the number of persons insured, or similar statistical information relating to any insurer or policy shall not be used unless it accurately reflects all of the relevant facts.
(b) Such an advertisement shall not imply that such statistics are derived from the policy advertised unless such is the fact.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.8 - Inspection of policy

Current through Register Vol. 56, No. 14, July 15, 2024
An offer in an advertisement of free inspection of policy or offer of a premium refund is not a cure for misleading or deceptive statements contained in such advertisement.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.9 - Identification of plan or number of policies

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When a choice of the amount of benefits is referred to, an advertisement shall disclose that the amount of benefits provided depends upon the plan selected and that the premium will vary with the amount of the benefits.
(b) When an advertisement refers to various benefits which may be contained in two or more policies, other than group master policies, the advertisement shall disclose that such benefits are provided only through a combination of such policies.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.10 - Disparaging comparisons and statements

Current through Register Vol. 56, No. 14, July 15, 2024
An advertisement shall not directly or indirectly make unfair or incomplete comparisons of policies or benefits or otherwise falsely disparage competitors, their policies, services or business methods.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.11 - Jurisdictional licensing

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An advertisement which is intended to be seen or heard beyond the limits of the jurisdiction in which the insurer is licensed shall not imply licensing beyond those limits.
(b) Such advertisements by direct mail insurers shall indicate that the insurer is licensed in a specified state or states only, or is not licensed in a specified state or states, by use of some language such as "This Company is licensed only in State A" or "This Company is not licensed in State B".
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.12 - Identity of insurer

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The identity of the insurer shall be made clear in all of its advertisements.
(b) An advertisement shall not use a trade name, service mark, slogan, symbol or other device which has the capacity and tendency to mislead or deceive as to the true identity of the insurer.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.13 - Group or quasi-group implications

Current through Register Vol. 56, No. 14, July 15, 2024
An advertisement of a particular policy shall not state or imply that prospective policyholders become group or quasi-group members and as such enjoy special rates or underwriting privileges, unless such is the fact.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.14 - Introductory, initial or special offers

Current through Register Vol. 56, No. 14, July 15, 2024
An advertisement shall not state or imply that a particular policy or combination of policies is an introductory, initial or special offer and that the applicant will receive advantages by accepting the offer, unless such is the fact.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.16 - Service facilities

Current through Register Vol. 56, No. 14, July 15, 2024
An advertisement shall not contain untrue statements with respect to the time within which claims are paid or statements which imply that claim settlements will be liberal or generous beyond the terms of the policy.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.17 - Statements about an insurer

Current through Register Vol. 56, No. 14, July 15, 2024
An advertisement shall not contain statements which are untrue in fact or by implication misleading with respect to the insurer's assets, corporate structure, financial standing, age or relative position in the insurance business.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.18 - Insurers' responsibility and control; advertising file; certificate of compliance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All advertisements, regardless of by whom written, created or designed, shall be the responsibility of the insurer sponsoring the same.
(b) Every insurer shall at all times maintain complete control over the content, form and method of dissemination of all advertisements of its contracts.
(c) Each insurer shall maintain at its home or principal office a complete file containing every printed, published or prepared advertisement of individual policies and typical printed, published or prepared advertisements of blanket, franchise and group policies hereafter disseminated in this or any other state whether or not licensed in such other state, with a notation attached to each such advertisement which shall indicate the manner and extent of distribution and the form number of any policy advertised.
(d) Such file shall be subject to regular and periodical inspection by this department.
(e) All such advertisements shall be maintained in said file for a period of five years from their last use.
(f) Each insurer required to file an annual statement which is now or which hereafter becomes subject to the provisions of this regulation must file with this department together with its annual statement, a certificate executed by an authorized officer of the insurer where it is stated that to the best of his knowledge, information and belief the advertisements which were disseminated by the insurer during the preceding statement year complied or were made to comply in all respects with the provisions of the insurance laws of this State as implemented and interpreted by this regulation.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.19 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to comply with the provisions of this regulation shall constitute a violation of the Insurance Laws of this State and shall subject any individual or company so failing to comply to all the penalties provided by law.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.20 - Prior regulation superseded

Current through Register Vol. 56, No. 14, July 15, 2024
This regulation supersedes in its entirety the Regulation which was previously issued by the Insurance Department on February 1, 1956.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 11 - RULES GOVERNING ADVERTISEMENT OF HEALTH INSURANCE › Section 11:2-11.22 - Severability

Current through Register Vol. 56, No. 14, July 15, 2024
If any provision of clause of this regulation or the application thereof to any person or situation is held invalid, such invalidity shall not affect any other provision or application of the regulation which can be given effect without the invalid provision or application, and to this end the provisions of this regulation are declared to be severable.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 12 - MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE › Section 11:2-12.1 - Introduction

Current through Register Vol. 56, No. 14, July 15, 2024
The purpose of this regulation is to prescribe rules to prevent abuses in connection with the sale of personal property-liability insurance in this State pursuant to mass marketing plans, while preserving for consumers the potential benefits of this form of marketing.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 12 - MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE › Section 11:2-12.2 - 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.
"Mass marketing plan" means a method of selling personal property-liability insurance wherein:
1. Such insurance is offered to employees of particular employers or to members of particular associations or organizations;
2. The employer, association or organization, if any, has agreed to or otherwise affiliated itself with the sale of such insurance to its employees or members;
3. Some rate, coverage, underwriting or substantial service advantage is provided which is not available from the same insurer on a nonplan basis.
"Personal property-liability insurance" shall mean all forms of personal lines, fire, allied lines, casualty, marine and inland marine insurance and insurance to which Sections 17:17-1 et seq. and 39:6A et seq. of the insurance law applies.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 12 - MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE › Section 11:2-12.3 - Applicability

Current through Register Vol. 56, No. 14, July 15, 2024
This regulation shall be applicable only to insurance policies issued or renewed in this State and is in addition to, and not in substitution for, other applicable requirements of the insurance law and Department regulations. The requirements of this regulation are not applicable to methods of marketing other than mass marketing plans.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 12 - MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE › Section 11:2-12.4 - Fictitious arrangement prohibited

Current through Register Vol. 56, No. 14, July 15, 2024
No insurer shall sell insurance pursuant to a mass marketing plan to members of any association or organization formed principally for the purpose of obtaining such insurance.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 12 - MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE › Section 11:2-12.5 - Premiums and policy forms

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Premiums under a mass market plan shall comply with the filing requirements and with the standards in the insurance law, including the standards that rates not be excessive, inadequate, or unfairly discriminatory. Rates shall not be deemed to be unfairly discriminatory because different premiums result for policyholders with like loss exposures but different expense factors, or like expenses factors but different loss exposures, so long as the rates reflect the differences with reasonable accuracy.
(b) Prior to the sale or use of any mass marketing plan in New Jersey, the individual or master policy forms and certificates of insurance of such plan shall first be filed with and approved by the Commissioner.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 12 - MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE › Section 11:2-12.6 - Statistics

Current through Register Vol. 56, No. 14, July 15, 2024
An insurer selling insurance pursuant to mass marketing plans shall maintain separate statistics as to loss and expense experience pertinent to each individual plan only if such individual plan provides some rate or coverage advantage not available from the same insurer on a nonplan basis.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 12 - MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE › Section 11:2-12.7 - Producers

Current through Register Vol. 56, No. 14, July 15, 2024
No person shall act as an insurance agent or an insurance broker in connection with a mass marketing plan for any kind of insurance unless such person is duly licensed, under 17:22A-26 et seq. as an insurance agent or broker for such kind of insurance in such insurance plan.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 12 - MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE › Section 11:2-12.8 - Compulsory participation prohibited

Current through Register Vol. 56, No. 14, July 15, 2024
No insurer shall sell insurance pursuant to a mass marketing plan if it is a condition of employment or of membership in an association, organization or other group that any employee or member purchase insurance pursuant to such plan, or if any employee or member shall be subject to any penalty by reason of his nonparticipation. The fact that a nonparticipant does not voluntarily enjoy the benefits of any employer contribution shall not be deemed a penalty.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 12 - MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE › Section 11:2-12.9 - Tie-in sales prohibited

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No insurer shall sell insurance pursuant to a mass marketing plan if:
1. The purchase of insurance available under such plan is contingent upon the purchase of any other insurance, product or service; or
2. The purchase or price of any other insurance, product, or service is contingent upon the purchase of insurance available under such plan.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 12 - MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE › Section 11:2-12.10 - Disclosure required

Current through Register Vol. 56, No. 14, July 15, 2024
Every insurer, agent or broker selling insurance pursuant to a mass marketing plan shall, prior to sale, make full and fair disclosure to prospective employee and member insureds of all features of such plan, whether favorable or unfavorable, including, but not limited to, premium rates, contributions, benefits, exclusions, duration of coverage, policyholder services, conversion privileges available, and the financial interests in the plan, if any, of the sponsoring employer, association, organization or the group. Said disclosure shall be provided in writing and a copy filed with the Department.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 12 - MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE › Section 11:2-12.11 - Underwriting standards

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No insurer shall use underwriting standards for individual risk selection in a mass marketing plan which are, on the whole, either less restrictive, unless written with an appropriate charge as contemplated by the insurer's filed rates, or more restrictive than the standards used by such insurer for individual risk selection in the sale of the same kind of insurance in this State other than pursuant to mass marketing plans.
(b) Underwriting standards used for any mass marketing plan shall be filed with the Commissioner together with individual or master policy forms and certificates used in conjunction with such plan.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 12 - MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE › Section 11:2-12.12 - Cancellation and nonrenewal

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The failure of an employer, association, organization or other group to remit premiums when due for any reason (including but not limited to interruption or termination of employment or membership) shall not be regarded as "nonpayment of premium" by any employee or member insured under any such plan providing for remittance of premium by such employer, association, organization or other group, unless such insured shall have been given written notice of such failure to remit and shall not himself have paid such premium by the later of ten days after such notice or the due date of such premium remittance under the mass marketing plan.
(b) Any insurer which delivers in this State to any employer, association or organization a contract of insurance pursuant to the application or request of such employer, association or organization, acting for an insured other than itself, shall be deemed to have authorized such employer, association or organization to receive on its behalf payment of any premium which is due on such contract at the time of its issuance or delivery. Moneys collected for premiums for a mass marketing plan shall be kept in a separate account for the benefit of insured employees or members.
(c) Unless otherwise covered by statute, regulation or policy, all mass marketing plans shall provide those insured under such plan with an opportunity to purchase individual equivalent coverage in the same insurer upon termination of employment or membership or upon the discontinuance of the mass marketing plan. The insured employee or member may maintain his policy in force upon payment of the premium applicable to the class of risk to which he belongs on an individual basis. The option to maintain the insurance in force shall be exercised within 30 days following the date of termination.
(d) Any notice of cancellation or nonrenewal of any policy of an employee or member insured under a mass marketing plan shall be accompanied by a notice to the employee or member that, at his request, the insurer will afford the employee or member, and the employer, association, organization or other group a reasonable opportunity to consult with the insurer and to present facts in opposition to cancellation or nonrenewal.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 12 - MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE › Section 11:2-12.13 - Compulsory facilities

Current through Register Vol. 56, No. 14, July 15, 2024
An insurer, agent or broker selling insurance pursuant to a mass marketing plan shall, with respect to any employees or members who apply for but are denied insurance under such plan and are not otherwise insured, assist such persons in their efforts to obtain insurance through any other appropriate voluntary or mandatory insurance plan, such as, the New Jersey Personal Automobile Insurance Plan or the plans of the New Jersey Insurance Underwriting Association.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 12 - MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE › Section 11:2-12.14 - Eligibility

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any employer, association, or organization domiciled or principally located in New Jersey may be eligible for a mass marketed insurance plan if 25 or more employees or members are enrolled to participate upon inception of the plan.
(b) Size of group and number of participant requirements are not applicable where the employer, association or organization having some employees or members in New Jersey is domiciled or principally located outside of New Jersey, provided such employer, association or organization has its mass marketing plan approved by such other state.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 12 - MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE › Section 11:2-12.15 - Severability

Current through Register Vol. 56, No. 14, July 15, 2024
If any provision of this regulation or the application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of this regulation, and to this end each Section of this regulation is declared to be severable.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 13 - GROUP COVERAGE DISCONTINUANCE AND REPLACEMENT › Section 11:2-13.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose of this subchapter is to set forth requirements regarding the discontinuance and replacement of all group life, accident and health insurance policies and contracts, group dental plan organization contracts, group dental service corporation contracts and group health maintenance organization contracts.
(b) This subchapter shall apply to all life and all accident and health (including credit) insurance policies, subscriber contracts, dental plan organization contracts (DPO contracts), dental service corporation contracts (DSC contracts) and health maintenance organization contracts (HMO contracts) issued, amended or provided by a carrier on a group or group type basis. This subchapter shall not apply to contracts issued in connection with temporary disability benefits or workers' compensation laws.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 13 - GROUP COVERAGE DISCONTINUANCE AND REPLACEMENT › Section 11:2-13.2 - 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:
"Carrier" means a life insurance company or any entity subject to the insurance laws and rules of this State, or subject to the jurisdiction of the Commissioner, that contracts or offers to contract to provide, deliver, arrange for, pay for, or reimburse any of the costs of health care services, including a health insurance company, a health maintenance organization, a medical service corporation, a nonprofit hospital or health service corporation, a dental plan organization, a dental service corporation or any other entity providing a plan of health insurance, health benefits or health services.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Creditable coverage" shall have the meaning set forth at 17B:27-54.
"Group medical insurance" means group health insurance, excluding "excepted benefits" as defined at 17B:27-54.
"Group type basis" means a benefit plan, other than "salary savings" or "salary budget" plans utilizing individual insurance policies or subscriber contracts, which meets the following conditions:
1. Coverage is provided through insurance policies, subscriber contracts, DPO contracts, DSC contracts or HMO contracts to classes of employees, members or debtors defined in terms of conditions pertaining to employment, membership or indebtedness.
2. The coverage is not available to the general public and can be obtained and maintained only because of the covered person's membership in or connection with the particular organization or group.
3. There are arrangements for bulk payment of premiums or subscription charges to the carrier.
4. There is sponsorship of the plan by the employer, union, association or creditor.
"Member" means an employee, debtor or any other individual who is a part of a particular organization or group, but shall not include any person covered under the plan as a dependent.