17B:25-33 Effective date, applicability.
134 words·~1 min read·
/nj/title-17b/chapter-25/17b-25-33·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
14. This act shall take effect immediately and shall apply as follows:
a. Before the second anniversary of the effective date of this act, on a contract form-by-contract form basis, to those annuity contracts for which the company has filed a notice of election of applicability with the Commissioner of Banking and Insurance. A company that elects not to file using the "Indexed Standard Forfeiture Law for Individual Deferred Annuities," P.L.2005, c.194 (C.17B:25-21 et al.), may continue to use contract forms which use the interest rate of 1 1/2% per annum for minimum nonforfeiture values as specified by paragraph
(4)of subsection g. of section 5 of P.L.1981, c.285 (C.17B:25-20).
b. In all other instances, to all annuity contracts issued by the company on or after the second anniversary of the effective date.
L.2005,c.194,s.14.