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NJ S4129
Bill
Status
Introduced
2/10/2025
Primary Sponsor
Raj Mukherji
Click for details
AI Summary
- Requires insurers to disburse annuity funds to owners within 10 business days of receiving a surrender request
- Grants annuity owners 90 calendar days from the maturity date to submit a request to annuitize an annuity that contains an automatic renewal provision
- Mandates that annuities include options for electronic fund disbursement and acceptance of signature guarantees from state or federally chartered banks for surrender or annuitization requests
- Requires insurers to continue accruing interest on annuities after receiving a surrender or annuitization request until funds are disbursed
- Obligates insurers to provide owners with a phone number and email address of a representative to check the status of surrender or annuitization requests
Legislative Description
Establishes requirements regarding processing of requests to surrender or annuitize matured annuities.
Commerce
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee
2/10/2025
Committee Referrals
Commerce2/10/2025
Full Bill Text
No bill text available