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NJ S2948
Bill
Status
Introduced
1/13/2026
Primary Sponsor
Raj Mukherji
Click for details
AI Summary
- Requires insurers to disburse annuity funds within 10 business days of receiving an owner's surrender request
- Grants annuity owners 90 calendar days from the maturity date to submit a request to annuitize before automatic renewal provisions take effect
- 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 crediting interest on annuities after receiving surrender or annuitization requests 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
1/13/2026
Committee Referrals
Commerce1/13/2026
Full Bill Text
No bill text available