This bill establishes new requirements for the processing of requests to surrender or annuitize matured annuities in New Jersey. It mandates that any annuity negotiated or sold to a consumer must include specific provisions: the insurer must disburse the annuity's funds within 10 business days of receiving a surrender request, and the owner must have 90 calendar days from the maturity date to submit a request to annuitize the annuity if it allows for automatic renewal. Additionally, the bill requires that the annuity must provide options for electronic disbursement of funds and allow requests to be submitted with a signature guarantee from a state or federally chartered bank.

Furthermore, the bill stipulates that insurers must ensure that interest continues to accrue on an annuity after a request to surrender or annuitize is received. Insurers are also required to provide owners with contact information for a representative to assist with inquiries regarding the status of their requests. The bill aims to enhance consumer protection and streamline the process for managing matured annuities.

Statutes affected:
Introduced: 17B:25-35