New Jersey officials say 3 sets of filing requirements ought to go.
The New Jersey Division of Insurance wants to repeal one regulation that requires insurers to submit data on premiums for annual renewable convertible term life insurance policies each year.
The division also wants to repeal a regulation that requires the division’s parent, the New Jersey Department of Banking and Insurance, to approve all specified disease and critical illness insurance ads, and it wants to repeal a regulation that requires insurers to file all ads for “limited death benefit” insurance with the department before using the ads.
The division once asked for the data on annual renewable convertible term life for a consumer guide, but the requirement is now obsolete, because few insurers now sell that product in New Jersey, officials say.
The specified disease and critical illness ad approval requirements are unnecessary because the division has noticed no problems with ads for those products and rarely rejects an ad, officials say.
Similarly, officials say, the limited death benefit insurance ad filing requirement is unnecessary because the division has noticed no problems with ads for those products.
Limited death benefit insurance is insurance designed in such a way that the insurer pays the beneficiary a small sum if the insured lives for at least 2 years before dying and the policy is still in force. If the insured dies while the policy is in force within 2 years after buying the policy, the insurer returns the premiums, officials say.