Terms Used In New Jersey Statutes 17B:32A-2

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
2. a. The purpose of P.L.1991, c.208 (C. 17B:32A-1 et seq.) is to protect, subject to certain limitations, those persons specified in subsection a. of section 3 of P.L.1991, c.208 (C. 17B:32A-1 et seq.) from hardship because of the impairment or insolvency of any member insurer that issued the life, health, and annuity policies, plans or contracts specified in subsection b. of section 3 of P.L.1991, c.208 (C. 17B:32A-1 et seq.).

b. To provide this protection, an association of member insurers is created to pay benefits and to continue coverages, as limited by P.L.1991, c.208 (C. 17B:32A-1 et seq.), and members of the association are subject to assessment to provide funds to carry out the purposes of P.L.1991, c.208 (C. 17B:32A-1 et seq.).

L.1991,c.208,s.2; amended 2022, c.98, s.1.

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