Disclosures Mandated By Federal Regulations Adopted Pursuant To Section 305 of the Gramm-Leach-Bliley Act
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New Jersey Department of Banking and Insurance Bulletins › Disclosures Mandated By Federal Regulations Adopted Pursuant To Section 305 of the Gramm-Leach-Bliley Act
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Bulletin 01-08
BULLETIN NO. 01-08
TO: ALL NEW JERSEY LICENSED LIFE INSURERS AND HEALTH INSURERS
FROM: KAREN L. SUTER, COMMISSIONER
RE: DISCLOSURES MANDATED BY FEDERAL REGULATIONS ADOPTED PURSUANT TO SECTION 305 OF THE GRAMM-LEACH-BLILEY ACT
Section 305 of the Gramm-Leach-Bliley Act (P.L. 106-102) (the "Act") amends the Federal Deposit Insurance Act (12
U.S.C
. 1811 et seq.) by requiring depository institutions to make specific customer protection disclosures when they sell insurance products or annuities. Certain of these disclosures must be made before the completion of the sale of the insurance product or annuity. Other disclosures must be made at the time a consumer makes application for an extension of credit in connection with which an insurance product or annuity is solicited, offered or sold.
The Office of the Comptroller of the Currency, the Federal Reserve Board and the Federal Deposit Insurance Corporation have adopted customer protection regulations implementing Section 305 of the Act. The regulations do not require that the disclosures mandated by the Act be made on application forms, but the Department anticipates that some depository institutions may wish to do so.
Because certain life and health insurance application forms are subject to prior approval by the Department, this bulletin is to inform life and health insurers of the Department's process established for the expeditious review and approval of application forms submitted pursuant to the Federal regulations.
Life and health insurers may file as an amendment to their existing application forms disclosures to comply with the Federal regulations that may be affixed to the application forms by a sticker, rubber stamp, or addendum. Such sticker, rubber stamp and addendum must bear a unique identifying form number and must be submitted for review and approval prior to use
rsuant to the Federal regulations.
Life and health insurers may file as an amendment to their existing application forms disclosures to comply with the Federal regulations that may be affixed to the application forms by a sticker, rubber stamp, or addendum. Such sticker, rubber stamp and addendum must bear a unique identifying form number and must be submitted for review and approval prior to use.
If the submission is an application form, and not a rubber stamp, sticker or addendum, the submission must comply with the following:
The submission must include a certification that the text of the application is identical to an application form previously approved by the Department with the exception of the language added to comply with the Federal regulations adopted pursuant to Section 305 of the Act.;
The submission must include the form number of the previously approved form;
The language added to the previously approved form must be highlighted on one copy of the form included with the submission; and
The application form must be assigned a new identifying form number in the lower left hand corner of the first page.
The submittal letter accompanying the submission must prominently state in the reference that the submission is being made pursuant to the Federal regulations implementing Section 305 of the Act.
The submission must comply with
N.J.A.C.
11: 4-40. In lieu of the certification required by
N.J.A.C.
11:4-40.5b(4), the submission must include a certification that the filing is being made exclusively to comply with the Federal regulations adopted pursuant to Section 305 of the Act.
Form filings must be mailed to the Department at the following address:
Life/Health Division
New Jersey Department of Banking and Insurance
PO Box 470
Trenton, NJ 08625-0470
The Department will expedite the approval of form filings identified as being made exclusively to comply with the Federal regulations implementing Section 305 of the Act
regulations adopted pursuant to Section 305 of the Act.
Form filings must be mailed to the Department at the following address:
Life/Health Division
New Jersey Department of Banking and Insurance
PO Box 470
Trenton, NJ 08625-0470
The Department will expedite the approval of form filings identified as being made exclusively to comply with the Federal regulations implementing Section 305 of the Act. Questions regarding this bulletin should be directed to Lynda Klebold, Chief, Life Bureau at (609) 292-5427 x50320.
6/6/01
/s/ Karen L. Suter, Commissioner
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.