Except in accordance with the provisions of section 17B:19-2, a life insurer shall not abandon the standard of valuation adopted for any outstanding policies if the reserve, calculated by the proposed standard, is less than the reserve calculated by the standard which is to be abandoned.
N.J. Stat. Ann. § 17B:19-7
Abandonment of standard of valuation adopted
Known as the New Jersey Life and Health Insurance Guaranty Association Act
The act spans §§ 17B:17-1 to 17B:37-9 (1,003 sections).
L.1971, c. 144, s. 17B:19-7.
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.