New Jersey Statutes 54:18A-5. Gross contract premiums
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Terms Used In New Jersey Statutes 54:18A-5
- 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.
- Contract: A legal written agreement that becomes binding when signed.
Subject to the provisions of section 6 of this act, the taxable premiums, as specified in section 3 of this act, are hereby defined to be gross contract premiums provided for by the respective policies or contracts of insurance and collected by the company, except premiums collected for reinsurance assumed and premiums collected after December 31, 1965 under policies or contracts of life insurance issued in connection with the funding of a pension, annuity or profit-sharing plan qualified or exempt under sections 401, 403, 404 or 501 of the United States Internal Revenue Code as now or hereafter amended or renumbered from time to time, less, to the extent related to policies or contracts not excluded above, the sum of the following:
(a) Premiums (excluding cash surrender values) returned on policies or contracts,
(b) Dividends paid in cash, used by policyholders in payment of renewal premiums, or left on deposit with the company, and
(c) Discount on premiums paid in advance.
L.1945, c. 132, p. 490, s. 5. Amended by L.1965, c. 114, s. 4, eff. July 1, 1965.