Establishes requirements regarding processing of requests to surrender or annuitize matured annuities.

This New Jersey bill (S 2948) requires insurers to provide clear timelines and options for annuity owners when requesting to surrender funds or convert a matured annuity into guaranteed income payments. Specifically, it mandates that insurers must disburse funds within 10 business days of a surrender request, and give owners 90 calendar days from an annuity’s maturity date to request annuitization (conversion to income payments) if the annuity automatically renews. The bill also requires insurers to offer electronic fund disbursement and allow requests with bank-verified signatures. These requirements apply to most annuities sold to New Jersey residents, with limited exceptions, and ensure interest continues accruing during processing.