N.J. Admin. Code § 13:47-8.46

Current through Register Vol. 56, No. 24, December 18, 2024

Section 13:47-8.46 - Golf Hole-in-One Contest; prize limit; insurance

(a) No prize in excess of $ 1,000,000, shall be offered or awarded to a winner of a Golf Hole-in-One Contest.

(b) If any single prize or prizes having an aggregate retail value in excess of $ 25,000 are offered or awarded to a winner of a Golf Hole-in-One Contest, the entire amount shall be insured by a company licensed by the New Jersey Department of Banking and Insurance to conduct business in New Jersey.

1. If the prize awarded is to be paid as an annuity, the maximum annuity period shall be 20 years.

(c) All shots attempted in the final phase of play shall:

1. Be insured within the limits set forth in (b) above; and

2. Have an equal opportunity to win the grand prize.

(d) The retail value of any single ancillary prize awarded for accomplishments other than a hole-in-one shall not exceed $ 500.00, unless the prize is wholly donated.

N.J. Admin. Code § 13:47-8.46

New Rule, R.1998 d.428, effective 8/17/1998.
See: 30 New Jersey Register 978(a), 30 New Jersey Register 3062(a).