N.J.A.C. 11:2 — INSURANCE GROUP (Subchapter 1 to 43)

Failure to submit the information required by this subchapter completely and accurately shall constitute grounds for and may result in the denial or refusal to renew an exemption from insuring workers' compensation liability. Notes N.J. Admin. Code § 11:2-33.7

If any provision of this subchapter or the application thereof to any person or circumstance is held invalid, the remainder of this subchapter and the application of such provision to other persons or circumstances shall not be affected thereby. Notes N.J. Admin. Code § 11:2-33.8…

(a) The purpose of this subchapter is to establish the informational and procedural requirements for insurer requests for exemption, abatement, deferral, suspension of or excuse from an insurer's obligation, as the case may be, under the Fair Automobile Insurance Reform Act of 19…

The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise. "Applicant" means the insurer seeking an exemption, abatement, deferral, suspension of or excuse from its obligations pursuant to the FA…

(a) Any insurer seeking immediate relief from any FAIR Act obligation pursuant to N.J.S.A. 17:30E-14g, 17:33B-9c, 17:33B-11c(5), N.J.S.A. N.J.S.A. 17:33B-19, 17:33B-23, 17:33B-27, 17:33B-52 or 17:33B-55 shall submit a request for such relief no more than 45 days and not less than…

(a) When requesting immediate or discretionary relief pursuant to the FAIR Act, an insurer shall provide with its request the following information in a clear, concise and complete manner. 1. A cover letter stating: i. The name of the applicant; ii. The form and specific amount/p…

(a) When the Commissioner determines that fulfillment of a FAIR Act obligation or obligations set forth at N.J.A.C. 11:2-35.3(a) or (b) will result in the insurer being or becoming in an unsafe or unsound financial condition, or that an insurer is currently in an unsafe or unsoun…

(a) If the Commissioner denies an insurer's request for relief made pursuant to this subchapter, or if the insurer objects to the form of relief granted, the insurer may request a hearing on the Commissioner's determination within seven days from the date of such receipt of deter…

(a) The purpose of this subchapter is to regulate in this State the formation and/or operation of: 1. Foreign or alien risk retention groups; and 2. Purchasing groups formed in the United States pursuant to 15 U.S.C. § 3901 et seq. (b) This subchapter applies to: 1. All foreign o…

The following words and terms, as used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise: "Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance. "Doing business in this State" means solicita…

(a) No risk retention group shall do business in this State as a risk retention group until it has complied with the requirements of this subchapter and received Notice of Registration from the Department. (b) Any risk retention group which is chartered and licensed under the law…

(a) Any risk retention group which is registered in this State and chartered and licensed under the laws of any other state and which wishes to do business in this State, in addition to the requirements of N.J.A.C. 11:2-36.3, shall distribute its annual statement of operations to…

(a) No purchasing group shall do business in this State as a purchasing group until it has complied with the requirements of this subchapter and received notification from the Department that it has been registered to do business in this State. (b) Any group of persons with simil…

(a) Where a purchasing group obtains a group policy from an insurer that is eligible as a surplus lines insurer in this State pursuant to N.J.S.A. 17:22-6.40 et seq., and the policy covers members in this State, it shall be deemed that a diligent effort has been made to procure s…

(a) Each risk retention group, whether chartered in this State or otherwise, is subject to the same fines and penalties to which insurers licensed in this State are subject for any violation of this subchapter or any other applicable law. (b) Failure of a risk retention group or …

Effective June 15, 2009, the Office of Solvency Regulation will no longer accept any rate, rule or policy form filings submitted by purchasing groups to the Department other than through SERFF (System for Electronic Rate and Form Filing). Any filing received after June 14, 2009 i…

The purpose of this subchapter is to implement N.J.S.A. 17:22D-1 et seq. to enable the Department to regulate transactions involving insurers which are controlled by insurance producers. Notes N.J. Admin. Code § 11:2-37.1 Amended by R.1996 d.3, effective 1/2/1996. See: 27 New Jer…

This subchapter shall apply to all licensed property and casualty insurers domiciled in this State or domiciled in a state that is not an accredited state having in effect a law substantially similar to N.J.S.A. 17:22D-1 et seq. This subchapter shall not apply to captive insurers…

(a) The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise. "Accredited state" means a state in which the insurance department or other regulatory agency has qualified as meeting the minimum f…

All licensed property and casualty insurers domiciled in this State or domiciled in another state that is not a NAIC accredited state having in effect a law substantially similar to N.J.S.A. 17:22D-1 et seq., shall file an annual Producer-Controlled Insurer Information Report on …

(a) A Producer-Controlled Insurer Information Report form (Appendix A) shall be completed annually by each licensed property and casualty insurer to whom this subchapter applies and shall include the following information: 1. The name and address of the reporting insurer and any …

All documents submitted to the Commissioner pursuant to this subchapter are confidential and not public documents as defined in the Public Records Act, N.J.S.A. 47:1A-1 et seq. Notes N.J. Admin. Code § 11:2-37.6

Failure to comply with the provisions of this subchapter may result in the imposition of penalties as provided by law. Notes N.J. Admin. Code § 11:2-37.7

(a) The purpose of this subchapter is to provide a framework for the establishment of uniform risk-based capital and surplus requirements for all insurers authorized, admitted, or eligible to transact business pursuant to Title 17 or Title 17B of the New Jersey Statutes, and to i…

(a) All RBC Reports (to the extent the information therein is not required to be set forth in a publicly available annual statement schedule) and RBC Plans (including the results or reports of any examination or analysis of an insurer performed pursuant hereto and any corrective …

The provisions of this subchapter are supplemental to any other provisions of the laws of this State, and shall not preclude or limit any other powers or duties of the Commissioner under such laws including, but not limited to, N.J.S.A. 17:51A-1 et seq., N.J.S.A. 17B:32-31 et seq…

(a) Any foreign insurer shall, upon the written request of the Commissioner, submit to the Commissioner an RBC Report as of the end of the calendar year just ended the later of the filing date or within 15 days after the request is received by the foreign insurer. (b) Any foreign…

If any provision of this subchapter, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect the provisions or applications of this subchapter which can be given effect without the invalid provision or application, and to tha…

All notices by the Commissioner to an insurer which may result in regulatory action hereunder shall be effective upon dispatch if transmitted by registered or certified mail to the insurer's mailing address as provided pursuant to N.J.A.C. 11:1-25 or, in the case of any other tra…

Notes N.J. Admin. Code § 11:2-39.15 Repealed by R.2005 d.421, effective 12/5/2005. See: 37 N.J.R. 2992(a), 37 N.J.R. 4556(b). Section was "Phase-in Provision."

The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise. "Adjusted RBC Report" means an RBC Report which has been adjusted by the Commissioner in accordance with N.J.A.C. 11:2-39.3(d). "Commiss…

(a) Every domestic insurer shall, on or before each March 1 (the "filing date"), prepare and submit to the Commissioner an RBC Report as of the preceding December 31. The RBC Report shall be sent or delivered to: New Jersey Department of Banking and Insurance Office of Solvency R…

(a) "Company action level event" means any of the following events: 1. The filing of an RBC Report by an insurer which indicates that: i. The insurer's total adjusted capital is greater than or equal to its Regulatory Action Level RBC but less than its Company Action Level RBC; i…

(a) "Regulatory action level event" means, with respect to any insurer, any of the following events: 1. The filing of an RBC Report by an insurer which indicates that the insurer's total adjusted capital is greater than or equal to its Authorized Control Level RBC but less than i…

(a) "Authorized control level event" means any of the following events: 1. The filing of an RBC Report by an insurer which indicates that the insurer's total adjusted capital is greater than or equal to its Mandatory Control Level RBC but not less than its Authorized Control Leve…

(a) "Mandatory control level event" means any of the following events: 1. The filing of an RBC Report which indicates that the insurer's total adjusted capital is less than its Mandatory Control Level RBC; 2. Notification by the Commissioner to the insurer of an Adjusted RBC Repo…

A filing of an RBC Plan pursuant to N.J.A.C. 11:2-39.4(b) or 39.5(b) shall be sent or delivered to: New Jersey Department of Banking and Insurance Office of Solvency Regulation 20 West State Street PO Box 325 Trenton, New Jersey 08625-0325 Notes N.J. Admin. Code § 11:2-39.8 Amend…

(a) An insurer shall have the right to a departmental hearing, on a record, at which the insurer may challenge any determination or action by the Commissioner. (b) The insurer shall notify the Commissioner of its request for a hearing within five days upon: 1. Notification to the…

In determining the financial condition of a domestic or foreign insurance company or the United States branch of an alien insurance company, there shall be allowed as admitted assets the cost of electronic data processing equipment (hardware) purchased by the company, provided th…

(a) The purpose of this subchapter is to provide standards for reinsurance agreements pursuant to which a ceding insurer may reduce a liability or establish an asset on any financial statements filed with the Department. (b) This subchapter shall apply to the following: 1. All do…

The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise: "Actuary" means a Member of the American Academy of Actuaries or a Fellow of the Society of Actuaries or a Fellow of the Casualty Actuar…

(a) No ceding insurer subject to this subchapter shall enter into any new reinsurance agreement, nor amend any existing reinsurance agreement so as to increase its reinsurance credit, which shall reduce any liability or establish any asset in any financial statement filed with th…

(a) Except as N.J.A.C. 11:2-40.5 applies, no insurer shall reduce any liability or establish any asset in any financial statement filed with the Department for any reinsurance ceded if by the terms of the reinsurance agreement, any of the following conditions exist, in substance …

(a) Agreements entered into on or after August 16, 1993 which involve the reinsurance of business issued prior to the effective date of the agreements, along with any subsequent amendments thereto, shall be filed by the ceding company with the Commissioner within 30 days from the…

(a) The ceding insurer's actuary signing the financial statement actuarial opinion with respect to the valuation of reserves shall consider this subchapter and any applicable actuarial standards of practice when determining the proper credit in financial statements filed with the…

Failure to comply with the terms of this subchapter may result in the denial of any credit taken for the reinsurance agreement, as well as the assessment of any and all penalties available pursuant to law. These penalties may be assessed against any and all parties to a reinsuran…

If any provision of this subchapter or the application thereof to any person or circumstance is held to be invalid for any reason, the remainder of the subchapter and the application of such provision to other persons or circumstances shall not be affected thereby. Notes N.J. Adm…