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

(a) The purpose of this subchapter is to implement the provisions of N.J.S.A. 17:36-5.36 and to set forth the minimum standards for a one-page summary of a homeowners policy, including notable coverages and exclusions, required to be provided to policyholders. (b) This subchapter…

(a) Pursuant to N.J.S.A. 17:36-5.3 6, all homeowners insurance policies issued, delivered, or renewed in this State shall be accompanied by notices written in a simple, clear, understandable, and easily readable way, which shall include: 1. An explanation of the insurer's hurrica…

(a) All one-page summary forms shall include the following content: 1. A heading, which shall be written in bold print and solid capital letters and shall say the following: THIS SUMMARY HIGHLIGHTS THE NOTABLE COVERAGES AND EXCLUSIONS ASSOCIATED WITH YOUR INSURANCE POLICY AND IS …

This subchapter shall apply to all homeowners insurance policies as set forth in N.J.A.C. 11:2-41.1(b) issued, delivered, or renewed on or after May 31, 2015. Notes N.J. Admin. Code § 11:2-41.4 Adopted by 47 N.J.R. 529(a), effective 3/2/2015

(a) This subchapter sets forth the expedited process for a homeowner's insurer or rating organization to file changes to its rating system; sets forth the uniform policy language that may be used with respect to hurricane deductibles; and sets forth information that shall be incl…

(a) Insurers and the FAIR Plan shall, semi-annually, submit reports relative to the amount of in-force and new business homeowner's insurance written. The reports shall be submitted in accordance with a format which shall be posted on the Department's website: http://www.state.nj…

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. "Department" means the New Jersey Department …

(a) All filings shall be submitted to the Department through the use of the NAIC electronic filing system SERFF (System for Electronic Rate and Form Filing). All data fields in SERFF shall be completed per the applicable General Instructions for New Jersey, and the SERFF Filing's…

(a) All forms comprising an insurer's homeowners program shall be included, either in aggregate or separately if sufficient credibility of data exists. (b) Premium, loss, and expense data shall be reported on a direct basis exclusive of business ceded to reinsurers or assumed fro…

(a) If the overall indicated change as determined in N.J.A.C. 11:2-42.4 is an increase of five percent or more, the filer shall request an overall increase of no more than five percent. (b) If the overall indicated change as determined by N.J.A.C. 11:2-42.4 is less than five perc…

(a) If the Commissioner determines that the filing will not produce rates that are excessive, inadequate for the safety and soundness of the insurer, or unfairly discriminatory between risks in this State involving substantially the same hazards and expense elements, then the Com…

(a) The uniform policy language that shall be utilized for all mandatory and optional hurricane deductible programs for homeowners' insurance is as set forth in Exhibit D in the Appendix to this subchapter, incorporated herein by reference. (b) Insurers or the FAIR Plan, to the e…

(a) Pursuant to N.J.S.A. 17:36-5.36, insurers and the FAIR Plan shall provide notice to policyholders regarding their hurricane deductible program. The notice shall be provided for any mandatory and/or optional hurricane deductible programs utilized by the insurer. Such notice sh…

(a) Insurers and the FAIR Plan may file to use mandatory hurricane deductibles of up to five percent and optional hurricane deductibles up to 10 percent. (b) Hurricane deductibles may be used in areas designated by the ZIP codes set forth in Exhibit E in the Appendix to the subch…

(a) This subchapter sets forth procedures for the treatment of allocated deposit-type funds for purposes of determining an insurer's annuity premium subject to the special purpose apportionment and the fraud assessment. (b) This subchapter shall apply to any insurer seeking to ex…

The following words and terms, as used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise. "Allocated deposit-type funds" means funds received by a life insurance company under deferred annuity contracts that have an identifiable…

(a) For purposes of calculating the special purpose apportionment and the fraud assessment, an insurer authorized or admitted to transact annuity business pursuant to Title 17B of the New Jersey Statutes may have excluded from amounts reported as "annuity considerations" in the a…

An insurer may file a certification with respect to its annuity business based on the amounts reported on its 2002 Schedule T to seek an adjustment in amounts previously paid. To the extent the certification demonstrates a change in the annuity premium amount to which the special…

Failure to comply with the provisions of this subchapter may result in the imposition of penalties as authorized by law, including, but not limited to, penalties authorized pursuant to N.J.S.A. 17B:21-1 and 17B:21-2. Notes N.J. Admin. Code § 11:2-43.5

(a) This subchapter is applicable to all domestic stock insurers having 100 or more stockholders; provided, however, that this subchapter shall not apply to any insurer if 95 percent or more of its stock is owned or controlled by a parent or an affiliated insurer and the remainin…

(a) This section shall apply to any solicitation subject to this subchapter by any person or group for the purpose of opposing a solicitation subject to this subchapter by any other person or group with respect to the election or removal of directors at any annual or special meet…

No domestic stock insurer, or any director, officer or employee of such insurer subject to this subchapter, or any other person, shall solicit, or permit the use of his name to solicit, by mail or otherwise, any proxy, consent or authorization in respect to any stock of such insu…

Unless proxies, consents or authorizations in respect of a stock of a domestic insurer subject to this subchapter are solicited by or on behalf of the management of such insurer from the holders of records of stock of such insurer in accordance with this subchapter and N.J.A.C. 1…

(a) The definitions and instructions set out in Schedule SIS, as promulgated by the National Association of Insurance Commissioners, shall be applicable for purpose of this subchapter. (b) The terms "solicit" and "solicitation" for purposes of this subchapter include: 1. Any requ…

(a) No solicitation subject to this subchapter shall be made unless each person solicited is concurrently furnished or has previously been furnished with a written proxy statement containing the information specified in this subchapter. (b) If the solicitation is made on behalf o…

(a) The following requirements shall be included in the form of proxy: 1. An indication in boldface type as to whether or not the proxy is solicited on behalf of the management; 2. A specifically designated blank space for dating the proxy; and 3. Clear and impartial identificati…

(a) Two preliminary copies of the proxy statement and form of proxy and any other soliciting material to be furnished concurrently to stockholders shall be filed with the Commissioner at least ten days prior to the date definitive copies of such materials are first sent or given …

No solicitation subject to this subchapter shall be made by means of any proxy statement, form of proxy, notice of meeting, or other communication, written or oral, containing any statement which at the time and in the light of the circumstances under which it is made, is false o…

No person making a solicitation which is subject to this subchapter shall solicit any undated or postdated proxy or any proxy which provides that it shall be deemed to be dated as of any date subsequent to the date on which it is signed by the stockholder. Notes N.J. Admin. Code …

(a) The proxy statement shall state whether or not the person giving the proxy has the power to revoke it. (b) If the right of revocation before the proxy is exercised is limited or is subject to compliance with any formal procedure, the proxy statement shall briefly describe suc…

(a) If action is to be taken with respect to any bonus, profit sharing, or other remuneration plan, the insurer shall furnish the following information: 1. A brief description of the material features of the plan; 2. Each class of persons who will participate therein and the appr…

(a) If action is to be taken with respect to any pension or retirement plan of the insurer, the proxy statement shall furnish the following information: 1. A brief description of the material features of the plan; 2. Each class of persons who will participate therein; 3. The appr…

(a) If action is to be taken with respect to the granting or extension of any options, warrants or rights (all referred to herein as "warrants") to purchase stock of the insurer or of any subsidiary or affiliate, other than warrants issued to all stockholders on a pro rata basis,…

(a) If action is to be taken with respect to the authorization or issuance of any stock of the insurer, the proxy statement shall furnish the title, amount and description of the stock to be authorized or issued. (b) If the shares of stock are other than additional shares of comm…

(a) If action is to be taken with respect to a merger, consolidation, acquisition, or similar matter, the proxy statement shall furnish, in brief outline, the following information: 1. The rights of appraisal or similar rights of dissenters with respect to any matters to be acted…

(a) If action is to be taken with respect to the restatement of any asset, capital, or surplus of the insurer, the proxy statement shall furnish the following information: 1. The nature of the restatement; 2. The date as of which it is to be effective; 3. The reasons for the rest…

(a) If action is to be taken with respect to any matter which is not required to be submitted to a vote of stockholders, the proxy statement shall state: 1. The nature of such matter; 2. The reason for submitting it to a vote of stockholders; and 3. That action which is intended …

If action is to be taken with respect to any amendment of the insurer's charter, bylaws or other documents as to which information is not required above, the proxy statement shall state briefly the reasons for and general effect of such amendment, and the vote needed for its appr…

(a) The proxy statement shall outline briefly the rights of appraisal or similar rights of dissenting stockholders with respect to any matter to be acted upon and indicate any statutory procedure required to be followed by such stockholders in order to perfect their rights. (b) W…

(a) If the solicitation is made by the management of the insurer, the proxy statement shall so state. (b) The proxy statement shall state the name of any director of the insurer who has informed the management in writing that he intends to oppose any action intended to be taken b…

(a) If the solicitation is made other than by the management of the insurer, the proxy statement shall state:1. The names and addresses of the persons by whom and on whose behalf it is made; and 2. The names and addresses of the persons by whom the cost of solicitation has been o…

(a) If the solicitation is to be made by specially engaged employees or paid solicitors, the proxy statement shall state: 1. The material features of any contract or arrangement for such solicitation and identify the parties; and 2. The cost or anticipated cost thereof. Notes N.J…

The proxy statement shall describe briefly any substantial interest, direct or indirect, by stockholdings or otherwise, of any director, nominee for election for director, officer and, if the solicitation is made other than on behalf of management, each person on whose behalf the…

(a) As to each class of voting stock of the insurer entitled to be voted at the meeting, the proxy statement shall state:1. The number of shares outstanding; and 2. The number of votes to which each class is entitled. (b) The proxy statement shall give the date as of which the re…

(a) If action is to be taken with respect to the election of directors, the proxy statement shall furnish the following information (in tabular form to the extent practicable) with respect to each person nominated for election as a director and with respect to every other person …

(a) The proxy statement shall furnish the information reported or required in item 1 of Schedule SIS under the heading "Information regarding management and directors" if action is to be taken with respect to: 1. The election of directors; 2. Any remuneration plan, contract or ar…

(a) Statements filed by or on behalf of a participant (other than the insurer) in a proxy solicitation in an election contest shall include the following information: 1. The name and address of the insurer. 2. The participant's name and business address. 3. The participant's pres…

The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise. "Act" means N.J.S.A. 17:17B-1 et seq. "Class" includes all securities of an insurer which are of substantially similar character, and th…

(a) Any acquisition of securities shall be exempt from N.J.S.A. 17:17B-1 where: 1. The person effecting the acquisition does not within six months thereafter effect any disposition, other than by way of gift, of securities of the same class; and 2. The person effecting such acqui…

Any transaction which has been or shall be exempted from the requirements of N.J.S.A. 17:17B-1 shall, insofar as it is otherwise subject to the provisions of N.J.S.A. 17:17B-2 be likewise exempted from N.J.S.A. 17:17B-2. Notes N.J. Admin. Code § 11:2-9.11 Amended by R.1996 d.3, e…