New Jersey Administrative Code

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 Code § 11:2-39.15 Repealed by R.2005 d.421, effective 12/5/2005.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…

(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…