New Jersey Administrative Code

(a) The purpose of this subchapter is to provide an option to insureds covered by medical malpractice insurance policies that contain a "consent by the insured to settle" provision to waive that provision by way of endorsement, and to require insurers to provide a premium reducti…

(a) A medical malpractice liability insurance policy may provide that a person insured under the policy has the exclusive right to require the insurer to obtain the consent of the insured to settle any claim filed against the insured. (b) If a medical malpractice liability policy…

This subchapter sets forth the requirements applicable to deductibles which shall be offered by all authorized medical malpractice liability insurers on medical malpractice liability insurance policies transacted in this State. Notes N.J. Admin. Code § 11:27-3.1

(a) All insurers authorized to transact medical malpractice liability insurance in this State shall include in their offered medical malpractice liability insurance policies a range of at least five deductible amounts applicable to indemnity only, with the selection of the deduct…

All authorized medical malpractice insurers shall provide an appropriate premium reduction for any deductible chosen by an insured pursuant to the above section. Notes N.J. Admin. Code § 11:27-3.3

An insurer authorized to transact medical malpractice liability insurance in this State shall, where required by N.J.S.A. 17:29AA-5 and N.J.A.C. 11:1-2, file a manual rule on the deductible options offered pursuant to N.J.A.C. 11:27-3.2 and on the corresponding premium credits pr…

(a) All authorized medical malpractice insurers may require insureds to provide collateral for the deductible option chosen by the insured pursuant to N.J.A.C. 11:27-3.2. 1. Any collateral required shall be in an amount that bears a reasonable relationship to the amount of the de…

(a) Every insurer authorized to transact medical malpractice liability insurance in this State shall offer its insureds an installment premium payment option on such policies, and shall file manual rules which shall include: 1. A minimum initial deposit required, which shall be n…

(a) The purpose of this subchapter is to prohibit increases in premiums for New Jersey medical malpractice insurance policy renewals based upon claims filed against insureds where the insured is dismissed from a civil action based upon that claim at an early stage of the civil pr…

The following words and terms, when used in this subchapter, shall have the following meanings unless the context clearly indicates otherwise. "Action" means a civil action commenced in a court of any State or a Federal court. "Responsive pleading" means any pleading other than a…

(a) An insurer authorized to transact medical malpractice liability insurance in this State shall not increase the premium of any medical malpractice liability insurance policy upon the renewal of that policy on the basis of a claim of medical negligence or malpractice against th…

Medical malpractice liability insurers shall comply with N.J.A.C. 11:1-20 with regard to notices of renewal and nonrenewal of medical malpractice liability insurance policies. Notes N.J. Admin. Code § 11:27-6.1

(a) The purpose of this subchapter is to set forth procedures for the assessment of certain practitioners and employers for the Fund, and the procedures and methodology for determining eligibility for, making application for, and determining the amount of disbursements from the F…

The following words and terms, as used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise. "Board" or "Boards" means the New Jersey State Board of Medical Examiners, New Jersey State Board of Chiropractic Examiners, New Jersey St…

(a) In accordance with N.J.S.A. 17:30D-29, notices imposing an annual charge in the sum of $ 75.00 shall be issued on behalf of the Boards to every physician, podiatrist, chiropractor, dentist and optometrist: 1. Who holds an active license granted on a date one year or more befo…

(a) The Department shall request that insurers and other entities providing medical malpractice liability insurance in this State provide the following information with respect to data as of December 31, 2004, 2005 and 2006: 1. The company's base rates (based on $ 1 million/$ 3 m…

(a) The Commissioner shall determine the class or classes of practitioners eligible for the subsidy, by specialty or subspecialty, for each type of practitioner whose average medical malpractice liability insurance premium, as a class, on or after December 31, 2002, is in excess …

(a) Practitioners and healthcare providers deemed eligible to apply for a subsidy from the Fund as provided at N.J.A.C. 11:27-7.5 shall file an application in a form to be prescribed by the Department and posted on the Department's website at www.nj.gov/dobi. The information prov…

(a) When distributed based upon a determination of eligibility as set forth in N.J.A.C. 11:27-7.5(a) and (b), the amount of the subsidy to be distributed for a relevant period shall be in the proportion that the qualifying increases in premiums and funding obligations for all eli…

(a) Pursuant to N.J.S.A. 17:30D-30d(1), a practitioner who receives a premium subsidy pursuant to N.J.S.A. 17:30D-30 shall thereafter be required to continue to practice at least to the same extent (for example, full-time or part-time, and no restriction in specialty or subspecia…

(a) No person who is an officer, director or board member of a professional association for health care providers shall serve concurrently as an officer, director or board member of a State-domiciled medical malpractice liability insurer that is licensed in New Jersey and offerin…

(a) This subchapter implements P.L. 2004, c. 17 by establishing rules for the formation and operation of medical malpractice liability insurance purchasing alliances. (b) This subchapter shall apply to alliances of eligible physicians as defined at N.J.S.A. 45:9-1 et seq. Notes N…

The following words and terms, as used in this subchapter, shall have the following meanings unless the context clearly indicates otherwise: "Board" means a medical malpractice liability insurance purchasing alliance board of directors as provided for at P.L. 2004, c. 17, §14. "C…

(a) Within 30 days of formation, a medical malpractice liability insurance purchasing alliance shall file the following with the Commissioner: 1. A certification by a senior officer or other authorized representative of the purchasing alliance, which shall include:i. The name of …

The purchasing alliance shall adopt by-laws, which shall comply with the requirements of P.L. 2004, c. 17, §14c, and otherwise comply with the provisions of P.L. 2004, c. 17 and this subchapter. Notes N.J. Admin. Code § 11:27-9.4

(a) A physician or physician group practice may discontinue purchasing coverage as a member of a purchasing alliance at any time. (b) A purchasing alliance may include a requirement in its bylaws or joint contract that members provide no more than 30 days notice of discontinuance…

(a) A purchasing alliance shall not:1. Assume risk for the cost or provision of medical malpractice liability insurance; 2. Exclude a member who agrees to pay fees for membership and the premium for medical malpractice liability insurance coverage, and who abides by the bylaws of…

Failure to comply with any of the requirements of this subchapter shall be a violation of P.L. 2004, c. 17. The purchasing alliance in violation shall be subject to all penalties provided by applicable law including, but not limited to, an order directing that the purchasing alli…

(a) The purpose of this subchapter is to set forth the admission procedures and financial reporting requirements which are necessary to implement N.J.S.A. 17:47B-1 et seq. (b) This subchapter shall apply to all captive insurance companies licensed under N.J.S.A. 17:47B-1 et seq. …

A licensed captive shall require the independent certified public accountant to immediately notify in writing an officer and all members of the board of directors of the captive of any determination by the independent certified public accountant that the captive has materially mi…

(a) Each captive shall require the independent certified public accountant to make available for review by the Commissioner or his or her appointed agent the work papers prepared in the conduct of the audit of the captive. The captive shall require that the accountant retain the …

(a) Whenever the Commissioner deems that the financial condition of a captive warrants additional security, he or she may require the captive to deposit with the Treasurer of this State cash or securities approved by the Commissioner or, alternatively, to furnish the Commissioner…

In addition to the application review, an organizational investigation or examination may be performed before or after an applicant is licensed as a captive. Such investigation or examination shall consist of a general survey of the captive's corporate records, including charter,…

(a) Any captive authorized to do business in this State may take credit for reserves on risks ceded to a reinsurer subject to the following limitations: 1. No credit shall be allowed for reinsurance where the reinsurance contract does not result in the complete transfer of the ri…

No person shall, in or from within this State, act as an insurance producer or broker for captive business without adhering to the requirements of N.J.A.C. 11:17-1 et seq. and the New Jersey Insurance Producer Licensing Act of 2001, N.J.S.A. 17:22A-26 et seq. Notes N.J. Admin. Co…

(a) Each captive shall report to the Commissioner within 30 days after any change in its executive officers, directors, or in its other principals as referenced on N.J.A.C. 11:28-1.3(a) and 1.4(a), including the submission of a biographical affidavit (forms available on the Depar…

(a) Each captive licensed in this State is required to adopt a conflict of interest statement to be completed and signed by all officers, directors, and principals as referenced in N.J.A.C. 11:28-1.3(a) and 1.4(a) and key employees. The statement shall disclose whether the indivi…

(a) The Commissioner may, subject to the provisions of this section, by order suspend or revoke the license of the captive: 1. If the captive has not commenced business according to its plan of operation within two years of being licensed; 2. If the captive ceases to carry on ins…

No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire in the open market or otherwise, any voting security of a domestic captive if, after the co…

The following words and terms, as used in this subchapter, shall have the following meanings, unless the context indicates otherwise. "Alien captive insurance company" means an insurance company formed to write insurance business for its parents and affiliates and licensed pursua…

(a) Any change in the nature of the captive business from that stated in the captive's plan of operation filed with the Commissioner upon application for licensure as a New Jersey captive shall require prior approval by the Commissioner. (b) Any change in any other information fi…

(a) A captive insurance company shall maintain reserves that are actuarially sufficient to support the liabilities incurred by the captive insurance company reinsuring life insurance policies. (b) A captive insurance company that issues annuity contracts shall maintain reserves t…

A captive insurance company that issues contracts that provide variable benefits shall establish separate accounts for variable benefits. Notes N.J. Admin. Code § 11:28-1.22

(a) Except as may be otherwise authorized by the Commissioner, association captive insurance companies shall comply with the investment requirements set forth in N.J.S.A. 17:24-1 et seq., except to the extent that doing so is inconsistent with the approved accounting standards in…

(a) A captive that intends to be formed and licensed to do business in any of the lines of insurance authorized by N.J.S.A. 17:47B-1 et seq., shall submit the following to the Department, as applicable: 1. A captive application for admission (form can be found on the Department's…

(a) All captive insurance companies redomesticating to New Jersey shall file the following documentation with the Department: 1. A captive application for admission (form can be found on the Department's website at http://www.state.nj.us/dobi/division_insurance/captive/app_redome…

(a) The Commissioner may have the initial application reviewed by outside experts, with the costs of the review paid by the applicant. The applicant will be billed the actual costs for such a review, up to a maximum of $ 4,000. The outside review is of an advisory nature only and…

(a) No person shall act as a captive manager in this State unless they are registered with the Department as a captive manager. The Department shall maintain a list of registered captive managers in this State and shall post on its website a list of all registered captive manager…

(a) Pursuant to N.J.S.A. 17:47B-1 et seq., a captive insurance company doing business in this State shall annually submit to the Commissioner a report of their financial condition, verified by oath of two of the captive's executive officers, prior to March 1 of each year. An asso…

(a) All captives shall be subject to an annual audit by an independent certified public accountant, registered with the Commissioner, and subject to N.J.S.A. 17:47B-6b, shall annually file an audited financial report describing the results of the said audit with the Commissioner …