New Jersey Administrative Code

(a) This subchapter sets forth the requirements for the filing of loss reserve actuarial opinions, actuarial opinion summary, and actuarial report and workpapers by property casualty insurers. (b) This subchapter shall apply to all property and casualty insurers authorized or adm…

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) Every property and casualty insurer authorized or admitted to transact business in this State shall annually submit the opinion of an appointed actuary entitled "Statement of Actuarial Opinion." (b) The opinion required pursuant to (a) above shall be filed in accordance with …

(a) Every property and casualty insurance company domiciled in this State that is required to annually submit a statement of actuarial opinion shall also annually submit an actuarial opinion summary, written by the company's appointed actuary. This actuarial opinion summary shall…

(a) Every property and casualty insurance company domiciled in this State that is required to annually submit a statement of actuarial opinion shall annually file, by May 1 of each year, an actuarial report and underlying workpapers that are required to be prepared by the appropr…

(a) The statement of actuarial opinion shall be provided with the annual statement in accordance with the appropriate NAIC Property and Casualty Annual Statement Instructions and shall be treated as a public document. (b) Documents, materials or other information in the possessio…

(a) The purpose of these rules is to prescribe: 1. Requirements for statements of actuarial opinion and for memoranda in support thereof; 2. Rules applicable to the appointment of an appointed actuary; and 3. Guidance as to the meaning of "adequacy of reserves." (b) These rules s…

The following words and terms, as used in this subchapter, shall have the following meanings, except where the context clearly indicates otherwise. "Actuarial opinion" means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items bas…

(a) There shall be included on or attached to Page 1 of the annual statement for each year, beginning with 1995, and with respect to the amendments to this subchapter effective April 17, 2006 (see 38 N.J.R. 101(a) and 1737(a)), 2006, the statement of an appointed actuary, entitle…

(a) The statement of actuarial opinion submitted in accordance with this section shall consist of: 1. A paragraph identifying the appointed actuary and his or her qualifications in the format set forth in (b)1 below; 2. A scope paragraph identifying the subjects on which an opini…

(a) The appointed actuary shall prepare a memorandum to the company describing the analysis done in support of his or her opinion regarding the reserves. The memorandum shall be made available for examination by the Commissioner upon his or her request but shall be returned to th…

Failure to comply with the provisions of this subchapter may result in the imposition of penalties as authorized by law. Notes N.J. Admin. Code § 11:1-21A.6 Recodified from N.J.A.C. 11:1-21A.9 by R.2006 d.146, effective 4/17/2006. See: 38 N.J.R. 101(a), 38 N.J.R. 1737(a). Former …

Notes N.J. Admin. Code § 11:1-21A.7 Recodified as N.J.A.C. 11:1-21A.5 by R.2006 d.146, effective 4/17/2006. See: 38 N.J.R. 101(a), 38 N.J.R. 1737(a). Section was "Description of actuarial memorandum including an asset adequacy analysis".

Notes N.J. Admin. Code § 11:1-21A.8 Recodified as N.J.A.C. 11:1-21A.5 by R.2006 d.146, effective 4/17/2006. See: 38 N.J.R. 101(a), 38 N.J.R. 1737(a). Section was "Additional considerations for analysis".

Notes N.J. Admin. Code § 11:1-21A.9 Recodified as N.J.A.C. 11:1-21A.6 by R.2006 d.146, effective 4/17/2006. See: 38 N.J.R. 101(a), 38 N.J.R. 1737(a). Section was "Penalties".

(a) This subchapter shall apply to all commercial insurance policies which are in force, issued or renewed on or after the effective date of this subchapter by companies licensed to do business in this State except workers' compensation insurance and forgery bonds, ocean marine a…

(a) The following acts or practices are specifically prohibited with respect to those policies subject to the provisions of this subchapter: 1. Effecting or attempting to effect a mid-term premium increase and/or a reduction in the amount or type of coverage provided under the po…

(a) All data or information contained in a block nonrenewal and/or block cancellation plan filed pursuant to this subchapter shall be confidential and shall not be considered a public record for purposes of the Open Public Records Act, N.J.S.A. 47:1A-1 et seq., with the exception…

(a) If the Commissioner finds that the block nonrenewal and/or block cancellation will adversely affect the market, the timeframe for the block nonrenewals and/or cancellations may be extended to a maximum period of three years. (b) In making the determination as to whether a blo…

(a) In addition to any other penalty authorized by law, the Commissioner may, after notice and a hearing, impose penalties as prescribed by N.J.S.A. 17:29A-1 et seq., 17:29AA-1 et seq., 17:29B-7 and 11, 17:30C-1 et seq., 17:32-1 et seq. and 17:33-2. (b) As an alternative or in ad…

(a) The purpose of this subchapter is to regulate the use of credit cards, charge cards, debit cards or direct account deduction by insurers, insurance producers and limited insurance representatives and to provide standards concerning the use of such means to pay for insurance p…

The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise. "Alternative payment method" means the payment of insurance premiums by credit card, charge card, debit card or direct account deduction…

(a) The use of an alternative payment method by an insurer or insurance producer shall be optional and shall be permitted as long as the insurance laws of this State and other applicable provisions of law are not violated. (b) Any insurer or insurance producer that agrees to allo…

No premium shall differentiate in rates on the basis of payment by one of the alternative methods set forth in this subchapter or payment by means other than one of these methods, except in accordance with the insurer's rating system, or as otherwise authorized pursuant to N.J.S.…

The insurance policy that is the subject of an alternative payment method transaction shall not be cancelled or nonrenewed by any person other than the named insured, the policyholder (including the owner of the policy where the policyholder is not the named insured) or the insur…

Premium payments shall be considered collected by and paid to the insurer or insurance producer, as applicable, when the charge is authorized or debited, as applicable. Notes N.J. Admin. Code § 11:1-24.6 Amended by R.2006 d.307, effective 9/5/2006. See: 37 N.J.R. 4156(a), 38 N.J.…

An insurer or insurance producer allowing alternative payment methods of insurance premiums shall fully disclose to the insured or prospective insured, upon request, the availability of all optional methods of payment offered by that insurer or insurance producer, and the differe…

Failure to comply with the provisions of this subchapter shall result in the imposition of penalties as provided by law. Notes N.J. Admin. Code § 11:1-24.8

The purpose of this subchapter is to ensure that the Department's records of the official mailing address and the electronic mailing ("e-mail") address of insurers and regulated entities remain accurate and updated at all times and thereby maximize the efficient use of Department…

This subchapter shall apply to any person, partnership, corporation or any other legal entity that is required to submit an annual financial statement or report to the Commissioner pursuant to any of the following: N.J.S.A. 17:16A-13, 17:22-6.45, 17:23-1, 17:35-8, 17:35-19, 17:44…

(a) For the purpose of disseminating Department information, including, but not limited to, certificates of authority, orders to show cause, and company-specific administrative orders, the Department's official mailing address list shall be based upon the mailing address informat…

(a) A foreign insurer may specify an individual to receive papers that have been served on the Commissioner as its agent pursuant to N.J.S.A. 17:32-2 (property and casualty insurers) and N.J.S.A. 17B:23-2c (life and health insurers). (b) To designate an individual to receive pape…

Failure to comply with the provisions of this subchapter shall constitute a violation of the insurance laws of this State and may result in the imposition of any penalties authorized by law. Notes N.J. Admin. Code § 11:1-25.5 Recodified from N.J.A.C. 11:1-25.4 by R.2003 d.142, ef…

This subchapter sets forth the filing requirements for the granting of a certificate of authority to transact property and casualty insurance in this State, pursuant to N.J.S.A. 17:17-1 et seq., 17:46A-1 et seq., and 17:46B-1 et seq., and to transact business as a reciprocal insu…

(a) When satisfied that an applicant has complied with all of the requirements of this subchapter and all of the requirements of N.J.S.A. 17:17-1 et seq., 17:46A-1 et seq., 17:46B-1 et seq. and 17:50-1 et seq., as applicable, to entitle it to engage in business and that the propo…

Failure to submit the information required by this subchapter completely and accurately may result in the denial of a certificate of authority to transact property and casualty insurance in this State. Notes N.J. Admin. Code § 11:1-28.11

If any provision of this subchapter or the application thereof to any person or circumstance is held invalid, the remainder of the subchapter and the application of such provision to other persons or circumstances shall not be affected thereby. Notes N.J. Admin. Code § 11:1-28.12…

This subchapter applies to all persons seeking to form a property and casualty insurance corporation or reciprocal insurance exchange in this State. This subchapter also applies to any domestic property and casualty insurer seeking to be designated a domestic surplus lines insure…

The following words and terms, as used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise. "Actuary" means a person who is a fellow in good standing of the Casualty Actuarial Society with three years recent experience in loss res…

(a) The following are the types of insurance which a company may be formed to transact under the stated paragraphs of N.J.S.A. 17:17-1: 1. Paragraph "a" means fire and allied lines, earthquake and growing crops; 2. Paragraph "b" means ocean marine, inland marine, automobile physi…

(a) Pursuant to N.J.S.A. 17:22-6.69b, a domestic property and casualty insurer possessing policyholder surplus of at least $ 15,000,000 may, pursuant to a resolution of its board of directors, and upon approval by the Commissioner, be designated as a domestic surplus lines insure…

(a) In order for an applicant to be granted a certificate of authority to transact property and casualty insurance in this State or, in the case of reciprocal insurance exchanges, to be issued a permit to solicit pursuant to N.J.S.A. 17:50-10, the requirements of this section sha…

(a) After review and acceptance of the feasibility study pursuant to N.J.A.C. 11:1-28.5, an applicant seeking to obtain a certificate of authority or a permit to solicit in the case of reciprocal insurance exchanges, shall submit the following to the Commissioner: 1. The corporat…

(a) The applicant shall submit New Jersey State Police Requests for Criminal History Record Information and the fee required to pay for their processing, for each officer, director, incorporator or stockholder with controlling interest of the proposed insurer or attorney in fact …

In the case of reciprocal insurance exchanges only, after review and evaluation of the information filed pursuant to N.J.A.C. 11:1-28.5, 28.6 and 28.7, the Commissioner may issue a permit to solicit to such reciprocal exchange as provided in N.J.S.A. 17:50-10. After such permit i…

(a) A stock company shall deposit the whole amount of capital stock set forth in the certificate of incorporation and the required minimum surplus in cash, and a mutual company shall deposit the amount of cash equal to the required minimum net assets, for all lines of insurance s…

(a) This subchapter sets forth the timeframes and procedures used by the Department to review, and allow for the Division of Rate Counsel's intervention on, significant personal lines rate filings as defined in this subchapter and to implement the applicable provisions of N.J.S.A…