Title 17, Title 17: CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

17:29A-5. Statistical plans; rules and regulations; reports of experience; statistical agent The commissioner shall promulgate rules and regulations as to statistical plans, reasonably adapted to each of the rating systems on file with him, which may be modified from time to time…

17:29A-5.1. Motor vehicle insurance; rating systems; rules and regulations The Commissioner of Insurance in promulgating rules and regulations as to statistical plans adapted to rating systems for motor vehicle liability and collision insurance for reporting an insurer's loss exp…

17:29A-5.10. Excess profit carry forward In the event an excess profit is returned by an insurer in accordance with section 7 of this act and subsequent development demonstrates that an excess profit did not exist or was overstated, an "excess profit carry forward" in the amount …

17:29A-5.11. Certification An insurer having fewer than 150 car years of exposure in New Jersey during the three calendar-accident years immediately preceding the date the profits report is due shall file a certification to that effect, in lieu of all other requirements of this a…

17:29A-5.12 Plan for refund, credit. 7. If the commissioner finds that an insurer has excess profits, the insurer shall establish, subject to the approval of the commissioner, a fair, practicable, and nondiscriminatory plan for the refund or credit of the excess profits to such g…

17:29A-5.13. Filing of report An insurer shall file the profits report, including all incidental calculations, in the formats and media to be prescribed by the commissioner. L. 1988, c. 118, s. 8.

17:29A-5.14. Alteration of aberrant, unusual, irregular data If, after examination thereof, the commissioner finds that any information or calculation contained in a profits report filed by an insurer contains, results in or is based upon aberrant, unusual or irregular data, util…

17:29A-5.15. Submission of additional data Notwithstanding any other provision of this act, the commissioner may require the submission of any other data and information he deems relevant or appropriate for evaluating the profits of an insurer. L. 1988, c. 118, s. 10.

17:29A-5.16. Rules, regulations The commissioner shall promulgate rules and regulations in accordance with the "Administrative Procedure Act," P.L. 1968, c. 410 (C. 52:14B-1 et seq.), that he deems necessary to implement the provisions of this act. L. 1988, c. 118, s. 11.

17:29A-5.17 Review of filing; "qualified independent actuary" defined. 65. a. The Commissioner of Banking and Insurance may, in connection with any profits report made under P.L.1988, c.118 (C.17:29A-5.6 et seq.), require a review of all or part of the filing by a qualified indep…

17:29A-5.6 Definitions. 1. As used in this act: a. "Actual investment income" means that portion of income generated by investment of policyholder-supplied funds. Policyholder-supplied funds are the assets that offset the insurer's total New Jersey private passenger automobile in…

17:29A-5.7 Annual profits report. 2. a. Each insurer, except those exempt from filing pursuant to section 6 of this act, shall annually file with the commissioner, on or before July 1 of each year, a profits report containing the information and calculations required by this sect…

17:29A-5.8 Excess profits. 3. Excess profits shall exist if for the seven calendar-accident years immediately preceding the date the profits report is due, the sum of an insurer's total actuarial gain and excess investment income for all private passenger automobile coverages com…

17:29A-5.9. First profits report The due date for the first profits report required by subsection a. of section 2 of this act is July 1, 1989. For the first report required by this act: a. The seven most recent calendar-accident years referred to in subsection b. of section 2 of …

17:29A-50 Automobile Insurance Territorial Rating Plan Advisory Commission. 28. a. There is established the Automobile Insurance Territorial Rating Plan Advisory Commission to review insurer data and establish a common territorial rating plan for use by insurers not filing a terr…

17:29A-51 Filing of rates by insurer writing private passenger automobile insurance; rate reductions. 67. a. Except for the plan established pursuant to section 1 of P.L.1970, c.215 (C.17:29D-1), every insurer writing private passenger automobile insurance in this State pursuant …

17:29A-52 Automobile Insurance Consumer Bill of Rights. 43. a. Every insurer writing private passenger automobile insurance in this State shall provide each insured at least annually and each applicant upon receipt of initial application with an Automobile Insurance Consumer Bill…

17:29A-54 Short title. 1. Sections 1 through 9 of this act shall be known and may be cited as the "Certificates of Insurance Act." L.2015, c.195, s.1.

17:29A-55 Definitions relative to certificates of insurance. 2. As used in this act: "Certificate of insurance" means a document or instrument, regardless of how titled or described, that is prepared or issued by an insurer or insurance producer as evidence of property or casualt…

17:29A-56 Prohibition. 3. The commissioner shall prohibit the use of a certificate of insurance form if the form: a. Is unfair, misleading, or deceptive, or violates public policy; or b. Violates any law, including any regulation promulgated by the commissioner. L.2015, c.195, s.…

17:29A-57 Significance of certificate of insurance. 4. A certificate of insurance shall not be considered a policy of insurance and shall not affirmatively or negatively amend, extend, or alter the coverage afforded by the policy to which the certificate of insurance makes refere…

17:29A-58 Prohibited practices. 5. a. A person shall not: (1) Prepare, issue, request, or require the issuance of, a certificate of insurance that contains any false or misleading information concerning the policy of insurance to which the certificate of insurance makes reference…

17:29A-59 Notice. 6. A person shall be entitled to notice of cancellation, nonrenewal, or any material change, and to any similar notice concerning a policy of insurance only if the person has such notice rights under the terms of the policy of insurance or any endorsement to the…

17:29A-6. Rating system to be filed Beginning with the sixtieth day after this act takes effect, every insurer shall, before using or applying any rate to any kind of insurance, file with the commissioner a copy of the rating-system upon which such rate is based, or by which such…

17:29A-60 Applicability. 7. The provisions of this act shall apply to all certificates of insurance issued in connection with property, operations, or risks located in this State, regardless of where the policyholder, insurer, insurance producer, or person requesting or requiring…

17:29A-61 Violations, null and void. 8. A certificate of insurance or any other document or correspondence prepared, issued, requested, or required in violation of this act shall be null and void. L.2015, c.195, s.8.

17:29A-62 Powers of commissioner. 9. a. The commissioner shall have the power to examine and investigate the activities of any person that the commissioner reasonably believes has been or is engaged in an act or practice prohibited by this act. b. The commissioner shall have the …

17:29A-7. Rating system, approval of; revision or modification If, after examination thereof, the commissioner shall find that such rating-systems filed by or on behalf of an insurer provide for, result in, or produce rates that are unreasonably high or excessive, or are not adeq…

17:29A-7.1. Excess rate on specific risk; application; approval Upon written application of an insurance company, broker or agent, which application shall include the signed consent of the applicant for insurance, the commissioner may approve, on any specific risk, a rate in exce…

17:29A-8. Information as to rates Every rating organization, and every insurer which does its own rate-making shall, within ten days after written request therefor, and upon payment to it of such reasonable charge as such rating organization or such insurer shall make therefor, f…

17:29A-9. Reduction of rates; hearings; notes; order Every rating organization, and every insurer which does its own rate-making, shall provide reasonable means within this State, to be approved by the commissioner, whereby any person or persons affected by a rate made by it may …