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

17:29AA-13 Order from commissioner relative to compliance with standards. 13. a. If the commissioner finds, after a hearing, that a rate or policy form in effect for any rating organization or insurer, whether or not a member or subscriber of a rating organization, is not in comp…

17:29AA-14. Premium for commercial line insurance; inducements; prohibition With respect to rates and supplementary rate information and all changes and amendments thereto subject to section 5 of this act, (a) no insurer or employee thereof, and no broker or agent shall knowingly…

17:29AA-15. Rate in excess of rate filing; 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 exc…

17:29AA-16. Rating system; statistical plan; rules and regulations; reports of experience a. 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…

17:29AA-17. Special risks; records; examination The underwriting files, loss and expense statistics, financial and other records with respect to special risks written by an insurer shall be maintained in such detail as may be required by the commissioner and shall be subject to e…

17:29AA-18. Rating organization; commercial lines insurance; applicable provisions of act Any rating organization providing any service relating to the rates of any commercial lines insurance, and any insurer utilizing the service of such organization for such purpose shall be su…

17:29AA-19. False or misleading information to rating organization or commissioner No insurer, and no officer, agent, or employee thereof, shall knowingly give false or misleading information to any rating organization of which it is a member or subscriber, or to the commissioner…

17:29AA-2. Purposes The purposes of this act are: a. To encourage independent action by price competition among insurers in the writing of commercial lines insurance; b. To prevent practices that tend to bring about monopoly or to lessen or destroy competition; and c. To encourag…

17:29AA-20. Suspension of rating organization's license; notice; hearing; order of commissioner Any rating organization which knowingly violates any provision of this act shall be subject to suspension of its license. Failure of a rating organization to comply with the provisions…

17:29AA-21. Advisory organization; filing; hearing a. Every group, association or other organization of insurers, whether located within or outside this State, which assists insurers which make their own filings or rating organizations, in rate-making, by the collection and furni…

17:29AA-22. Joint underwriting or joint reinsurance organization; filing; hearing a. Every group, association, or other organization of insurers which engages in joint underwriting or joint reinsurance through such group, association or by standing agreement among the members the…

17:29AA-23. Examination; advisory, joint underwriting or joint reinsurance organizations; costs The commissioner may make or cause to be made an examination of the business, affairs, and method of operation of any group, association or other organization referred to in sections 2…

17:29AA-24. Rates or rules; promise to use or adhere to; penalty No insurer shall promise, other than to a policyholder or other entities with which it is under common control or management or that are members of a joint underwriting or joint reinsurance organization, to use or a…

17:29AA-25. Apportionment and rate modifications; agreements among insurers; approval Agreements may be made among insurers with respect to equitable apportionment among them of insurance which may be afforded applicants who are in good faith entitled to but are unable to procure…

17:29AA-26. Penalties; notice; hearing; suspension of licenses; certificate In addition to any other penalty or forfeiture provided by law, the commissioner may, if he finds that any person, partnership, association, corporation, insurer, or rating organization has willfully viol…

17:29AA-27. Commissioner's order; review Any order made by the commissioner pursuant to the provisions of this act shall be subject to review by the Superior Court in a proceeding in lieu of prerogative writ. Upon the institution of the proceeding, the court may stay the provisio…

17:29AA-28. Deputy commissioner; powers and duties Wherever, under the provisions of this act, the commissioner is authorized or required to do any act, he may designate a deputy commissioner, or any salaried employee of the Department of Insurance to act in his place who shall r…

17:29AA-29. Regulations; implementation and enforcement of act The commissioner shall promulgate regulations to implement and enforce the provisions of this act. L.1982, c. 114, s. 29.

17:29AA-3 Definitions. 3. As used in this act: a. "Commercial lines insurance" includes all insurance policies issued by a licensed insurer pursuant to Title 17 of the Revised Statutes, except: (1) Insurance of vessels or craft, their cargoes, marine builders' risks, marine prote…

17:29AA-30. Commercial lines insurance; exemption from chapter 29A Commercial lines insurance shall be exempt from the provisions of P.L.1944, c. 27 (C. 17:29A-1 et seq.) except as specifically provided in this act. L.1982, c. 114, s. 30.

17:29AA-31. Monitoring implementation and effect of act; recommendations The commissioner shall monitor the implementation and effect of this act on the commercial lines marketplace and shall report to the Legislature no later than 3 years after the enactment of this act, and rec…

17:29AA-32. Approved rates and forms Approved rates and forms for commercial lines insurance in effect on the effective date of this act pursuant to the provisions of P.L.1944, c. 27 (C. 17:29A-1 et seq.) shall remain in effect until changed, amended or replaced pursuant to the p…

17:29AA-33 Publication of summary concerning business interruption insurance. 1. The Department of Banking and Insurance shall publish on its internet website, on or before the 90th day after the date of enactment of P.L.2021, c.98 (C.17:29AA-33 et al.), a one page summary of com…

17:29AA-34 Provision of summary by authorized insurer. 2. An authorized insurer shall provide the summary published pursuant to section 1 of P.L.2021, c.98 (C.17:29AA-33) to any potential purchaser of, or any policyholder seeking renewal of, a policy that provides coverage for th…

17:29AA-4. Scope of application All policies of commercial lines insurance, issued by an insurer licensed to do business in this State shall be issued in accordance with the provisions of this act. L.1982, c. 114, s. 4.

17:29AA-5 Filing of rates, supplementary rate information changes, amendments. 5. a. Notwithstanding any other law to the contrary, every authorized and admitted insurer and every rating organization shall file with the commissioner all rates and supplementary rate information an…

17:29AA-5.1 Annual rate change for medical malpractice liability insurance. 3. a. With respect to medical malpractice liability insurance, the commissioner shall prescribe by regulation a designated range of annual rate change, which shall be an increase or decrease of between no…

17:29AA-6. Policy forms; filing; approval; special risks Notwithstanding any other law to the contrary, insurers shall file copies of all policy forms for approval with the commissioner at least 30 days prior to becoming effective. Unless disapproved by the commissioner prior to …

17:29AA-7. Public inspection; filings and supporting information; copies Each filing and supporting information filed under this act shall, as soon as filed, be open to public inspection at any reasonable time. Copies may be obtained by any person on request and upon payment of a…

17:29AA-8. Rates; establishment An insurer may itself establish rates and supplementary rate information, or it may use rates and supplementary rate information prepared by a rating organization of which it is a member or subscriber, with such modification for its own expense and…

17:29AA-9. Rates; factors in establishment In making rates, due consideration shall be given to: past and prospective loss experience, including where pertinent, the conflagration and catastrophe hazards, if any, both within and without the State; all factors reasonably related t…