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New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 32 - FEES AND SPECIAL PURPOSE APPORTIONMENT › Section 11:1-32.6 - Fees; property and casualty insurance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following fees shall be paid for services provided by the Commissioner regarding submissions by or on behalf of property and casualty insurers, reciprocal insurance exchanges, or title insurers, in addition to any other applicable fees imposed by this subchapter with respect to property and casualty or title insurance as follows:
1. Processing application for a certificate of authority to transact business in the State--$ 3,500.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 32 - FEES AND SPECIAL PURPOSE APPORTIONMENT › Section 11:1-32.7 - Fees; risk retention groups and purchasing groups

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following fees are imposed for services provided by the Commissioner regarding submissions by or on behalf of risk retention groups and purchasing groups:
1. Filing each Annual Statement filed by a risk retention group--$ 100.00; and
2. Registration of new risk retention group or new purchasing group--$ 100.00.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 32 - FEES AND SPECIAL PURPOSE APPORTIONMENT › Section 11:1-32.8 - Applicability of fees imposed by insurance laws of this State

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The fees set forth in this subchapter supersede fees set forth in 17:33-1, 17B:21-7, 17:48-14, 17:44A-34, 17:48A-21, 17:48C-23, 17:48D-3, 17:48D-5, 17:48C-38 and 17:50-4, to the extent such fees are inconsistent with the fees set forth herein. The fees set forth in this subchapter are in addition to the following fees imposed by the laws and regulations of this State:
1. Application and renewal for certificate of self-insurance of motor vehicles (39:6-52, N.J.A.C. 11:3-30 );
2. Application for hospital workers' compensation group self-insurance (11:15-1.3 );
3. Producer licensing and insurance education program fees (N.J.A.C. 11:17);
4. Custodial deposit fees (17:20-3.1 and 17B:18-39.1, and N.J.A.C. 11:2-32 );
5. All fees set forth in 17:33-1 and 17B:21-7 to the extent such fees are not inconsistent with the fees set forth in this subchapter; and
6. Any and all fees which are imposed as of October 7, 1996 or which may be imposed by the laws and regulations of this State in the future.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 32 - FEES AND SPECIAL PURPOSE APPORTIONMENT › Section 11:1-32.9 - Special purpose apportionment; de minimis amounts

Current through Register Vol. 56, No. 14, July 15, 2024
For purposes of collecting the special purpose apportionment pursuant to 17:1C-19 et seq., the Commissioner shall not collect de minimis amounts less than $ 20.00. Amounts not so collected pursuant to this section shall be reallocated among the remaining companies in accordance with 17:1C-20.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 32 - FEES AND SPECIAL PURPOSE APPORTIONMENT › Section 11:1-32.10 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Failure to pay an applicable filing or application fee at the time of filing or application may result in the filing or application being rejected as incomplete.
(b) Failure to pay the applicable fee at the time of making a request for service may result in the Department's refusal to provide such service.
(c) Failure to pay a special purpose apportionment when due pursuant to 17:1C-19 et seq., shall result in the imposition of penalties as authorized by law.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 33 - SURPLUS LINES INSURANCE: PROCUREMENT PROCEDURE › Section 11:1-33.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) These rules set forth procedures for the procurement of insurance from surplus lines insurers, and from ineligible unauthorized insurers in accordance with N.J.S.A. 17:22-6.4 3, 6.45 and 6.47.
(b) These rules apply to all New Jersey licensed insurance producers licensed pursuant to 17:22A-26 et seq.
(c) These rules apply to surplus lines insurers and ineligible unauthorized insurers in accordance with N.J.S.A. 17:22-6.4 5(i).
(d) These rules shall not apply to the procurement of surplus lines insurance where this State is not the "home state" of the insured.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 33 - SURPLUS LINES INSURANCE: PROCUREMENT PROCEDURE › Section 11:1-33.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
"Authorized insurer" means a domestic, foreign or alien insurer duly authorized by a Certificate of Authority issued by the Commissioner of the Department of Banking and Insurance of the State of New Jersey to transact the business of insurance in this State.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Diligent effort" means a process by which a licensed New Jersey insurance producer places coverage on behalf of a New Jersey insured with a surplus lines insurer after the risk has been declined by three authorized insurers, each of which is authorized in New Jersey to write insurance of the kind requested and is an insurer that the producer has a good faith reason to believe might consider writing the type of coverage or class of insurance involved.
"Domestic surplus lines insurer" means a domestic property and casualty insurer formed pursuant to this subchapter designated a domestic surplus lines insurer pursuant to N.J.S.A. 17:22-6.6 9b and N.J.A.C. 11:1-28.
"Exempt commercial purchaser" is as defined in 15 U.S.C. §
										8206(5).
"Export" or "exported" means to place with a surplus lines insurer pursuant to the New Jersey Surplus Lines Law, N.J.S.A. 17:22-6.4 0 et seq., insurance covering all or part of a subject of insurance resident, located, or to be performed in New Jersey.
"Exportable list" means a list of any class or classes of insurance coverages or risks declared and promulgated by the Commissioner pursuant to N.J.A.C. 11:1-34 for which there is no reasonable or adequate market among authorized insurers in this State.
"Home state" is as defined in 15 U.S.C. §
										8206(6).
"Ineligible unauthorized insurer" means a foreign or alien insurer that is not duly authorized to transact business in this State by a current certificate of authority issued pursuant to the laws of this State and is not a surplus lines insurer.
"Producer" means a person engaged in the business of an insurance agent, insurance broker or insurance consultant pursuant to 17:22A-26 et seq., who is licensed pursuant to 17:22A-26 et seq., and who has property casualty authority.
"SLEO" means the Surplus Lines Examining Office.
"Surplus lines agent" means a person licensed pursuant to 17:22A-26 et seq. and N.J.A.C. 11:17 with the authority to place insurance coverages on behalf of surplus lines insurers.
"Surplus lines insurer" means a foreign or alien insurer that is eligible to transact surplus lines business in this State, pursuant to N.J.S.A. 17:22-6.4 0 and N.J.A.C. 11:1-31.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 33 - SURPLUS LINES INSURANCE: PROCUREMENT PROCEDURE › Section 11:1-33.3 - Surplus lines insurance coverage procurement requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Except for coverages on the Exportable List or with respect to the procurement of insurance for an exempt commercial purchaser subject to (g) below, any licensed New Jersey insurance producer who may be placing coverage on behalf of a New Jersey insured shall first make a diligent effort to place the coverage with an authorized insurer. As evidence of having made such an effort, the producer shall complete form SLPS-6 CERT1, incorporated herein by reference as subchapter Appendix Exhibit B. Only that coverage not so procurable from an authorized insurer may be placed with a surplus lines insurer, provided, however, that if the unprocurable coverage appears on the Exportable List, the associated commercial general liability and commercial property coverages may be exported along with the unprocurable coverage.
1. If a licensed producer has a bona fide written renewal quote or coverage exists from an authorized insurer for any class or risk that is on the exportable list and that coverage is placed in the surplus lines market, the surplus lines agent shall stamp the policy as "Exportable."
2. The surplus lines agent shall maintain the records of each surplus lines contract and shall make these records available for inspection by the Commissioner for a period of at least five years.
3. At the time of quotation, the originating producer shall provide to the applicant a copy of the form incorporated herein by reference as Exhibit A-1 in the Appendix to this chapter and retain a signed copy.
4. At the time of issuing or delivering a surplus lines policy, evidence of coverage, or a renewal policy, the surplus lines producer shall place upon the policy, or provide as a stand alone notice, the statement incorporated herein by reference as Exhibit A-2 in the Appendix for this subchapter. This paragraph shall not apply to insurance procured from a domestic surplus lines insurer. The notice required to be provided with respect to insurance procured from a domestic surplus lines insurer is set forth in 11:1-28.4A(f).
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 33 - SURPLUS LINES INSURANCE: PROCUREMENT PROCEDURE › Section 11:1-33.4 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to comply with the provisions of this subchapter shall subject producers and surplus lines agents to penalties as provided in N.J.S.A. 17:22-6.6 1 and 17:22A-17.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 33 - SURPLUS LINES INSURANCE: PROCUREMENT PROCEDURE › Appendix - APPENDIX › Exhibit A

Current through Register Vol. 56, No. 14, July 15, 2024
EXHIBIT A-1
Form to be used at the time of quotation:
The undersigned applicant has been advised by the undersigned originating insurance producer and understands that an insurance policy written by a surplus lines insurer is not subject to the filing or approval requirements of the New Jersey Department of Banking and Insurance. Such a policy may contain conditions, limitations, exclusions and different terms than a policy issued by an insurer granted a Certificate of Authority by the New Jersey Department of Banking and Insurance.
..........................................................
Applicant's Signature
..........................................................
Applicant's Name (Print or Type)
..........................................................
Date of Applicant's Signature
..........................................................
Producer Signature
..........................................................
Producer Name (Print or Type)
.................................................
Date of Producer Signature
..........................................................
New Jersey Producer License Reference Number
EXHIBIT A-2
Statement to Appear on all Surplus Lines Policies, Evidence of Coverage and Renewal Policies or to be provided or as a stand alone notice:
This policy is written by a surplus lines insurer and is not subject to the filing or approval requirements of the New Jersey Department of Banking and Insurance. Such a policy may contain conditions, limitations, exclusions and different terms than a policy issued by an insurer granted a Certificate of Authority by the New Jersey Department of Banking and Insurance. The insurer has been approved by the Department as an eligible surplus lines insurer, but the policy is not covered by the New Jersey Insurance Guaranty Fund, and only a policy of medical malpractice liability insurance as defined in N.J.S.A. 17:30D-3d or a policy of property insurance covering owner-occupied dwellings of less than four dwelling units are covered by the New Jersey Surplus Lines Guaranty Fund.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 34 - SURPLUS LINES: EXPORTABLE LIST › Section 11:1-34.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose of this subchapter is to identify the procedures concerning the creation and modification of an exportable list of certain classes of insurance coverages or risks and to promulgate the list as a rule, in implementation of N.J.S.A. 17:22-6.4 3.
(b) This subchapter shall apply to all surplus lines insurers and producers. Pursuant to N.J.S.A. 17:22-6.4 0, this subchapter shall not apply to life insurance companies, which may not become eligible surplus lines insurers.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 34 - SURPLUS LINES: EXPORTABLE LIST › Section 11:1-34.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, as used in this subchapter, shall have the following meanings unless the context clearly indicates otherwise:
"Annuity" means a contract not coming within the definition of life insurance as set forth in 17B:17-3, or health insurance as set forth in 17B:17-4, under which an insurer obligates itself to make periodic payments for a specified period of time, such as for a number of years, or until the happening of an event, or for life, or for a period of time determined by any combination thereof. Such a contract which includes extra benefits of the kinds set forth in 17B:17-3 or 17B:17-4 shall nevertheless be deemed to be an annuity if such extra benefits constitute a subsidiary or incidental part of the entire contract.
"Authorized insurer" means a domestic or foreign insurer duly authorized by a Certificate of Authority issued by the Commission to transact the business of insurance in this State.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Department" means the New Jersey Department of Banking and Insurance.
"Exportable list" means a list of any class or classes of insurance coverages or risks declared and promulgated by the Commissioner for which there is no reasonable or adequate market among authorized insurers in this State.
"Health insurance" means a contract or agreement whereby an insurer is obligated to pay or allow a benefit of pecuniary value with respect to the bodily injury, disablement, sickness, death by accident or accidental means of a human being, or because of any expense relating thereto, or because of any expense incurred in prevention of sickness, and includes every risk pertaining to any of the enumerated risks. Health insurance does not include workers' compensation coverages.
"Life insurance" means a policy or contract whereby an insurer is obligated to pay or allow a benefit of pecuniary value with respect to the cessation of human life. Life insurance includes also the granting of endowment benefits and optional modes of settlement of proceeds of life insurance as well as provisions for additional benefits in event of death by accident or accidental means or in event of dismemberment or loss of sight, or safeguarding such insurance against lapse or giving a special surrender value or special benefit or an annuity in the event that the insured shall become totally and permanently disabled, whether such provisions are incorporated in a policy or contract of life insurance or in a policy or contract supplemental thereto. Life insurance does not include workers' compensation coverages.
"State" means the State of New Jersey.
"Surplus lines insurer" means an eligible, unauthorized insurer with which an insurance coverage is placed or may be placed pursuant to N.J.S.A. 17:22-6.4 0 et seq. (see Appendix A to this subchapter, incorporated herein by reference).
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 34 - SURPLUS LINES: EXPORTABLE LIST › Section 11:1-34.3 - Exportable list hearing

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In the month of November or December of each year, the Commissioner or his or her designee shall hold a hearing, pursuant to N.J.S.A. 17:22-6.4 3, for the purpose of determining the extent of the existence or a reasonable or adequate market among authorized insurers for certain classes of insurance coverages and risks. Additionally, the hearing shall provide interested parties the opportunity to present relevant information for the Commissioner's consideration as to why forms disapproved or withdrawn should be approved.
1. This hearing shall be preceded by a notice of hearing published in the New Jersey Register at least 30 days prior to the date of the hearing, which notice shall include information concerning the date by which, and the person to whom, written public comment may be made. Notice shall also be provided to persons who have previously requested receipt of such notice.
2. The notice published in the New Jersey Register and as otherwise provided pursuant to (a)1 above shall also request that persons who wish to testify at the hearing provide the Department with timely notice of this intention, including a brief summary of the subject matter of their testimony.
3. The notice shall indicate whether the hearing shall address the merits of maintaining all items currently on the list, or whether the hearing will consider only specific additions, deletions or clarifications regarding the list.
4. The notice shall provide a list of disapproved policy forms or contracts that have been disapproved or withdrawn by the Commissioner since the previous exportable list hearing was held.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 34 - SURPLUS LINES: EXPORTABLE LIST › Section 11:1-34.4 - Exportable list hearing record

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The record of the hearing shall include the following:
1. Timely-received written public comments;
2. The transcript of the hearing; and
3. Any other information which the hearing officer may deem relevant.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 34 - SURPLUS LINES: EXPORTABLE LIST › Section 11:1-34.5 - Promulgation and modification of exportable list

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon review of the exportable list hearing record, the Commissioner shall, by rule, declare eligible for export generally, and notwithstanding the provisions of N.J.S.A. 17:22-6.4 3(a), (b) and (c), any class or classes of insurance coverage or risk for which he or she finds there exists no reasonable or adequate market among authorized insurers; provided, however, that if adequate documentary evidence has been presented which satisfies the Commissioner that a reasonable or adequate market does exist among authorized insurers, he or she may, by rule, strike any class or classes of insurance coverage or risks from the exportable list.
(b) The Commissioner may, by rule amending this subchapter, specifically declare ineligible for export any class or classes of insurance coverage or risk which he or she determines to be generally procurable through diligent effort among authorized insurers pursuant to N.J.S.A. 17:22-6.4 3(a).
(c) When, during the term of a duly promulgated exportable list, the Commissioner determines that changed conditions require a modification of the exportable list, he or she may, after a hearing, by rule, amend the list.
1. Notice of the Commissioner's action shall be provided to all surplus lines agents, eligible surplus lines insurers, authorized insurers and others who have previously requested receipt of such information.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 35 - INSURANCE HOLDING COMPANY SYSTEMS › Section 11:1-35.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose of this subchapter is to set forth filing and procedural requirements governing the filing of required information with respect to the acquisition of control of, or merger with, a domestic insurer, and registration, notification, and enterprise risk reporting requirements for insurers which are members of an insurance holding company system, pursuant to 17:27A-1 et seq.
(b) This subchapter shall apply to any person, insurer, subsidiary or insurance holding company system subject to the requirements set forth in 17:27A-1 et seq.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 35 - INSURANCE HOLDING COMPANY SYSTEMS › Section 11:1-35.3 - Forms; general requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All statements required to be filed pursuant to 17:27A-2, 17:27A-3, 17:27A-4, and 17:27A-4.1 shall be submitted in accordance with the forms set forth at Exhibits A, B, C, D, E, and F in the Appendix, incorporated herein by reference, as applicable. The forms shall be considered blank forms which are to be filled in. The statements filed shall contain the numbers and captions of all items, but the text of the items may be omitted provided the answers thereto are prepared in such a manner as to indicate clearly the scope and coverage of the items. All instructions, whether appearing under the items of the form or elsewhere therein, are to be omitted. Unless expressly provided otherwise, if any item is inapplicable or the answer thereto is in the negative, an appropriate statement to that effect shall be made.
(b) Three complete copies of each Exhibit A statement, and one copy of each Exhibit B, C, D, E, and F, including exhibits and all other papers and documents filed as a part thereof, shall be filed with the Commissioner by personal delivery or mail addressed to:
Holding Company Submissions
Office of Solvency Regulation
New Jersey Department of Banking and Insurance
20 West State Street
PO Box 325
Trenton, NJ 08625-0325
1. At least one of the copies shall be signed in the manner prescribed on the form. Unsigned copies shall be conformed. If the signature of any person is affixed pursuant to a power of attorney or other similar authority, a copy of the power of attorney or other authority shall also be filed with the statement.
2. If an applicant requests a hearing on a consolidated basis pursuant to 17:27A-2.d(3), in addition to filing Exhibit A with the Commissioner, the applicant shall file a copy of Exhibit A with the National Association of Insurance Commissioners in electronic form, in accordance with the NAIC's instructions which shall be posted on the Department's website,
www.state.nj.us/dobi/
.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 35 - INSURANCE HOLDING COMPANY SYSTEMS › Section 11:1-35.4 - Forms; incorporation by reference, summaries, and omissions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Information required pursuant to any item set forth in Exhibits A, B, D, E, or F may be incorporated by reference in an answer or partial answer to any other item. Information contained in any financial statement, annual report, proxy statement, statement filed with a governmental authority, or any other document may be incorporated by reference in the answer or partial answer to any item of Exhibits A, B, D, E, or F provided such document is filed as an appendix or exhibit to the appropriate Exhibit A, B, D, E, or F. Matter shall not be incorporated by reference in any case where such incorporation would render the statement incomplete, unclear, or confusing.
(b) Where an item requires a summary or outline of the provisions of any document, only a brief statement shall be made as to the pertinent provisions of the document. In addition to such statement, the summary or outline may incorporate by reference particular parts of any exhibit or document currently on file with the Commissioner which was filed within three years and may be qualified in its entirety by such reference.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 35 - INSURANCE HOLDING COMPANY SYSTEMS › Section 11:1-35.5 - Forms, additional information, and exhibits

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In addition to the information expressly required to be included in Exhibits A, B, C, D, E, and F, the person making the filing shall include such further material information, if any, as may be necessary to make the information contained therein not misleading, as well as any additional information the Commissioner may specifically request from a particular filer.
(b) The person making the filing may also file such exhibits as it may desire in addition to those expressly required by the statement. Such exhibits shall be so marked as to indicate clearly the subject matters to which they refer. Changes to Exhibits A, B, C, D, E, and F shall include on the top of the cover page the phrase: "Change No. (insert number) to" and shall indicate the date of the change rather than the date of the original filing.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 35 - INSURANCE HOLDING COMPANY SYSTEMS › Section 11:1-35.6 - Acquisition of control: statement filing; procedures

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A person required to file a statement pursuant to 17:27A-2 shall furnish the required information set forth in Exhibit A.
(b) The applicant shall advise the Commissioner within two business days of any changes in the facts or information submitted pursuant to (a) above arising subsequent to the date such information was furnished.
(c) If the person being acquired is deemed to be a "domestic insurer" solely because of the provisions of N.J.S.A. 17:27A-2a, the name of the domestic insurer on the cover page shall be indicated as follows:
1. "ABC Insurance Company, a subsidiary of XYZ Holding Company."
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 35 - INSURANCE HOLDING COMPANY SYSTEMS › Section 11:1-35.7 - Annual registration of insurers

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An insurer required to file an annual registration statement pursuant to 17:27A-3 shall furnish the information set forth in Exhibit B within the time frames set forth in N.J.S.A. 17:27A-3a.
(b) An insurer required to file an annual registration statement pursuant to 17:27A-3 also shall furnish information set forth on Exhibit C.
(c) The insurer shall file an amendment to Exhibit B within 15 days after the end of any month in which there is a material change to the information provided in the annual registration statement. Amendments shall be filed in the format of Exhibit B. Only items which are being amended shall be reported. Each such amendment shall include at the top of the cover page "Amendment No. (insert number) to Form B for (insert year)" and shall indicate the date of the change rather than the date of the original filing.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 35 - INSURANCE HOLDING COMPANY SYSTEMS › Section 11:1-35.8 - Alternative and consolidated registrations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any authorized insurer may file a registration statement on behalf of any affiliated insurer or insurers which are required to register pursuant to 17:27A-3. The registration statement may include information not required by 17:27A-1 et seq. regarding any insurer in the insurance holding company system even if such insurer is not authorized to do business in this State. In lieu of filing a registration statement in the format of Exhibit B, the authorized insurer may file a copy of the registration or similar report which it is required to file in its state of domicile, provided that:
1. The statement or report contains substantially similar information required to be furnished on Exhibit B; and
2. The filing insurer is the principal insurer in the insurance holding company system.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 35 - INSURANCE HOLDING COMPANY SYSTEMS › Section 11:1-35.9 - Disclaimers and termination of registration

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A disclaimer of affiliation or a request for termination of registration claiming that a person does not, or will not upon the taking of some proposed action, control another person (hereinafter referred to as the "subject") shall contain the following information:
1. The number of authorized, issued and outstanding voting securities of the subject;
2. With respect to the person whose control is denied and all affiliates of such person, the number and percentage of shares of the subject's voting securities which are held of record or known to be beneficially owned, and the number of such shares concerning which there is a right to acquire, directly or indirectly;
3. All material relationships and bases for affiliation between the subject and the person whose control is denied and all affiliates of such person; and
4. A statement explaining why such person should not be considered to control the subject.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 35 - INSURANCE HOLDING COMPANY SYSTEMS › Section 11:1-35.10 - Transactions subject to prior notice

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An insurer required to give notice of a proposed transaction pursuant to 17:27A-4 shall furnish the required information as set forth in Exhibit D within the applicable time frames set forth in 17:27A-4.
(b) Agreements for cost sharing services and management services shall at a minimum and as applicable:
1. Identify the person providing services and the nature of such services;
2. Set forth the methods to allocate costs;
3. Require timely settlement, not less frequently than on a quarterly basis, and compliance with the requirements in the Accounting Practices and Procedures Manual adopted by the NAIC, with which insurers shall comply pursuant to 17:23-1, 17:46B-55, and 17B:21-1;
4. Prohibit advancement of funds by the insurer to the affiliate except to pay for services defined in the agreement;
5. State that the insurer will maintain oversight for functions provided to the insurer by the affiliate and that the insurer will monitor services annually for quality assurance;
6. Define the books and records of the insurer to include all books and records developed or maintained under or related to the agreement;
7. Specify that all books and records of the insurer are and remain the property of the insurer and are subject to control of the insurer;
8. State that all funds and invested assets of the insurer are the exclusive property of the insurer, held for the benefit of the insurer, and are subject to the control of the insurer;
9. Include standards for termination of the agreement with and without cause;
10. Include provisions for indemnification of the insurer in the event of gross negligence or willful misconduct on the part of the affiliate providing the services;
11. Specify that, if the insurer is placed in receivership or control is seized by the Commissioner pursuant to 17:30C-1 et seq. or 17B:32-31 et seq.:
i. All of the rights of the insurer under the agreement extend to the receiver or Commissioner; and
ii. All books and records will immediately be made available to the receiver or the Commissioner, and shall be turned over to the receiver or Commissioner immediately upon the receiver's or the Commissioner's request;
12. Specify that the affiliate has no automatic right to terminate the agreement if the insurer is placed in receivership pursuant to 17:30C-1 et seq. or 17B:32-31 et seq.; and
13. Specify that the affiliate shall continue to maintain any systems, programs, or other infrastructure notwithstanding a seizure by the Commissioner pursuant to 17:30C-1 et seq. or 17B:32-31 et seq., and will make them available to the receiver, for so long as the affiliate continues to receive timely payment for services rendered.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 35 - INSURANCE HOLDING COMPANY SYSTEMS › Section 11:1-35.11 - Adequacy of surplus

Current through Register Vol. 56, No. 14, July 15, 2024
In determining the adequacy and reasonableness of an insurer's surplus, the Commissioner shall consider the factors set forth in N.J.S.A. 17:27A-4b, among others, and need not consider any single factor as necessarily controlling. The Commissioner may consider the net effect of all of these factors plus other factors bearing on the financial condition of the insurer. In comparing the surplus maintained by other insurers, the Commissioner shall consider the extent to which each of these factors varies from company to company and in determining the quality and liquidity of investments in subsidiaries, the Commissioner shall consider the individual subsidiary and may discount or disallow its valuation to the extent that, in his or her judgment, the individual investment so warrants.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 35 - INSURANCE HOLDING COMPANY SYSTEMS › Section 11:1-35.12 - Pre-acquisition notification

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If a domestic insurer, including any person controlling a domestic insurer, is proposing a merger or acquisition pursuant to N.J.S.A. 17:27A-2a, that person shall file a pre-acquisition notification form, in the form of Appendix Exhibit E, incorporated herein by reference.
(b) If a non-domiciliary insurer licensed to do business in this State is proposing a merger or acquisition pursuant to 17:27A-4.1, that person shall file a pre-acquisition notification form in the form of Exhibit E. No pre-acquisition notification form need be filed if the acquisition is not subject to 17:27A-4.1 as set forth in N.J.S.A. 17:27A-4.1b(2).
(c) In addition to the information required by Exhibit E, the Commissioner may require the filer to provide, or otherwise may obtain, an expert opinion as to the competitive impact of the proposed acquisition.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 35 - INSURANCE HOLDING COMPANY SYSTEMS › Section 11:1-35.13 - Enterprise risk report

Current through Register Vol. 56, No. 14, July 15, 2024
The ultimate controlling person of an insurer required to file an enterprise risk report pursuant to N.J.S.A. 17:27A-3.k(1) shall furnish the required information on Exhibit F in the Appendix, incorporated herein by reference and made a part hereof, annually on April 1st of each year.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 35 - INSURANCE HOLDING COMPANY SYSTEMS › Section 11:1-35.14 - Group capital calculation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Where an insurance holding company system has previously filed the annual group capital calculation at least once, the lead state commissioner has the discretion to exempt the ultimate controlling person from filing the annual group capital calculation, if the lead state commissioner makes a determination, based upon that filing, that the insurance holding company system meets all of the following criteria:
1. Has annual direct written and unaffiliated assumed premium (including international direct and assumed premium), but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, of less than $ 1,000,000,000;
2. Has no insurers within its holding company structure that are domiciled outside of the United States or one of its territories;
3. Has no banking, depository, or other financial entity that is subject to an identified regulatory capital framework within its holding company structure;
4. The holding company system attests that there are no material changes in the transactions between insurers and non-insurers in the group that have occurred since the last filing of the annual group capital; and
5. The non-insurers within the holding company system do not pose a material financial risk to the insurer's ability to honor policyholder obligations.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 36 - EXAMINATION OF INSURERS › Section 11:1-36.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter sets forth certain procedures and processes for the examination of the financial condition of a company, for the payment of expenses of any examination conducted pursuant to 17:23-20 et seq., and for maintaining certain information as confidential pursuant to N.J.S.A. 17:23-24f.
(b) This subchapter applies to all insurers licensed to transact insurance in this State and to any company or person subject to examination by the Commissioner pursuant to 17:23-20 et seq.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 36 - EXAMINATION OF INSURERS › Section 11:1-36.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, as used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise.
"Alien insurer" means an insurer formed under the laws of any country other than the United States, its states, districts, territories, commonwealths and possessions.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Company" means any insurer or other person engaging in or proposing or attempting to engage in any transaction or kind of insurance or surety business and any person or group of persons who may otherwise be subject to the administrative, regulatory or taxing authority of the Commissioner.
"Department" means the New Jersey Department of Banking and Insurance.
"Domestic insurer" means an insurer formed under the laws of this State.
"Examiner" means any individual or firm authorized by the Commissioner to conduct an examination pursuant to 17:23-20 et seq.
"Financial condition examination" means a comprehensive examination of the assets and liabilities, method of conducting business and all other affairs of any company which is the subject matter of the examination report filed pursuant to the procedures set forth in 17:23-20 et seq. and this subchapter.
"Foreign insurer" means an insurer formed under the laws of a jurisdiction of the United States other than this State.
"Insurer" means any corporation, association, partnership, reciprocal exchange, interinsurer, Lloyd's insurer or other person engaged in the business of insurance pursuant to Subtitle 3 of the Title 17 of the Revised Statutes or Subtitle 3 of the Title 17B of the New Jersey Statutes.
"Joint examination" means the examination of affiliated insurers that have any type of interinsurance, reinsurance, or other business dealings, and of insurers that have, through reinsurance affiliations, provided 35 percent or more of the existing surplus support at the as-of-date of the examination.
"Lead state" means the state where the parent insurer is domiciled or, if there is no insurer parent, the state where the largest (by direct written premium volume as shown by the last filed annual statement) insurer subsidiary is domiciled.
"NAIC" means the National Association of Insurance Commissioners.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 36 - EXAMINATION OF INSURERS › Section 11:1-36.3 - Examination; when deemed complete

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For purposes of N.J.S.A. 17:23-24b, an examination of the financial condition of a company shall be deemed complete not later than 90 days after the date the examiner leaves the site of the company, or not later than 90 days after the date the company responds to the last written request from the examiner(s) for additional information, but in no event later than 180 days after the date the examiner leaves the site of the company provided that the company has responded to any written request for additional information made 90 days or more prior to that date. For good cause, the Chief Insurance Examiner of the Department may extend these time frames for an additional period of time not to exceed 90 days.
(b) A company shall provide any additional information, documentation or other data requested by an examiner not later than 30 days after such request.
(c) In the case of joint examinations, the time frames set forth in (a) above shall apply where this State is the lead state conducting such joint examination. Where this State is not the lead state, the time frames set forth in (a) above may apply with the agreement of the lead State.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 36 - EXAMINATION OF INSURERS › Section 11:1-36.4 - Foreign and alien insurers; filing of examination reports with this State

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A foreign or alien insurer licensed to transact business in this State shall file with the Department a copy of the financial condition examination report prepared by the insurance department or other regulatory agency for the insurer's state of domicile or port-of-entry state.
1. The copy of the examination report shall be filed not later than 180 days after the report is adopted by the insurance department or regulatory agency of the insurer's state of domicile or port-of-entry state, and shall be certified by such department or agency as representing a true and accurate report of the examination conducted by its duly appointed examiner in charge who satisfies the minimum qualifications to be the examiner in charge of such examination as set forth in the Examiners' Handbook adopted by the NAIC as in effect at the time such examination was conducted.
2. After January 1, 1994, in addition to the requirements set forth in (a) and (a)1 above, the insurer shall provide a certification from the insurance department or regulatory agency that:
i. The insurance department or regulatory agency was at the time of the examination accredited under the NAIC's Financial Regulation Standards and Accreditation Program; or
ii. The examination was performed under the supervision of an accredited insurance department or other regulatory agency or with the participation of one or more examiners who are employed by such an accredited state insurance department or other regulatory agency who satisfy the minimum qualifications to be an examiner as set forth in the Examiners' Handbook adopted by the NAIC as in effect at the time the examination was conducted and who, after a review of the examination work papers and report, state under oath that the examination was performed in a manner consistent with the standards and procedures required by their insurance department or other regulatory agency.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 36 - EXAMINATION OF INSURERS › Section 11:1-36.5 - Payment of expenses

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Pursuant to N.J.S.A. 17:23-22d, the reasonable expenses of any examination and proceedings conducted under that statute shall be fixed and determined by the Commissioner, and he or she shall collect them from the company examined, which shall pay them on a presentation of an account of expenses. Any and all such receipts shall be appropriated to the Department for use in defraying the expenses of such examination. If any company, after examination, is adjudged insolvent by a court of competent jurisdiction, the expense of the examination, if unpaid, shall be ordered out of the assets of the company.
(b) Pursuant to N.J.S.A. 17:23-23d, the Commissioner may, in making an examination under that statute, retain attorneys, appraisers, independent actuaries, independent certified public accountants, or other professionals as examiners, the cost of which shall be borne by the company being examined. Upon presentation of a detailed invoice for such fees and expenses, and upon review and approval by the Commissioner of the adequacy and reasonableness of such fees and expenses, the Commissioner shall authorize and direct that the company pay such amount directly to the third party retained by the Commissioner to assist in the examination. The company shall make such payment within 30 days of the Commissioner's approval of the adequacy and reasonableness of such fees and expenses.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 36 - EXAMINATION OF INSURERS › Section 11:1-36.6 - Confidentiality

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Pursuant to N.J.S.A. 17:23-24f, working papers, recorded information, documents and copies thereof produced, obtained by, or disclosed to the Commissioner or any other person in the course of an examination made under 17:23-20 et seq. shall be confidential, except as otherwise provided in that statute.
(b) The confidentiality provision in N.J.S.A. 17:23-24f shall also apply to any other documents obtained by the Department in exercising the examination power pursuant to 17:23-20 et seq., including the Department's ongoing financial analysis of insurers, and including, but not limited to, the following:
1. Actuarial reports;
2. NAIC Analyst System data;
3. NAIC Analyst notes;
4. NAIC Financial Analysis Solvency Tools/Insurance Regulatory Information System data;
5. Strategic business plans and related projections; and
6. Correspondence.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose of this subchapter is to establish procedures for the examination, licensing, continuing education, and conduct of persons acting as public adjusters in this State.
(b) This subchapter applies to any person, who for money, a commission or anything of value, acts or aids in any manner on behalf of an insured in negotiating for or effecting, the settlement of claims; or for money, a commission or anything of value, solicits or adjusts claims, in whole or in part, on behalf of any public adjuster.
(c) This subchapter shall not apply to:
1. Any employee, agent or other representative of any authorized insurer who acts in that capacity in the adjustment of claims, nor to any licensed insurance producer who is designated by the insurer to act as an adjuster for a client of the producer without any compensation for those services as adjuster. Insurance representatives and licensed insurance producers shall not advertise or publicly solicit the adjustment of claims in a manner likely to mislead the public into believing that he or she is offering services as a public adjuster;
2. Any licensed attorney of this State who acts or aids in adjusting insurance claims as an incident to the practice of his or her profession and who does not advertise him or herself as a public adjuster;
3. Any licensed insurance producer who acts as an adjuster with respect to any loss involving insurance contracts under which he or she was the broker of record in placing the insurance, whether or not designated in writing to act for the insured;
4. Any other duly licensed producer who has been designated to act for the insured in writing before a loss occurs; or
5. An auto body repair facility licensed pursuant to 39:13-1 et seq. that acts or aids in adjusting a motor vehicle insurance claim as an incident to the performance of duties for which it is licensed.