reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 43 - UNUSUAL HARDSHIP FOR COVERED CLAIMS UNDER THE NEW JERSEY PROPERTY-LIABILITY INSURANCE GUARANTY ASSOCIATION AND NEW JERSEY SURPLUS LINES INSURANCE GUARANTY FUND › Section 11:1-43.3 - Unusual hardship

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Pursuant to 17:30A-5 and 17:22-6.7 2, as applicable, a covered claim by the Association or Fund shall not include a claim filed with the Association or Fund, as applicable, after the final date set by the court for the filing of claims against the liquidator or receiver of an insolvent insurer, or, in the event a final date is not set by the court for the filing of claims against the liquidator or receiver of an insolvent insurer, two years from the date of the order of liquidation, unless the claimant demonstrates unusual hardship, as determined pursuant to this subchapter, and the Commissioner approves of the treatment of the claim as a covered claim.
(b) For purposes of (a) above, a claimant may show unusual hardship by filing information that demonstrates any of the following:
1. The claimant never received notice of the due date for filing claims;
i. The claimant shall be presumed to have received notice if the notice was timely mailed to the claimant's address currently on file with insurer;
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 43 - UNUSUAL HARDSHIP FOR COVERED CLAIMS UNDER THE NEW JERSEY PROPERTY-LIABILITY INSURANCE GUARANTY ASSOCIATION AND NEW JERSEY SURPLUS LINES INSURANCE GUARANTY FUND › Section 11:1-43.4 - Request for review by the Commissioner

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A claimant may request a review by the Commissioner of a determination of the Association or Fund, as applicable, denying a request for a finding of unusual hardship within 20 days of receipt of the Association's or Fund's written decision by submitting to the Commissioner a request for review addressed to: Office Solvency Regulation
New Jersey Department of Banking and Insurance
20 West State Street
PO Box 325
Trenton, NJ 08625-0325
(b) A request for review shall include those items presented in the initial request, a written statement explaining why the determination of the Association or Fund denying the initial request was incorrect, and any additional documentation in support of the request for review.
1. A copy of the request for review shall be simultaneously filed by the claimant with the Association or Fund, as applicable.
2. The Association or Fund, upon receipt of the request for review, shall forward the claimant's file to the Commissioner for his or her review.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 43 - UNUSUAL HARDSHIP FOR COVERED CLAIMS UNDER THE NEW JERSEY PROPERTY-LIABILITY INSURANCE GUARANTY ASSOCIATION AND NEW JERSEY SURPLUS LINES INSURANCE GUARANTY FUND › Section 11:1-43.5 - Confidentiality

Current through Register Vol. 56, No. 14, July 15, 2024
All documents provided by a claimant pursuant to 11:1-43.3 shall be confidential and shall not be subject to public inspection or copying pursuant to the "Right-to-Know" law, 47:1A-1 et seq.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 44 - STANDARDS FOR SAFEGUARDING CUSTOMER INFORMATION › Section 11:1-44.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter establishes standards for developing and implementing administrative, technical and physical safeguards to protect the security, confidentiality and integrity of customer information, pursuant to Sections 501, 505(b) and 507 of the Gramm-Leach-Bliley Act, 15 U.S.C. §§
										6801, 6805(b) and 6807.
(b) This subchapter shall apply to all licensees as defined herein.
(c) This subchapter shall not be deemed to limit or affect the duty of a licensee to maintain the confidentiality of information required to be kept confidential pursuant to law, including, but not limited to, 17:23A-1 et seq.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 44 - STANDARDS FOR SAFEGUARDING CUSTOMER INFORMATION › Section 11:1-44.3 - Information security program

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each licensee shall implement a comprehensive written information security program that includes administrative, technical and physical safeguards for the protection of customer information. The administrative, technical and physical safeguards included in the information security program shall be appropriate to the size and complexity of the licensee and the nature and scope of its activities.
(b) A licensee shall maintain and make available appropriate records to enable the Department to determine compliance with the requirements of this subchapter.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 44 - STANDARDS FOR SAFEGUARDING CUSTOMER INFORMATION › Section 11:1-44.4 - Objectives of information security program

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee's information security program shall be designed to:
1. Ensure the security and confidentiality of customer information;
2. Protect against any anticipated threats or hazards to the security or integrity of customer information; and
3. Protect against unauthorized access to or use of customer information that could result in substantial harm or inconvenience to any customer.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 44 - STANDARDS FOR SAFEGUARDING CUSTOMER INFORMATION › Section 11:1-44.5 - Examples of methods of development and implementation

Current through Register Vol. 56, No. 14, July 15, 2024
The actions and procedures described in 11:1-44.6 through 44.9 are examples of methods of implementation of the requirements of 11:1-44.3 and 44.4. These examples are non-exclusive illustrations of actions and procedures that licensees may follow to implement 11:1-44.3 and 44.4.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 44 - STANDARDS FOR SAFEGUARDING CUSTOMER INFORMATION › Section 11:1-44.6 - Assessment of risk

Current through Register Vol. 56, No. 14, July 15, 2024
The licensee identifies reasonably foreseeable internal or external threats that could result in unauthorized disclosure, misuse, alteration or destruction of customer information or customer information systems; assesses the likelihood and potential damage of these threats, taking into consideration the sensitivity of customer information; and assesses the sufficiency of policies, procedures, customer information systems and other safeguards in place to control risks.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 44 - STANDARDS FOR SAFEGUARDING CUSTOMER INFORMATION › Section 11:1-44.7 - Management and control of risk

Current through Register Vol. 56, No. 14, July 15, 2024
The licensee designs its information security program to control the identified risks, commensurate with the sensitivity of the information, as well as the complexity and scope of the licensee's activities; trains staff, as appropriate, to implement the licensee's information security program; and regularly tests or otherwise regularly monitors the key controls, systems and procedures of the information security program. The frequency and nature of these tests or other monitoring practices are determined by the licensee's risk assessment.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 44 - STANDARDS FOR SAFEGUARDING CUSTOMER INFORMATION › Section 11:1-44.8 - Service provider agreements

Current through Register Vol. 56, No. 14, July 15, 2024
The licensee exercises appropriate due diligence in selecting its service providers; and requires its service providers to implement appropriate measures designed to meet the objectives of this subchapter, and, where indicated by the licensee's risk assessment, takes appropriate steps to confirm that its service providers have satisfied these obligations.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 44 - STANDARDS FOR SAFEGUARDING CUSTOMER INFORMATION › Section 11:1-44.9 - Adjustment of the program

Current through Register Vol. 56, No. 14, July 15, 2024
The licensee monitors, evaluates and adjusts, as appropriate, the information security program in light of any relevant changes in technology, the sensitivity of its customer information, internal or external threats to information, and the licensee's own changing business arrangements, such as mergers and acquisitions, alliances and joint ventures, outsourcing arrangements and changes to customer information systems.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 44 - STANDARDS FOR SAFEGUARDING CUSTOMER INFORMATION › Section 11:1-44.10 - Violations

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to comply with the provisions of this subchapter shall be deemed to constitute a violation of the statutes governing trade practices at 17:29B-1 et seq. and 17B:30-1 et seq., as applicable, and shall result in the imposition of penalties as provided in those statutes, 17:22A-26 et seq., 17:23A-1 et seq., 17:33-2, and any other provision of law.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 44 - STANDARDS FOR SAFEGUARDING CUSTOMER INFORMATION › Section 11:1-44.11 - Effective date

Current through Register Vol. 56, No. 14, July 15, 2024
A licensee shall establish and implement an information security program, including appropriate policies and systems pursuant to this subchapter, by October 19, 2004.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 45 - NOTICE TO POLICYHOLDERS OF PERSONAL LINES INSURANCE RATE INCREASES › Section 11:1-45.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter sets forth the form and manner of notice to be provided to policyholders and the public when an insurer or rating organization files for a personal lines prior approval rate increase, in accordance with N.J.S.A. 52:27EE-51.
(b) This subchapter shall apply to all insurers and rating organizations that file for a consumer insurance rate increase, as required pursuant to N.J.S.A. 52:27EE-50 and 51. This subchapter shall not apply if the proposed change pertains to:
1. A prior approval rate filing made pursuant to 17:29A-46.6 or 17:36-5.3 5;
2. Rating system changes made pursuant to 17:29A-46.1 et seq.;
3. A rate filing made pursuant to any statutory change in coverage provided under a policy of private passenger automobile insurance;
4. A rate filing by the New Jersey Personal Automobile Insurance Plan; or
5. A prior approval rate filing of seven percent or less except when an insurer has filed for one or more prior approval rate filing(s) for implementation within a 12-month period and the impact of the filing(s) is a combined overall increase of more than seven percent, in which case this subchapter shall apply to the filing which causes the combined overall increase to exceed seven percent.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 45 - NOTICE TO POLICYHOLDERS OF PERSONAL LINES INSURANCE RATE INCREASES › Section 11:1-45.2 - 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:
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Consumer insurance rate increase" means a prior approval rate filing that:
1. For private passenger automobile insurance, would result in an increase in rates for any group of coverages, as defined in 11:3-16.2;
2. For homeowners' insurance, would result in an increase in rates for any policy form, that is, owners, tenants, or condominiums;
3. For personal lines property/casualty coverages, other than as set forth in 1 and 2 above, would result in a positive base rate change; and
4. For Medicare Supplement coverages, would result in an increase for any of the standard coverage plans A through L or for any non-standard policy or certificate form used by the filer.
"Department" means the New Jersey Department of Banking and Insurance.
"Division of Rate Counsel" means the division which pursuant to P.L. 2010, c. 34 (N.J.S.A. 52:27EE-46 et seq., as amended) is in, but independent of, the Department of the Treasury of New Jersey.
"Insurer" means an entity authorized or admitted to transact insurance in this State pursuant to Titles 17 or 17B of the New Jersey Statutes.
"Medicare Supplement coverage" means coverage under a Medicare supplement policy, as defined in N.J.S.A. 17B:26A-1e.
"Personal lines prior approval rate increase" means an increase in rates for personal lines property/casualty coverages, which are those coverages listed in paragraphs 1 through 3 in the definition "consumer insurance rate increase" above in this section.
"Personal lines property/casualty coverages" means insurance issued for personal, family or household purposes, as set forth at 11:13-1.2(a)2.
"Private passenger automobile insurance" means direct insurance on an "automobile," as defined in 39:6A-2.
"Rating organization" means every person or persons, corporation, partnership, company, society, or association engaged in the business of ratemaking for two or more insurers, and licensed as such pursuant to 17:29A-2.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 45 - NOTICE TO POLICYHOLDERS OF PERSONAL LINES INSURANCE RATE INCREASES › Section 11:1-45.3 - Form of notice required

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to 11:1-45.1(b), insurers shall provide notice, in the form set forth in Exhibit A or Exhibit B in the Appendix to this subchapter, incorporated herein by reference, of any filing for a personal lines prior approval rate increase, as set forth in N.J.S.A. 52:27EE-51, filed directly by the insurer or on its behalf by a rating organization. The notice shall be communicated through either regular or electronic mail to the named policyholders who use the products and services subject to the consumer insurance rate increase, and shall be provided within seven business days of the filing with the Department. In the case of regular mail, the notice shall be sent to the last known address of the named policyholder. The insurer may request policyholders to supply their electronic mail address, if they have one. If the policyholder does not have an electronic mailing address, then the insurer shall use regular mail. Insurers shall, as part of any filing for a consumer insurance rate increase, affirm that they are aware of and will comply with this notice requirement.
(b) Insurers shall not be responsible to assure receipt of the notice by all policyholders, provided the insurer has complied with 11:1-45.3. The failure of any policyholders to receive the notice shall not impact the effectiveness of any rate change that may subsequently be approved.
(c) Rating organizations shall publish notice, in the form set forth in the Exhibits to the Appendix to this subchapter, of any filing for a consumer insurance rate increase, in three newspapers of general circulation in this State, and on the rating organization's website, within seven business days of the filing with the Department.
(d) Nothing in this rule prevents the insurer from supplementing its notice with any other explanatory information that it may wish to supply to its policyholders with respect to the rate increase.
(e) Pursuant to N.J.S.A. 52:27EE-50, insurers and rating organizations shall file notice of a prior approval rate filing seeking a consumer insurance rate increase with the Department and shall concurrently provide a copy of the filing to the Division of Rate Counsel in the Department of the Treasury.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 45 - NOTICE TO POLICYHOLDERS OF PERSONAL LINES INSURANCE RATE INCREASES › Appendix - APPENDIX › Exhibit A

Current through Register Vol. 56, No. 14, July 15, 2024
Dear Policyholder:
(Salutation may be omitted by rating organizations.)
This is to provide notice as required pursuant to N.J.S.A. 52:27EE-51 that (COMPANY NAME) filed on (DATE) with the New Jersey Department of Banking and Insurance a request for a rate increase in the amount ____% for (TYPE OF COVERAGE(S).
[For PPA only] Under the proposed filing, the average liability-only policy would see a rate change of ____%. The average Full Coverage policy (includes comprehensive and collision coverage) will see a rate change of ____%. The impact of the filing on your rates may vary substantially, depending on the terms of your policy and your individual circumstances.
[For homeowners' only] Under the proposed filing, the average Owners policy (or equivalent term used by the filer) will see a rate change of ____%. The average Tenants policy will see a rate change of ____%. The average Condominiums policy (or equivalent term used by the filer) will see a rate change of ____%. The impact of the filing on your rates may vary substantially, depending on the terms of your policy and your individual circumstances.
[For all other personal lines property/casualty coverages] Under the proposed filing, the average policy will see a rate change of ____%. The impact of the filing on your rates may vary substantially, depending on the terms of your policy and your individual circumstances.
The request for a rate increase is subject to review and approval by the Department of Banking and Insurance pursuant to law, and the request ultimately may not be approved or may not be approved for the full amount requested. If approved in whole or in part, the rate change will not affect existing policies until they come up for renewal.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 45 - NOTICE TO POLICYHOLDERS OF PERSONAL LINES INSURANCE RATE INCREASES › Appendix - APPENDIX › Exhibit B - RESERVED

Current through Register Vol. 56, No. 14, July 15, 2024
Dear Policyholder:
This is to provide notice required pursuant to N.J.S.A. 52:27EE-51 of the combined impacts of recent filings to the New Jersey Department of Banking and Insurance by (Insurance Company) seeking rate increases within a 12 month period.
(Insurance Company) was granted an overall rate increase in the amount of +____% effective (xx/xx/xx) for new business and effective (xx/xx/xx) for renewal business for (coverage).
[Add additional descriptions for multiple filings if applicable]
(Insurance Company) subsequently filed on (xx/xx/xx) with the Department of Banking and Insurance a request for an overall rate increase in the amount of ____%, which, when combined with the previously approved rate increase(s), could result in an overall rate increase in excess of +7.0%.
(For PPA only) If the subsequent filing is approved for the full amount requested, when combined with the previously approved rate increase(s) the average liability-only policy will see a rate change of + ___%. The average full coverage policy (which includes comprehensive and collision coverage) will see a rate change of +____%. The impact of these filings on your rates may vary substantially, depending on the terms of your policy and your individual circumstances.
(For HO only) If the subsequent filing is approved for the full amount requested, when combined with the previously approved rate increase(s), the average homeowners policy (or equivalent term used by the filer) will see a rate change of +____%. The average Tenants policy will see a rate change of +____%. The average Condominiums policy (or equivalent term used by the filer) will see a rate change of ____%. The impact of these filings on your rates may vary substantially, depending on the terms of your policy and your individual circumstances.
(For all other personal lines property/casualty coverages) If the subsequent filing is approved for the full amount requested, when combined with the previously approved rate increase(s), the average policy will see a rate change of +____%. The impact of these filings on your rates may vary substantially, depending on the terms of your policy and your individual circumstances.
The subsequently filed request for a rate increase is subject to review and approval by the Department of Banking and Insurance pursuant to law and the request may not be approved, or may be approved for less than the full amount requested. If approved in whole or in part, the rate change will not affect existing policies until they come up for renewal.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 46 - WORKERS' COMPENSATION SECURITY FUND › Section 11:1-46.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter sets forth procedures for the assessment of carriers for purposes of making contributions to the Workers' Compensation Security Fund pursuant to 34:15-108.
(b) This subchapter shall apply to all carriers authorized or admitted to transact workers' compensation insurance in this State pursuant to Title 17 of the Revised Statutes.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 46 - WORKERS' COMPENSATION SECURITY FUND › Section 11:1-46.2 - 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.
"Carrier" means any stock corporation, reciprocal or association organized and operating on the mutual plan, authorized or admitted to transact workers' compensation insurance in this State, except an insolvent carrier.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Department" means the New Jersey Department of Banking and Insurance.
"Fund" means the Workers' Compensation Security Fund established pursuant to 34:15-103 et seq.
"Insolvent carrier" means a carrier which has been determined to be insolvent, or for which, or for the assets of which, a receiver has been appointed by a court or public officer of competent jurisdiction and authority.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 46 - WORKERS' COMPENSATION SECURITY FUND › Section 11:1-46.3 - Contributions to fund

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Department shall periodically evaluate the amount of funds in the fund. When the aggregate amount of all payments into the fund, together with accumulated interest thereon, less all its expenditures and known liabilities of all carriers for the payment of benefits, shall be reduced below three percent of the loss reserves of all carriers for the payment of benefits under 34:15-1 et seq. or 33 U.S.C. §
										901 et seq. by reason of payments from and known liabilities of the fund, then the Commissioner shall by Order require that contributions to the fund be made based on the net premiums of each carrier, as shown on the carrier's most recently filed annual statement and that such contributions continue until the fund, over and above its known liabilities, shall be equal to not less than three percent nor more than five percent of such reserves.
(b) All payments shall be made in the amount specified in and pursuant to the Order of the Commissioner.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 46 - WORKERS' COMPENSATION SECURITY FUND › Section 11:1-46.4 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to comply with the provisions of this subchapter may result in the imposition of penalties as authorized by law, including, but not limited to, penalties authorized pursuant to 34:15-109.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 47 - ELECTRONIC TRANSACTIONS › Section 11:1-47.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter recognizes and permits electronic transactions between carriers or producers, and applicants, insureds, or other parties.
(b) This subchapter applies to all transactions between carriers or producers, and an applicant, insured or other party for all kinds of insurance pursuant to Titles 17 and 17B of the New Jersey Statutes. This subchapter shall also apply to transactions involving the PAIP and CAIP. This subchapter shall not apply to cancellation, nonrenewal or termination of any insurance coverage. This subchapter shall not apply to filings required to be made with the Department.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 47 - ELECTRONIC TRANSACTIONS › Section 11:1-47.2 - 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.
"CAIP" means the Commercial Automobile Insurance Plan established pursuant to 17:29D-1 and N.J.A.C. 11:3-1.
"Carrier" means an insurance company, health service corporation, hospital service corporation, medical service corporation, dental service corporation, dental plan organization or health maintenance organization approved, authorized, admitted, or eligible to transact business in this State pursuant to Titles 17, 17B or 26 of the New Jersey Statutes, as applicable.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Department" means the New Jersey Department of Banking and Insurance.
"Electronic record" is as defined in 12A:12-2.
"Electronic signature" is as defined in 12A:12-2.
"PAIP" means the Personal Automobile Insurance Plan established pursuant to 17:29D-1 and N.J.A.C. 11:3-2.
"Producer" means a person required to be licensed pursuant to 17:22A-26 et seq. to sell, solicit or negotiate insurance in this State.
"Record" is as defined in 12A:12-2.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 47 - ELECTRONIC TRANSACTIONS › Section 11:1-47.3 - Electronic transactions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) To the extent any statute or rule requires that a transaction or record related thereto between a carrier or a producer and an applicant, insured or other party be in writing, with or without a signature, such transaction or record may be made electronically, provided the requirements of 12A:12-1 et seq. with respect to the use of electronic transactions, are satisfied.
(b) All parties shall agree to the use of electronic records in order for such transactions to be given effect.
(c) Carriers and producers shall develop appropriate procedures for the use of electronic transactions in their dealings with applicants, insureds or any other party. The procedures shall provide for the use of electronic records and transactions consistent with all requirements of law.
(d) All procedures shall be part of a carrier's underwriting rules, to the extent underwriting rules are subject to review and approval by the Commissioner. If underwriting rules are not subject to review and approval, such procedures shall be included in the carrier's or producer's business plan.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 47 - ELECTRONIC TRANSACTIONS › Section 11:1-47.4 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to comply with the provisions of this subchapter may result in the imposition of penalties as authorized by law, including, but not limited to, penalties authorized pursuant to 17:33-2 and 17B:21-2.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 1 - ADMISSION REQUIREMENTS FOR FOREIGN AND ALIEN LIFE AND HEALTH INSURERS › Section 11:2-1.1 - Purpose

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter establishes the procedures, requirements and standards which govern the application of foreign and alien insurers engaged in the business of life and health insurance for a certificate of authority to transact the business of insurance in this State.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 1 - ADMISSION REQUIREMENTS FOR FOREIGN AND ALIEN LIFE AND HEALTH INSURERS › Section 11:2-1.2 - Scope

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter applies to all foreign and alien insurers that apply for a certificate of authority to transact the business of life and health insurance in this State. The filing requirements contained in this subchapter shall not apply to the continuation, renewal or timely reinstatement of existing certificates of authority except where the Commissioner, pursuant to law, shall otherwise require.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 1 - ADMISSION REQUIREMENTS FOR FOREIGN AND ALIEN LIFE AND HEALTH INSURERS › Section 11:2-1.3 - 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:
"Commissioner" means the Commissioner of the Department of Banking and Insurance of this State.
"Committee on Admissions" means the advisory committee within the Department appointed by the Commissioner to aid in the review of applications for admission to transact the business of insurance in this State and to render to the Commissioner recommendations as to the disposition of such applications.
"Department" means the Department of Banking and Insurance of this State.
"IRIS" means the NAIC Insurance Regulatory Information System.
"NAIC" means National Association of Insurance Commissioners.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 1 - ADMISSION REQUIREMENTS FOR FOREIGN AND ALIEN LIFE AND HEALTH INSURERS › Section 11:2-1.5 - Letter of intent

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Prior to the acceptance of a final application for a certificate of authority in this State, all foreign and alien insurers who desire to transact the business of life and health insurance in this State shall submit, as a preliminary application, a letter of intent, which shall include, where applicable, the information required in (a)1 through 7 below.
1. The name of the applicant;
2. The name of any person, as defined in this subchapter, or other entity, by whom the applicant is controlled;
3. The applicant's insurance holding company registration statements including the holding company systems chart for the most recent five years;
4. The kind(s) of insurance proposed to be written by the applicant in this State;
5. A certified copy of the applicant's most recent annual statement, prepared on the NAIC annual statement forms used by New Jersey domestic insurers;
6. A certified copy of the applicant's current certificate of authority from its place of domicile; and
7. The most recent report(s) from rating agencies, including, but not limited to, A.M. Best, Moody's, Standard and Poor's, Duff and Phelps, and Dun and Bradstreet.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 1 - ADMISSION REQUIREMENTS FOR FOREIGN AND ALIEN LIFE AND HEALTH INSURERS › Section 11:2-1.7 - Review procedures; appeals

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon receipt of a final application, the Commissioner shall conduct a thorough background investigation and review which shall include the information contained in 11:2-1.4, 1.5 and 1.6, inquiries regarding claims settlement practices and any other information which, in the opinion of the Commissioner, may be necessary to make an appropriate decision regarding the application.
(b) The applicant shall ensure that all filings submitted to the Department are current. Any amendment, changes or replacements to documents on file shall be timely updated.
(c) Applications accepted after November 15 of each year shall not be reviewed until the next annual statement becomes available and is received for review. The review of such applications shall begin after receipt by the Department of the latest annual statement and after the latest financial information of the applicant is available in electronic format from the NAIC database.
(d) Before a decision on an application is made, the Department may request from an applicant, in writing, any additional information it may require. Failure by an applicant to respond to written inquiries by the Department within 45 days shall result in an application being deemed withdrawn.
(e) Application reviews shall be conducted by the Department on a monthly basis. The Department's Committee on Admissions shall make a recommendation to the Commissioner concerning each application which has been reviewed. The Commissioner shall consider the recommendation and make his or her decision on the application within 10 working days from receipt of the recommendation. Written notice of the decision shall be mailed to the applicant by certified mail within 10 working days of the date of the Commissioner's decision.
(f) When the Commissioner rejects an application, the notice of rejection shall include a statement specifying the reasons for the rejection. Such notice shall inform the applicant of the right:
1. To request an informal Departmental review of the rejection within 20 days of receipt of the notice of rejection; and
2. To provide the Department with a written statement, including supporting documentation, if any, disputing with specificity the reasons for rejection within 30 days of the receipt of the notice of rejection.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 1 - ADMISSION REQUIREMENTS FOR FOREIGN AND ALIEN LIFE AND HEALTH INSURERS › Section 11:2-1.8 - Severability

Current through Register Vol. 56, No. 14, July 15, 2024
If any provisions 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.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 2 - INSURANCE ON FINANCED AUTOMOBILES › Section 11:2-2.1 - Return of unearned premiums

Current through Register Vol. 56, No. 14, July 15, 2024
(a)
									17:16D-14(a)  requires that whenever a financial insurance contract is cancelled, the insurer on notice of such financing shall return whatever gross unearned premiums are due under the insurance contract to the premium finance company for the account of the insured or insureds.
(b) Upon the effective date of this regulation, such unearned premiums shall be remitted by insurers to finance companies not later than 60 days after the effective date of cancellation, or 60 days after the completion of any payroll audit necessary to determine the amount of premium earned while the policy was in force. Such audit shall be performed within 30 days after the effective date of cancellation. Insurers also shall remit unearned premium in accordance with the requirements set forth in 17:16D-14.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.1 - Scope

Current through Register Vol. 56, No. 14, July 15, 2024
All life insurance and all accident and health insurance sold in connection with consumer loans or other consumer credit transactions shall be subject to the provisions of this subchapter except that such insurance sold in connection with first mortgage loans made to individual borrowers for the purpose of purchasing residential real estate shall not be subject to 11:2-3.1 7 and 3.20.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.3 - Forms

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Credit life insurance and credit accident and health insurance shall be issued only in the following forms:
1. Individual policies of life insurance issued to debtors on the term plan;
2. Individual policies of accident and health insurance issued to debtors on a term plan, or disability benefit provisions in individual policies of credit life insurance;
3. Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; or
4. Group policies of accident and health insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.4 - Amount

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The amount of credit life insurance issued in connection with a specific loan or other credit transaction shall not exceed the indebtedness.
(b) Where an indebtedness repayable in substantially equal installments is secured by an individual policy of credit life insurance, the amount of insurance shall at no time exceed the approximate unpaid indebtedness and, where secured by a group policy of credit life insurance shall at no time exceed the exact amount of unpaid indebtedness.
(c) The amount of indemnity payable in connection with a specific loan or other credit transaction by credit accident and health insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of indebtedness; and the amount of each periodic indemnity payment shall not exceed the original indebtedness divided by the number of periodic installments.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.6 - Policy provisions, disclosure to debtors

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All credit life insurance and credit accident and health insurance shall be evidenced by an individual policy, or in the case of group insurance, by a certificate of group insurance which shall be delivered to the insured debtor at the time the indebtedness is incurred or within 30 days thereafter, except as provided in 11:2-3.1 3.
(b) Each individual policy or certificate of group insurance shall, in addition to other requirements of law, set forth the following information:
1. The name and home office address of the insurer;
2. The identity of the person or persons insured, by name or otherwise;
3. The amount and term of the coverage which, in the case of group insurance, may be by description rather than by stated amount and term;
4. The payment for insurance, in the case of an individual policy, or the rate or amount of payment, in the case of a group policy, if any, collected from the debtor separately in connection with credit life insurance and credit accident and health insurance;
5. The circumstances under which refunds of premiums or payments for insurance collected from debtors are payable pursuant to the provisions of 11:2-3.2 0; and
6. A description of the insurance coverage including any exceptions, limitations or restrictions, and in addition a statement that the benefits shall be paid to the creditor to reduce or extinguish any unpaid indebtedness to the creditor and, where the amount of insurance exceeds any such unpaid indebtedness, that any such excess shall be payable to a beneficiary, other than the creditor, named by the debtor, or to his estate.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.7 - Credit life insurance in connection with leases of personal property

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Credit life insurance may be issued in connection with leases of personal property only when, pursuant to the terms of the lease, death of the lessee imposes a financial obligation to the lessor on the lessee's estate.
(b) The amount of credit life insurance issued in connection with leases of personal property shall equal the financial liability of the lessee's estate to the lessor pursuant to the terms of the lease upon the death of the lessee.
(c) Credit life insurance coverage issued in connection with leased personal property shall be net coverage.
(d) Credit life insurance issued in connection with leased personal property shall not cover any optional payment to purchase the leased property. When the lease requires the purchase of the leased item at the end of the lease term, credit life insurance may be provided, on a level term basis, to cover the purchase payment.
(e) Any insurance payable in excess of the amount due to the lessor shall be paid to the lessee's successor in interest.
(f) The following disclosures shall be made when credit life insurance is issued in connection with leases of personal property:
1. The credit life insurance form shall contain a clear definition of the death benefit, either by schedule or formula, so that the amount payable at death is determinable.
2. Insurers shall provide in boldface, 10 point type notice at the time of application that credit life insurance coverage is not required. Such notice shall contain a date and signature section to be completed by the applicant. The notice shall be submitted to the Commissioner with the credit life insurance forms along with a statement of the manner in which the notice will be provided to applicants.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.8 - Credit accident and health insurance in connection with leases of personal property

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Insurers shall provide prominent written notice at the time of application that credit accident and health insurance coverage is not required. Such notice shall contain a date and signature section to be completed by the applicant. The form of notice shall be submitted to the Commissioner for approval with the credit accident and health insurance forms and a statement of the manner in which the notice will be provided to applicants.
(b) If a lease is terminated prior to its scheduled termination date, any credit accident and health insurance payments arising out of a disability which commenced prior to such early termination shall be paid by the insurer upon the continuing disability of the lessee as if the lease had not been terminated. Such payments shall be made directly to the lessee or other secondary beneficiary.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.9 - Open-end credit coverage

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Credit life and credit accident and health insurance may be issued in connection with open-end debts such as credit card transactions.
(b) The following requirements apply to the amount of credit life and credit accident and health insurance issued in connection with open-end debts:
1. Credit life insurance shall cover the amount which the debtor is obligated to pay on the date of death, subject to any policy maximum uniformly applied and any statutory maximum. The amount of insurance shall include all credit drawn at the date of death, regardless of whether it is recorded on the creditor's books, and any accrued interest not yet paid.
2. The periodic payments for credit accident and health insurance shall not be less than the creditor's minimum repayment schedule based on the balance on the date of disability, subject to any policy maximum uniformly applied. Payments shall continue while the debtor is disabled until the account balance on the date of disability, and interest accrued thereon, has been or would have been paid off.
3. Existing draw-downs of credit may or may not be covered. The policy or certificate shall clearly indicate whether or not existing draw-downs of credit are covered. A company may impose additional underwriting to extend insurance to existing draw-downs of credit.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.10 - Balloon coverage

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Credit life and credit accident and health insurance coverage on balloon loans, that is, loans in which the periodic payments are insufficient to pay the loan so that the last payment is a balloon or large amount, shall be net coverage for credit life insurance. For credit accident and health insurance, gross coverage is acceptable but the monthly disability benefit, including the final installment of the balloon payment, shall not be less than the previous regular monthly installments.
(b) Single premium charges for credit life insurance providing balloon coverage shall be calculated as follows:
1. For each month of coverage, a charge for that month based on the amount of coverage and the monthly outstanding balance prima facie rate shall be determined.
2. The charges shall be discounted at a nominal rate no less than five percent. The Commissioner shall review this discount rate on a triennial basis and provide public notice of any adjustments to this discount rate by publication in the New Jersey Register. Any such adjustment shall be based on the average of the rates being paid at that time on three-year United States Treasury Notes as reported in the Wall Street Journal on the last day of sale in the most recent three calendar years.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.11 - Prohibited provisions of credit insurance policies

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Insurers authorized to transact business in New Jersey pursuant to 17B:17-1 et seq. may not require applicants to purchase involuntary unemployment insurance in combination with credit life insurance and/or credit accident and health insurance.
(b) Except as provided in 11:2-3.9(d), preexisting condition exclusions are prohibited in credit life insurance policies and certificates.
(c) Credit life and credit accident and health insurance policies and certificates shall not limit coverage to death or disability due to accidental causes, shall not include supplementary accidental death or dismemberment benefits, and shall not allow conversion to accidental death or dismemberment coverage.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 3 - CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE › Section 11:2-3.12 - Delivery of policy; procedures

Current through Register Vol. 56, No. 14, July 15, 2024
The insurer shall arrange with the creditor for the establishment of procedures for delivery of the individual policy or certificate of group insurance to the debtor upon the insurance becoming effective, or within 30 days of the date upon which the indebtedness is incurred and shall make periodic reviews to determine the effectiveness of such procedures.