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New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 22 - PROHIBITION OF CERTAIN CANCELLATION AND NONRENEWAL ACTIVITY › Section 11:1-22.1 - Scope; definitions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter shall apply to all commercial insurance policies which are in force, issued or renewed on or after the effective date of this subchapter by companies licensed to do business in this State except workers' compensation insurance and forgery bonds, ocean marine and aviation insurance and accident and health insurance and any policy written by a surplus lines insurer. This subchapter shall not be applicable to multi-state location risks.
(b) This subchapter shall also apply to all policies of homeowners insurance as defined at 11:2-42.2 which are in force, issued, or renewed on or after January 17, 1995.
(c) These rules are not exclusive, and the Commissioner may also consider other provisions of statutes and regulations to be applicable to the circumstances or situations addressed herein.
(d) For the purposes of this subchapter, the terms "block" and "class" shall mean any group of insureds, however defined or designated, to which a common plan or program of cancellation or nonrenewal applies. A class may include one or more blocks.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 22 - PROHIBITION OF CERTAIN CANCELLATION AND NONRENEWAL ACTIVITY › Section 11:1-22.2 - Prohibitions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following acts or practices are specifically prohibited with respect to those policies subject to the provisions of this subchapter:
1. Effecting or attempting to effect a mid-term premium increase and/or a reduction in the amount or type of coverage provided under the policy unless prior written approval therefor has been obtained from the Commissioner.
2. Block nonrenewing entire lines or classes of insurance, except pursuant to a plan which: complies with (b) below; is submitted to the Commissioner at least 30 days prior to the issuance of any notice of nonrenewal; and is not disapproved within 30 days after its filing with the Commissioner. For the purpose of this paragraph, the termination or attempted termination of an appointed agent solely to achieve the block nonrenewal of entire lines or entire classes of insurance shall be deemed a nonrenewal subject to this paragraph. In addition, nonrenewals pursuant to a change in an insurer's underwriting guidelines shall be subject to this subchapter.
3. Block cancelling entire lines of insurance or classes of business except pursuant to a plan which: complies with (c) below; is submitted to the Commissioner at least 30 days prior to the issuance of any notice of cancellation; and is not disapproved within 30 days after its filing with the Commissioner. For the purposes of this paragraph, the termination or attempted termination of an appointed agent solely to achieve the block cancellation of entire lines of insurance or entire classes of business shall be deemed a cancellation subject to this paragraph. In addition, cancellations pursuant to a change in an insurer's underwriting guidelines shall be subject to this subchapter.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 22 - PROHIBITION OF CERTAIN CANCELLATION AND NONRENEWAL ACTIVITY › Section 11:1-22.3 - Confidentiality

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All data or information contained in a block nonrenewal and/or block cancellation plan filed pursuant to this subchapter shall be confidential and shall not be considered a public record for purposes of the Open Public Records Act, 47:1A-1 et seq., with the exception of the following information:
1. The letter from the Department acknowledging receipt of the filing;
2. Proposed and final versions of any policyholder notices;
3. Any information that the filer will be providing to the policyholder (for example, hurricane mitigation requirements);
4. The letter from the filer to the Department providing notice of the proposed implementation date of the plan; and
5. The letter from the filer to the Department providing notice of the proposed expiration date of the last policy to be cancelled or nonrenewed.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 22 - PROHIBITION OF CERTAIN CANCELLATION AND NONRENEWAL ACTIVITY › Section 11:1-22.4 - Extension of duration of plan

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the Commissioner finds that the block nonrenewal and/or block cancellation will adversely affect the market, the timeframe for the block nonrenewals and/or cancellations may be extended to a maximum period of three years.
(b) In making the determination as to whether a block nonrenewal or block cancellation will adversely affect the market, the Commissioner shall consider, without limitation, the number of policies to be nonrenewed and/or cancelled, whether there are other insurers writing the line or class of insurance to be block nonrenewed and/or cancelled, and whether, following the nonrenewal or cancellation, there will be sufficient capacity in the voluntary market with respect to the particular coverage or class of coverage involved.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 22 - PROHIBITION OF CERTAIN CANCELLATION AND NONRENEWAL ACTIVITY › Section 11:1-22.5 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In addition to any other penalty authorized by law, the Commissioner may, after notice and a hearing, impose penalties as prescribed by 17:29A-1 et seq., 17:29AA-1 et seq., 17:29B-7 and 11, 17:30C-1 et seq., 17:32-1 et seq. and 17:33-2.
(b) As an alternative or in addition to the penalties set forth in (a) above, the Commissioner, where he or she deems such action will further the purposes of this subchapter, may require immediate reinstatement without lapse of any policy that has been nonrenewed or cancelled in violation of the provisions of this subchapter.
1. The Commissioner shall not order any reinstatement more than one year after the effective date of the nonrenewal or cancellation, provided, however, that the one year period shall be tolled during the course of any administrative proceedings initiated by the Department and any subsequent judicial review of those proceedings.
2. Nothing herein shall be deemed to create any right or cause of action on behalf of any insured to enforce the penalties set forth in this subsection.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 24 - USE OF CREDIT CARDS, CHARGE CARDS, DEBIT CARDS OR DIRECT ACCOUNT DEDUCTION ALTERNATIVE PAYMENT METHOD TO PAY INSURANCE PREMIUMS › Section 11:1-24.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose of this subchapter is to regulate the use of credit cards, charge cards, debit cards or direct account deduction by insurers, insurance producers and limited insurance representatives and to provide standards concerning the use of such means to pay for insurance premiums when an insurer or insurance producer has entered into a contract with a bank, credit card company, or financial institution to accept credit cards, charge cards, debit cards or direct account deduction to facilitate the payment of insurance premiums. This subchapter implements the provisions of 17:29B-1 et seq. and 17B:30-1 et seq. to prevent unfair and deceptive practices in the use of these means to pay insurance premiums.
(b) This subchapter shall apply to any insurer or insurance producer that enters into a contract with a bank, credit card company, or other financial institution to accept credit cards, charge cards, debit cards, or direct account deduction as a method of payment of an insurance premium. This subchapter shall apply to all kinds of insurance.
(c) The provisions of this subchapter are in addition to any other applicable requirements of Federal and State law and apply to the extent that they are not inconsistent therewith.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 24 - USE OF CREDIT CARDS, CHARGE CARDS, DEBIT CARDS OR DIRECT ACCOUNT DEDUCTION ALTERNATIVE PAYMENT METHOD TO PAY INSURANCE PREMIUMS › Section 11:1-24.2 - 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.
"Alternative payment method" means the payment of insurance premiums by credit card, charge card, debit card or direct account deduction.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Credit card" or "charge card" means those cards issued by or through banks, other financial entities or nonfinancial entities, that enable holders of the card to purchase goods or services on credit from entities that agree with the issuer to honor that card.
"Credit card company" means such entities that enter into contractual arrangements with vendors, including providers of services, whereby the vendor agrees to accept as a method for payment of goods purchased or services rendered a credit card issued by the entity to the purchaser of such goods or services.
"Debit card" means those cards issued by or through banks, other financial entities, or nonfinancial entities, that enable holders of the card to purchase goods or services by automatic deductions from a holder's account from entities that agree with the issuer to honor that card.
"Department" means the New Jersey Department of Banking and Insurance.
"Direct account deduction" means an arrangement whereby the insurer, insurance producer or limited insurance representative has entered into an agreement for processing services involving a bank or financial institution for the automatic deduction of insurance premiums from an account of the insured designated by the insured for that purpose.
"Insurance producer" is as defined in 17:22A-28.
"Insurer" means a corporation, association, partnership, company, fraternal benefit society, eligible surplus lines insurer, reciprocal exchange, interinsurer, Lloyd's insurer, risk retention group, purchasing group, any corporation or organization authorized pursuant to Part 9 of Subtitle 3 of Title 17 of the New Jersey Statutes, and any other person or legal entity engaged in business pursuant to Title 17 or 17B of the New Jersey Statutes.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 24 - USE OF CREDIT CARDS, CHARGE CARDS, DEBIT CARDS OR DIRECT ACCOUNT DEDUCTION ALTERNATIVE PAYMENT METHOD TO PAY INSURANCE PREMIUMS › Section 11:1-24.3 - Use of credit cards, charge cards, debit cards, and direct account deduction (alternative payment method) for payment of premiums

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The use of an alternative payment method by an insurer or insurance producer shall be optional and shall be permitted as long as the insurance laws of this State and other applicable provisions of law are not violated.
(b) Any insurer or insurance producer that agrees to allow the use of any one alternative payment method, or a combination of them, in the payment of insurance premiums for a particular product or products of insurance shall make that service available to all existing and prospective insureds who are invited to purchase the product being offered, and shall not limit the use of such payment option only to certain entities or persons among those being offered the same product.
(c) Insurers or insurance producers that offer the use of an alternative payment method as an option for payment of premium for a product or products shall make this option available for the payment of all subsequent installments of the premium; provided, however, that an insurer or insurance producer may discontinue the use of payment by that alternative method generally as a means of the payment of premiums, or for a particular credit card, charge card or debit card, if the insurer or insurance producer notifies the insured of the discontinuation at least 60 days prior thereto, or in individual cases in accordance with the insurer's rating system established pursuant to applicable law.
(d) An insurer or insurance producer shall not be permitted to require payment of insurance premiums by an alternative payment method only, except where such payment is part of the insurance marketing plan for that line or program (for example, offering life or health insurance to cardholders of a particular credit card or charge card with payments charged to that card).
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 24 - USE OF CREDIT CARDS, CHARGE CARDS, DEBIT CARDS OR DIRECT ACCOUNT DEDUCTION ALTERNATIVE PAYMENT METHOD TO PAY INSURANCE PREMIUMS › Section 11:1-24.4 - Ratemaking

Current through Register Vol. 56, No. 14, July 15, 2024
No premium shall differentiate in rates on the basis of payment by one of the alternative methods set forth in this subchapter or payment by means other than one of these methods, except in accordance with the insurer's rating system, or as otherwise authorized pursuant to N.J.S.A. 17B:30-14d and e.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 24 - USE OF CREDIT CARDS, CHARGE CARDS, DEBIT CARDS OR DIRECT ACCOUNT DEDUCTION ALTERNATIVE PAYMENT METHOD TO PAY INSURANCE PREMIUMS › Section 11:1-24.5 - Cancellation of policy

Current through Register Vol. 56, No. 14, July 15, 2024
The insurance policy that is the subject of an alternative payment method transaction shall not be cancelled or nonrenewed by any person other than the named insured, the policyholder (including the owner of the policy where the policyholder is not the named insured) or the insurer, in accordance with the provisions of Title 17 and 17B of the New Jersey Statutes, any implementing administrative rules, and the insurance policy or contract.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 24 - USE OF CREDIT CARDS, CHARGE CARDS, DEBIT CARDS OR DIRECT ACCOUNT DEDUCTION ALTERNATIVE PAYMENT METHOD TO PAY INSURANCE PREMIUMS › Section 11:1-24.6 - Payment of premiums

Current through Register Vol. 56, No. 14, July 15, 2024
Premium payments shall be considered collected by and paid to the insurer or insurance producer, as applicable, when the charge is authorized or debited, as applicable.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 24 - USE OF CREDIT CARDS, CHARGE CARDS, DEBIT CARDS OR DIRECT ACCOUNT DEDUCTION ALTERNATIVE PAYMENT METHOD TO PAY INSURANCE PREMIUMS › Section 11:1-24.7 - Disclosure of optional methods of payment

Current through Register Vol. 56, No. 14, July 15, 2024
An insurer or insurance producer allowing alternative payment methods of insurance premiums shall fully disclose to the insured or prospective insured, upon request, the availability of all optional methods of payment offered by that insurer or insurance producer, and the differences, including cost, between these methods and the alternative payment methods.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 24 - USE OF CREDIT CARDS, CHARGE CARDS, DEBIT CARDS OR DIRECT ACCOUNT DEDUCTION ALTERNATIVE PAYMENT METHOD TO PAY INSURANCE PREMIUMS › Section 11:1-24.8 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to comply with the provisions of this subchapter shall result in the imposition of penalties as provided by law.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 25 - OFFICIAL DEPARTMENT MAILING AND ELECTRONIC MAILING LISTS: ADDRESS INFORMATION › Section 11:1-25.1 - Purpose

Current through Register Vol. 56, No. 14, July 15, 2024
The purpose of this subchapter is to ensure that the Department's records of the official mailing address and the electronic mailing ("e-mail") address of insurers and regulated entities remain accurate and updated at all times and thereby maximize the efficient use of Department resources and the effectiveness of Department mailings.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 25 - OFFICIAL DEPARTMENT MAILING AND ELECTRONIC MAILING LISTS: ADDRESS INFORMATION › Section 11:1-25.2 - Scope

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter shall apply to any person, partnership, corporation or any other legal entity that is required to submit an annual financial statement or report to the Commissioner pursuant to any of the following: 17:16A-13, 17:22-6.4 5, 17:23-1, 17:35-8, 17:35-19, 17:44A-34, 17:45-12, 17:46A-7, 17:46B-55, 17:46C-9, 17:48-11, 17:48A-15, 17:48C-26, 17:48D-13, 17:48E-36, 17:50-8, 17B:21-1 or any other statute requiring such a submission.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 25 - OFFICIAL DEPARTMENT MAILING AND ELECTRONIC MAILING LISTS: ADDRESS INFORMATION › Section 11:1-25.3 - Official mailing and electronic mailing lists; change in address information

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For the purpose of disseminating Department information, including, but not limited to, certificates of authority, orders to show cause, and company-specific administrative orders, the Department's official mailing address list shall be based upon the mailing address information as provided in the insurer's or other regulated entity's most recent annual financial statement or report filed pursuant to the respective insurance laws requiring such, as set forth above at 11:1-25.2. The mailing address provided in the annual financial statement or report shall be deemed the official mailing address of the person, partnership, corporation or other legal entity which filed such statement or report, unless the Department has been specifically notified otherwise of a change in the mailing address. In such cases, the mailing address the Department has been notified of shall be deemed the official mailing address.
1. In cases where no mailing address is designated, the home address as provided in the annual financial statement or report filed shall be deemed the official mailing address, unless the Department has been specifically notified otherwise of a change in the home address. In such cases, the home address the Department has been notified of shall be deemed the official mailing address.
2. If an insurer's or other regulated entity's mailing address, or home address if applicable, is different on the annual financial statement then the insurer or other regulated entity shall notify the Department in writing within 10 days of the address change, by sending the notification to the Department at the address set forth in (b) below.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 25 - OFFICIAL DEPARTMENT MAILING AND ELECTRONIC MAILING LISTS: ADDRESS INFORMATION › Section 11:1-25.4 - Foreign insurers-designation of individual for service of process through Commissioner

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A foreign insurer may specify an individual to receive papers that have been served on the Commissioner as its agent pursuant to 17:32-2 (property and casualty insurers) and N.J.S.A. 17B:23-2c (life and health insurers).
(b) To designate an individual to receive papers served on the foreign insurer through the Commissioner, the foreign insurer must complete a designation form and return this form to the Department. The designation form can be obtained from the Department's website at:
http://www.state.nj.us/dobi/index.shtml
, or a hard copy can be obtained from the Department upon request.
(c) If a foreign insurer has specified an individual to receive papers served on the Commissioner pursuant to (a) above, the Department shall, upon being served, mail all papers to the specified individual by certified mail, return receipt requested. If the mailing to the specified individual is returned to the Department without service upon the designated individual, then the Department shall mail all papers to the Company Secretary by regular mail, as provided in 11:1-25.3(c).
(d) If a foreign insurer does not specify an individual to receive papers served on the Commissioner, then the Department shall mail all papers to the Company Secretary by certified mail, return receipt requested, as provided in 11:1-25.3(c).
(e) Each foreign insurer shall immediately notify the Department upon any change in the individual designated for mailing of papers served upon the Commissioner as its agent.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 25 - OFFICIAL DEPARTMENT MAILING AND ELECTRONIC MAILING LISTS: ADDRESS INFORMATION › Section 11:1-25.5 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to comply with the provisions of this subchapter shall constitute a violation of the insurance laws of this State and may result in the imposition of any penalties authorized by law.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 28 - FORMATION OF A DOMESTIC PROPERTY AND CASUALTY INSURANCE CORPORATION STOCK OR MUTUAL OR RECIPROCAL INSURANCE EXCHANGE › Section 11:1-28.1 - Purpose

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter sets forth the filing requirements for the granting of a certificate of authority to transact property and casualty insurance in this State, pursuant to 17:17-1 et seq., 17:46A-1 et seq., and 17:46B-1 et seq., and to transact business as a reciprocal insurance exchange, pursuant to 17:50-1 et seq. This subchapter also sets forth the requirements for a domestic property and casualty insurer to be designated as a domestic surplus lines insurer pursuant to N.J.S.A. 17:22-6.6 9b.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 28 - FORMATION OF A DOMESTIC PROPERTY AND CASUALTY INSURANCE CORPORATION STOCK OR MUTUAL OR RECIPROCAL INSURANCE EXCHANGE › Section 11:1-28.2 - Scope

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter applies to all persons seeking to form a property and casualty insurance corporation or reciprocal insurance exchange in this State. This subchapter also applies to any domestic property and casualty insurer seeking to be designated a domestic surplus lines insurer pursuant to N.J.S.A. 17:22-6.6 9b.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 28 - FORMATION OF A DOMESTIC PROPERTY AND CASUALTY INSURANCE CORPORATION STOCK OR MUTUAL OR RECIPROCAL INSURANCE EXCHANGE › Section 11:1-28.3 - 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.
"Actuary" means a person who is a fellow in good standing of the Casualty Actuarial Society with three years recent experience in loss reserving or an associate in good standing of the Casualty Actuarial Society with five years recent experience in loss reserving.
"Annual statement" means the form of statement that is described in 17:23-1.
"Applicant" means a domestic corporation seeking to obtain a certificate of authority to transact property and casualty insurance in this State or the attorney in fact representing a proposed reciprocal insurance exchange seeking to obtain a certificate of authority to transact business pursuant to 17:50-1 et seq.
"Attorney in fact" or "attorney" means a person or corporation possessing the power of attorney to act on behalf of a reciprocal insurance exchange.
"Capital" means par value per share multiplied by the number of issued shares, or in the case of no-par shares, the total stated value.
"Certificate of authority" means a certificate issued by the Commissioner evidencing the authority of a corporation to transact 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.
"Domestic insurer" means an insurer formed under the laws of this State.
"Domestic surplus lines insurer" means a domestic property and casualty insurer formed pursuant to this subchapter designated as a domestic surplus lines insurer pursuant to N.J.S.A. 17:22-6.6 9b and this subchapter.
"Property and casualty insurance" means all lines of business for which an insurance company may be formed to transact, pursuant to 17:17-1, and includes mortgage guarantee insurance and title insurance pursuant to 17:46A-1 et seq. and 17:46B-1 et seq., respectively.
"Surplus" means the net worth of an insurer as reported in its annual statement. For a stock insurer, surplus means net worth less minimum capital. For a mutual insurer, surplus means its net worth.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 28 - FORMATION OF A DOMESTIC PROPERTY AND CASUALTY INSURANCE CORPORATION STOCK OR MUTUAL OR RECIPROCAL INSURANCE EXCHANGE › Section 11:1-28.4 - Types of insurance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following are the types of insurance which a company may be formed to transact under the stated paragraphs of 17:17-1:
1. Paragraph "a" means fire and allied lines, earthquake and growing crops;
2. Paragraph "b" means ocean marine, inland marine, automobile physical damage and aircraft physical damage;
3. Paragraph "e" means worker's compensation and employer's liability, automobile liability (bodily injury), automobile liability (property damage) and other liability;
4. Paragraph "f" means boiler and machinery;
5. Paragraph "g" means fidelity and surety;
6. Paragraph "i" means credit;
7. Paragraph "j" means burglary and theft;
8. Paragraph "k" means glass;
9. Paragraph "l" means sprinkler leakage and water damage;
10. Paragraph "m" means livestock;
11. Paragraph "n" means smoke and smudge; and
12. Paragraph "d" means accident and health insurance as defined in 17B:17-4.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 28 - FORMATION OF A DOMESTIC PROPERTY AND CASUALTY INSURANCE CORPORATION STOCK OR MUTUAL OR RECIPROCAL INSURANCE EXCHANGE › Section 11:1-28.5 - Feasibility study

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In order for an applicant to be granted a certificate of authority to transact property and casualty insurance in this State or, in the case of reciprocal insurance exchanges, to be issued a permit to solicit pursuant to 17:50-10, the requirements of this section shall be satisfied in addition to any other requirements in this subchapter or any other provision of law.
(b) Any applicant seeking to obtain a certificate of authority to transact property and casualty insurance in this State or, in the case of reciprocal insurance exchanges, seeking to obtain a permit to solicit pursuant to 17:50-10, shall first submit a feasibility study to the Commissioner which shall include, but not be limited to, the following:
1. A detailed plan of operation of the applicant which shall:
i. Include and explain its plans of operation;
ii. Explain its source of funding;
iii. Describe its marketing strategy;
iv. Describe its underwriting procedures and guidelines;
v. Explain the administrative and legal arrangements to be made for the adjustment of claims and the recovery of salvage and subrogation;
vi. Describe its territory of operation;
vii. Describe the qualifications of the senior officers of the applicant responsible in the areas of claims, underwriting and investment;
viii. Describe the proposed maximum amount of coverage by line of business;
ix. Describe the proposed retention by line of business;
x. Describe the proposed reinsurance arrangements;
xi. Describe the proposed methods for the handling of consumer complaints;
xii. Include the applicant's proposed organization chart; and
xiii. Describe the proposed dividend policy;
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 28 - FORMATION OF A DOMESTIC PROPERTY AND CASUALTY INSURANCE CORPORATION STOCK OR MUTUAL OR RECIPROCAL INSURANCE EXCHANGE › Section 11:1-28.6 - Additional information requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) After review and acceptance of the feasibility study pursuant to 11:1-28.5, an applicant seeking to obtain a certificate of authority or a permit to solicit in the case of reciprocal insurance exchanges, shall submit the following to the Commissioner:
1. The corporation's original certificate of incorporation, which the Department will submit for review and certification by the State Attorney General of New Jersey.
i. A suggested form for the preparation of a certificate of incorporation is appended to this subchapter as Appendix A, which is hereby incorporated by reference as part of these rules.
ii. After approval and certification by the State Attorney General of New Jersey, the corporation shall submit the certificate of incorporation to the county clerk of the county of the corporation's domicile for recording. The corporation shall then file the original recorded certificate of incorporation with the Commissioner.
iii. In the case of proposed reciprocal insurance exchanges, in lieu of the requirements in (a)1i and ii above, the attorney in fact, if a corporation, shall file with the Commissioner a copy of its certificate of incorporation. The attorney in fact shall also file a declaration containing the information required in 17:50-3 and an instrument authorizing service of process on the Commissioner, pursuant to 17:50-4;
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 28 - FORMATION OF A DOMESTIC PROPERTY AND CASUALTY INSURANCE CORPORATION STOCK OR MUTUAL OR RECIPROCAL INSURANCE EXCHANGE › Section 11:1-28.7 - Criminal history record check

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The applicant shall submit New Jersey State Police Requests for Criminal History Record Information and the fee required to pay for their processing, for each officer, director, incorporator or stockholder with controlling interest of the proposed insurer or attorney in fact and for each member of the board of trustees, as applicable.
(b) Upon request by the Commissioner, each officer, director, incorporator or stockholder with controlling interest of the proposed insurer or attorney in fact and each member of the board of trustees, as applicable, shall have impressions taken and submit them to the Commissioner on a New Jersey State Police fingerprint card with the fee required to pay for their processing.
(c) Upon request by the Commissioner, an applicant shall submit copies of any complaint, indictment, judgment of conviction or other related documents.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 28 - FORMATION OF A DOMESTIC PROPERTY AND CASUALTY INSURANCE CORPORATION STOCK OR MUTUAL OR RECIPROCAL INSURANCE EXCHANGE › Section 11:1-28.8 - Permit to solicit

Current through Register Vol. 56, No. 14, July 15, 2024
In the case of reciprocal insurance exchanges only, after review and evaluation of the information filed pursuant to 11:1-28.5, 28.6 and 28.7, the Commissioner may issue a permit to solicit to such reciprocal exchange as provided in 17:50-10. After such permit is issued, such proposed reciprocal exchange shall comply with the remaining sections of this subchapter.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 28 - FORMATION OF A DOMESTIC PROPERTY AND CASUALTY INSURANCE CORPORATION STOCK OR MUTUAL OR RECIPROCAL INSURANCE EXCHANGE › Section 11:1-28.10 - Certificate of authority

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When satisfied that an applicant has complied with all of the requirements of this subchapter and all of the requirements of 17:17-1 et seq., 17:46A-1 et seq., 17:46B-1 et seq. and 17:50-1 et seq., as applicable, to entitle it to engage in business and that the proposed methods of operation of the applicant and the background of the officers and directors are not such as would render its operation hazardous to the public or its policyholders, the Commissioner shall issue a certificate to the applicant authorizing it to commence business. The Commissioner shall specify in the certificate the particular kind or kinds of insurance the applicant is authorized to transact.
(b) The Commissioner may refuse to issue a certificate of authority if he or she finds that any of the applicant's directors or officers has been convicted of a crime involving fraud, dishonesty or like moral turpitude or that said persons are not persons of good character and integrity.
(c) No corporation shall transact the business for which it is incorporated until it has received a certificate of authority from the Commissioner. Except for reciprocal insurance exchanges, if any corporation fails to obtain such certificate within one year from the date of certification of its certificate of incorporation by the Attorney General pursuant to 17:17-5, the corporation shall be dissolved and its certificate of incorporation shall be null and void.
(d) In clarification of 11:2-29.5(a)1  i, if an applicant is granted authority to transact private passenger automobile insurance, the approval shall provide that if the applicant (insurer) later seeks to withdraw from transacting such business pursuant to N.J.A.C. 11:2-29, the period of time which such insurer must seek to place its business with a replacement carrier, which shall begin on the date of the Commissioner's approval of the plan of orderly withdrawal, shall be based on the time between the date of issuance of the certificate of authority and the date of the filing of a complete plan of orderly withdrawal as set forth in 11:2-29.4, as follows:
1. For insurers authorized to transact business up to two years, the period shall not exceed one year;
2. For insurers authorized to transact business beyond the period in (d)1 above up to four years, the period shall not exceed two years;
3. For insurers authorized to transact business beyond the period set forth in (d)2 above up to five years, the period shall not exceed three years;
4. For insurers authorized to transact business beyond the period set forth in (d)3 above up to six years, the period shall not exceed four years; and
5. For insurers authorized to transact business beyond the period set forth in (d)4 above, the period shall be established by the Commissioner pursuant to 11:2-29.5(a)1  i, but shall not exceed five years.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 28 - FORMATION OF A DOMESTIC PROPERTY AND CASUALTY INSURANCE CORPORATION STOCK OR MUTUAL OR RECIPROCAL INSURANCE EXCHANGE › Section 11:1-28.11 - Failure to comply with subchapter; denial of certificate of authority

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to submit the information required by this subchapter completely and accurately may result in the denial of a certificate of authority to transact property and casualty insurance in this State.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 28 - FORMATION OF A DOMESTIC PROPERTY AND CASUALTY INSURANCE CORPORATION STOCK OR MUTUAL OR RECIPROCAL INSURANCE EXCHANGE › Section 11:1-28.12 - Severability

Current through Register Vol. 56, No. 14, July 15, 2024
If any provision of this subchapter or the application thereof to any person or circumstance is held invalid, the remainder of the subchapter and the application of such provision to other persons or circumstances shall not be affected thereby.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 31 - SURPLUS LINES INSURER ELIGIBILITY › Section 11:1-31.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter sets forth the filing requirements and procedures for unauthorized insurers which seek to become eligible surplus lines insurers in this State in accordance with the Surplus Lines Law, N.J.S.A. 17:22-6.4 0 et seq.
(b) This subchapter applies to unauthorized insurers which seek to become eligible surplus lines insurers in this State and currently eligible surplus lines insurers.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 31 - SURPLUS LINES INSURER ELIGIBILITY › Section 11:1-31.2 - 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 applicant" means an applicant which is an unauthorized insurer formed under the laws of any country other than the United States, its states, districts, territories, commonwealths, possessions or the Panama Canal Zone.
"Applicant" means an unauthorized foreign or alien insurer applying for a certificate of eligibility in this State.
"Certificate of eligibility" means a certificate issued to an unauthorized insurer by the Commissioner pursuant to N.J.S.A. 17:22-6.4 5 evidencing that it is an eligible surplus lines insurer 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.
"Eligible surplus lines insurer" or "surplus lines insurer" means an unauthorized foreign or alien insurer in which an insurance coverage is placed or may be placed pursuant to N.J.S.A. 17:22-6.4 0 et seq.
"Foreign applicant" means an applicant which is an unauthorized insurer formed under the laws of a jurisdiction of the United States other than this State.
"Home state" is as defined in 15 U.S.C. §
										8206(6).
"NAIC" means the National Association of Insurance Commissioners.
"Surplus lines agent" means a person licensed pursuant to N.J.S.A. 17:22A-1 et seq. and N.J.A.C. 11:17 with the authority to place insurance coverages on behalf of unauthorized insurers.
"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.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 31 - SURPLUS LINES INSURER ELIGIBILITY › Section 11:1-31.3 - General requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No surplus lines agent shall place any coverage in this State with any unauthorized insurer which is not an eligible surplus lines insurer in this State, except for the placement of an insurance risk pursuant to N.J.S.A. 17:22-6.4 5(h), where insurance on a risk eligible for export is not procurable from eligible surplus lines insurers. No unauthorized insurer shall become an eligible surplus lines insurer unless made eligible by the Commissioner in accordance with N.J.S.A. 17:22-6.4 5 and this subchapter.
1. Notwithstanding anything in this subchapter to the contrary, pursuant to the Nonadmitted and Reinsurance Reform Act of 2010 (NRRA), 15 U.S.C. §§
											8201 et seq., no surplus lines producer shall be prohibited from placing surplus lines insurance with, or procuring such insurance from, an alien insurer that is listed on the Quarterly Listing of Alien Insurers maintained by the International Insurers Department of the NAIC.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 31 - SURPLUS LINES INSURER ELIGIBILITY › Section 11:1-31.4 - Certificate of eligibility; filing requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Foreign applicants shall submit the following to the Commissioner:
1. A certificate of compliance from its state of domicile, which shall be filed annually thereafter;
2. Statements of the applicant's financial condition as of and for the two immediately preceding calendar years;
i. The annual statements shall be submitted on NAIC annual statement blanks, including fully completed and executed jurat pages subscribed and sworn to by the applicant's president, secretary and treasurer;
ii. The statement submitted for the most recent year shall be for a calendar year ending not more than nine months prior to the date of submission of the application; and
3. The applicant's quarterly financial statements for the current year in the NAIC format.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 31 - SURPLUS LINES INSURER ELIGIBILITY › Section 11:1-31.5 - Certificate of eligibility; issuance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the applicant demonstrates that it fulfills the requirements for eligibility in this subchapter, the Commissioner shall issue a Certificate of Eligibility to the applicant.
(b) The Certificate of Eligibility shall remain continuously in effect unless the Commissioner withdraws eligibility as set forth in 11:1-31.6.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 31 - SURPLUS LINES INSURER ELIGIBILITY › Section 11:1-31.6 - Withdrawal of eligibility

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Commissioner may withdraw the eligibility of an insurer to insure surplus lines risks in this State if the Commissioner has reason to believe that the eligible surplus lines insurer is no longer in compliance with this subchapter.
(b) The Commissioner shall notify all licensed surplus lines agents in this State of withdrawals of eligibility made pursuant to this section. Such notification may be made by posting such information on the Department's website,
www.state.nj.us/dobi/index.html
.
(c) Except as otherwise specified by the Commissioner, an insurer whose eligibility has been withdrawn pursuant to (a) above shall be prohibited from writing any new business or renewing existing business, but shall continue to service existing business through expiration of each policy.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 31 - SURPLUS LINES INSURER ELIGIBILITY › Section 11:1-31.7 - Failure to comply with subchapter; denial of certificate of eligibility

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to submit the information required by this subchapter completely and accurately may result in the denial of a certificate of eligibility to transact business as an eligible surplus lines insurer in this State.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 32 - FEES AND SPECIAL PURPOSE APPORTIONMENT › Section 11:1-32.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter sets forth specific fees charged for various services provided by the Department. For services not included in this subchapter, the Department shall charge such other fees as may be provided by applicable statute or rule. This subchapter also sets forth procedures for the collection of the special purpose apportionment imposed pursuant to 17:1C-19 et seq.
(b) This subchapter applies to insurers licensed to transact business in this State, eligible surplus lines insurers, dental plan organizations, dental service corporations, medical service corporations, hospital service corporations, health service corporations, fraternal benefit societies, reciprocal insurance exchanges, risk retention groups, purchasing groups, health maintenance organizations, and to any other person to whom a service is provided as set forth in this subchapter.
(c) Any insurance company, as that term is defined in 17:33A-3, or health maintenance organization (HMO) doing business pursuant to 26:2J-1 et seq., that has net written premium and thus is subject to payment of a special purpose apportionment pursuant to N.J.A.C. 17:1C-19 et seq., shall not be subject to payment of fees imposed pursuant to this subchapter or any other statute or rule, except as follows:
1. All entities shall pay amounts for copying and mailing of public records set forth in 11:1-32.4(b)5 and (b)7 when the request exceeds an amount expected for the normal course of business;
2. Domestic insurers shall continue to pay fees assessed by the Department for the periodic examination of such insurers pursuant to 17:23-22;
3. All entities shall continue to pay assessments for the costs of experts to analyze rate applications and to appear as witnesses at hearings, pursuant to 52:27E-60; and
4. All entities shall continue to pay fees required for an insurance company or HMO to commence business, including, but not limited to, fees for application for a certificate of authority, certificate of eligibility, or registration.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 32 - FEES AND SPECIAL PURPOSE APPORTIONMENT › Section 11:1-32.3 - General procedures

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All fees set forth in this subchapter, excluding the fees set forth in 11:1-32.9, shall be paid at the time of the filing or application or the request for service.
(b) All fees set forth in this subchapter shall be paid by check and made payable to the State Treasurer of New Jersey.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 32 - FEES AND SPECIAL PURPOSE APPORTIONMENT › Section 11:1-32.4 - Fees; general

Current through Register Vol. 56, No. 14, July 15, 2024
(a) On filing with the Department any certificate or other filing specified in this section by an insurer, fraternal benefit society, medical service corporation, hospital service corporation, health service corporation, dental service corporation or dental plan organization authorized to transact business in this State, or by any other person, there shall be paid to the Commissioner fees as follows:
1. Filing a certificate of incorporation of a domestic insurer--$ 1,500;
2. Filing a certificate of an increase of capital stock of a domestic insurer--$ 250.00;
3. Filing a certificate of consolidation and merger involving a domestic insurer--$ 2,500;
4. For each Form A filing in connection with the acquisition or control of a domestic insurer--$ 2,500;
5. Upon the scheduling of a hearing in connection with a Form A filing--$ 2,500;
6. Filing a certificate of dissolution of insurer, change of name, change of nature of business, amended certificate of incorporation (other than those authorizing increase in capital stock of a domestic insurer), decrease of capital stock, or increase or decrease of par value of shares--$ 250.00;
7. Processing application and renewal of certificate of authority to transact business as a dental plan organization--$ 1,000; and
8. Filing all certificates not otherwise provided for--$ 50.00.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 32 - FEES AND SPECIAL PURPOSE APPORTIONMENT › Section 11:1-32.5 - Fees; life and health insurance; legal 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 life and health insurers and fraternal benefit societies in addition to any other applicable fees imposed by this subchapter with respect to life and health insurance as follows:
1. Processing application for a certificate of authority to transact business in this State--$ 5,000.