reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 28 - CREDIT FOR REINSURANCE › Section 11:2-28.7B - Certification procedure

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Commissioner shall issue a written notice to an assuming insurer that has made application and been approved as a certified reinsurer. Included in such notice shall be the rating assigned the certified reinsurer in accordance with N.J.A.C. 11:2-28.7A. The Department shall publish a list on its website of all certified reinsurers and their ratings.
1. Promptly upon its receipt of an application from an insurer to be designated as a certified reinsurer pursuant to this section, the Department shall post on its website notice of such application. Interested parties may respond in writing to the application within 30 days of the date of such posting, directed to: Chief Insurance Examiner, 20 West State St., PO Box 325, Trenton, NJ 086250325, or via e-mail at dobi.reinsurance@dobi.nj.gov. The Department shall take no action on an application for certification prior to the expiration of the 30-day period referenced above.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 28 - CREDIT FOR REINSURANCE › Section 11:2-28.7D - Recognition of certification issued by an NAIC accredited jurisdiction

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If an applicant for certification has been certified as a reinsurer in an NAIC accredited jurisdiction, the Commissioner may defer to that jurisdiction's certification, and may defer to the rating assigned by that jurisdiction, if the assuming insurer submits a properly executed Form CR-1 and such additional information as the Commissioner requires to determine compliance with the subchapter. Upon approving such an application, the assuming insurer shall be considered to be a certified reinsurer in this State.
(b) Any change in the certified reinsurer's status or rating in the other jurisdiction shall apply automatically in this State as of the date it takes effect in the other jurisdiction. The certified reinsurer shall notify the Commissioner of any change in its status or rating within 10 days after receiving notice of the change.
(c) The Commissioner may withdraw recognition of the other jurisdiction's rating at any time and assign a new rating in accordance with 11:2-28.7B.
(d) The Commissioner may withdraw recognition of the other jurisdiction's certification at any time, with written notice to the certified reinsurer, after notice and opportunity for a hearing in accordance with the Administrative Procedure Act, 52:14B-1 et seq. and 52:14F-1 et seq., and the Uniform Administrative Procedure Rules, N.J.A.C. 1:1, upon finding that the jurisdiction is no longer qualified under this subchapter. Unless the Commissioner suspends or revokes the certified reinsurer's certification in accordance with 11:2-28.7B, the certified reinsurer's certification shall remain in good standing in this State for a period of three months, which shall be extended for good cause if additional time is necessary to consider the assuming insurer's application for certification in this State.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 28 - CREDIT FOR REINSURANCE › Section 11:2-28.8 - Reduction from liability for reinsurance ceded to an unauthorized assuming insurer

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An insurer shall be permitted to take a reduction from liability for reinsurance ceded to an assuming insurer not meeting the requirements at N.J.A.C. 11:2-28.3, 28.4, 28.5, 28.6, 28.7, or 28.7A through 28.7E in an amount which does not exceed the liabilities carried by the ceding insurer. Such reduction shall be in the amount of the funds held by or on behalf of the ceding insurer, including funds held in trust for the exclusive benefit of the ceding insurer, under a reinsurance contract with such assuming insurer as security for the payment of obligations thereunder. Such security shall be held in the United States, subject to withdrawal solely by and under the exclusive control of the ceding insurer, or in the case of a trust held in a qualified United States financial institution, subject to withdrawal solely by and under the exclusive control of the ceding insurer.
(b) The security shall be in the form of:
1. Cash (United States legal tender);
2. Securities listed by the Securities Valuation Office of the NAIC, including those deemed exempt from filing as defined by the Purposes and Procedures Manual of the Securities Valuation Office, and qualified as admitted assets;
3. Clean, irrevocable, evergreen, unconditional letters of credit issued or confirmed by a qualified United States institution no later than December 31st of the year for which filing is being made, and in the possession of the ceding insurer on or before the filing date of its annual statement. Letters of credit meeting applicable standards of issuer acceptability as of the dates of their issuance or confirmation shall, notwithstanding the issuing or confirming qualified United States financial institution's subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until their expiration, extension, renewal, modification, or amendment, whichever first occurs, unless the issuer has been declared insolvent under applicable statutory or regulatory provisions; or
4. Any other form of security approved by the Commissioner upon formal request.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 28 - CREDIT FOR REINSURANCE › Section 11:2-28.11 - Other security

Current through Register Vol. 56, No. 14, July 15, 2024
A ceding insurer may take credit for unencumbered funds withheld by the ceding insurer in the United States in connection with the reinsurance contract under which those funds are withheld, subject to withdrawal solely by the ceding insurer and under its exclusive control.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 28 - CREDIT FOR REINSURANCE › Section 11:2-28.12 - Reinsurance contract

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Credit will not be granted to a ceding insurer for reinsurance effected with assuming insurers meeting the requirements at N.J.A.C. 11:2-28.3, 28.4, 28.5, 28.6, 28.7, 28.7A through 28.7E, or 28.8, unless the reinsurance agreement meets the following standards:
1. Includes a provision that if the assuming insurer is an unauthorized assuming insurer:
i. It has submitted to the jurisdiction of an alternative dispute resolution panel or court of competent jurisdiction within the United States;
ii. It has agreed to comply with all requirements necessary to give such court or panel jurisdiction;
iii. It has designated an agent upon whom service of process may be effected; and
iv. It has agreed to abide by the final decision of such court or panel;
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 28 - CREDIT FOR REINSURANCE › Section 11:2-28.13 - Suspension or revocation of accreditation or certification

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If an accredited or certified reinsurer ceases to meet the requirements for accreditation or certification, the Commissioner may, after notice and opportunity for hearing pursuant to the Administrative Procedure Act, 52:14B-1 et seq. and 52:14F-1 et seq., and the Uniform Administrative Procedure Rules, N.J.A.C. 1:1, suspend or revoke the reinsurer's accreditation or certification.
(b) While a reinsurer's accreditation or certification is suspended, no reinsurance contract issued or renewed after the effective date of the suspension qualifies for credit except to the extent that the reinsurer's obligations under the contract are secured in accordance with 11:2-28.7. If a reinsurer's accreditation or certification is revoked, no credit for reinsurance may be granted after the effective date of the revocation except to the extent that the reinsurer's obligations under the contract are secured in accordance with 11:2-28.7 or 28.7A.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 28 - CREDIT FOR REINSURANCE › Section 11:2-28.14 - Concentration of risk

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A ceding insurer shall take steps to manage its reinsurance recoverables proportionate to its own book of business. A domestic ceding insurer shall notify the Commissioner within 30 days after reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, exceeds 50 percent of the domestic ceding insurer's last reported surplus to policyholders, or after it is determined that reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, is likely to exceed this limit. The notification shall demonstrate that the exposure is safely managed by the domestic ceding insurer.
(b) A ceding insurer shall take steps to diversify its reinsurance program. A domestic ceding insurer shall notify the Commissioner within 30 days after ceding to any single assuming insurer, or group of affiliated assuming insurers, more than 20 percent of the ceding insurer's gross written premium in the prior calendar year, or after it has determined that the reinsurance ceded to any single assuming insurer, or group of affiliated assuming insurers, is likely to exceed this limit. The notification shall demonstrate that the exposure is safely managed by the domestic ceding insurer.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 28 - CREDIT FOR REINSURANCE › Appendix -1 › Exhibit A

Current through Register Vol. 56, No. 14, July 15, 2024
Rating (Per Exhibit B)
Security Required
Secure - 1
0 percent
Secure - 2
10 percent
Secure - 3
20 percent
Secure - 4
50 percent
Secure - 5
75 percent
Vulnerable - 6
100 percent
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 28 - CREDIT FOR REINSURANCE › Appendix -1 › Exhibit B

Current through Register Vol. 56, No. 14, July 15, 2024
The maximum rating that a certified reinsurer shall be assigned will correspond to the financial strength rating from an approved rating agency as indicated below, or from any other rating agency approved by the United States Securities and Exchange Commission or any successor regulatory agency. The Commissioner shall use the lowest financial strength rating received from an approved rating agency in establishing the maximum rating of a certified reinsurer:
Collateral
Best
S&P
Moody's
Fitch
Required
Secure 1
A++
AAA
Aaa
AAA
Secure 2
A+
AA+, AA, AA-
Aa1, Aa2, Aa3
AA+, AA, AA-
Secure 3
A
A+, A
A1, A2
A+, A
Secure 4
A-
A-
A3
A-
Secure 5
B++, B+
BBB+, BBB,
Baa1, Baa2,
BBB+, BBB, BBB-
BBB-
Baa3
Vulnerable 6
B, B-,
BB+, BB,
Ba1, Ba2, Ba3,
BB+, BB, BB-,
C++, C+, C,
BB-, B+, B, B-,
B1, B2, B3, Caa,
B+, B, B-, CCC+,
C-, D, E, F
CCC, CC, C, D,
Ca, C
CC, CCC-, DD
R
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 29 - ORDERLY WITHDRAWAL OF INSURANCE BUSINESS › Section 11:2-29.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose of this subchapter is to establish the requirements and procedures by which insurers may undertake an orderly withdrawal from the business of insurance in this State, thereby preventing or minimizing adverse effects upon the insurer's policyholders; preventing or minimizing disruption in the marketplace and harm to the public that would otherwise occur in the absence of regulation; and permitting insurers to withdraw from the marketplace in an orderly fashion consistent with 17:17-10 and 17:33B-30.
(b) This subchapter applies to all insurers that seek to withdraw from the business of insurance as defined herein. This subchapter shall not apply to any action constituting a block cancellation or block non-renewal regulated under N.J.A.C. 11:1-22 unless such action also is found to constitute a withdrawal under this subchapter.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 29 - ORDERLY WITHDRAWAL OF INSURANCE BUSINESS › Section 11:2-29.3 - Informational filing withdrawals

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any insurer seeking to withdraw shall file the informational filing and otherwise comply with the requirements set forth in 17:17-10 or 17:33B-30, as applicable.
(b) Any insurer seeking to withdraw shall, as part of the informational filing required pursuant to 17:17-10 or 17:33B-30, as applicable, provide the information listed in (c) below. Failure to provide all of the information shall result in a determination that the informational filing is non-compliant, and it shall be disapproved by the Commissioner. The Department shall notify a filer within 10 days of the Department's receipt of the informational filing if it is non-compliant. The insurer may resubmit the informational filing when the deficiencies have been corrected, which shall be considered a new submission.
(c) An informational filing shall contain the following:
1. The reason for the insurer's withdrawal;
2. Copies of the following notifications:
i. The Policyholder Notice of Intent to Withdraw required pursuant to N.J.S.A. 17:17-10b(1) and 17:33B-30a(1);
ii. The one-year non-renewal notice required pursuant to N.J.S.A. 17:17-10b(3) and 17:33B-30a(3);
iii. The producer notice by which the insurer advises its producers of its intent to withdraw (Producer Notice), where applicable; and
iv. The non-renewal notice to be provided to insureds within the timeframes set forth in N.J.A.C. 11:3-8, 11:1-20 or 11:1-5.2, as applicable;
3. The lines of insurance and/or program(s) to be withdrawn;
4. The number of exposures and number of policies to be non-renewed;
5. The insurer's market share by line and, in addition, for private passenger automobile insurance, exposures by territory, and for homeowners' insurance, exposures as reported pursuant to the reports required by N.J.A.C. 11:2-42.10 and , separately, any additional zip codes that fall within the insurer's definition of "coastal area";
6. A list of the insurer's producers and their current business addresses; and
7. The proposed duration of the non-renewal of the company's book of business.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 29 - ORDERLY WITHDRAWAL OF INSURANCE BUSINESS › Section 11:2-29.4 - Requests for waivers

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An insurer may request a waiver of the one-year and 90-day waiting period for commencement of nonrenewals pursuant to N.J.S.A. 17:17-10b(2) or 17:33B-30a(2), a waiver of the requirement to send non-renewal notices no later than one year prior to the dates of the non-renewals set forth in N.J.S.A. 17:17-10b(3) and 17:33B-30a(3), and a waiver of the maximum three-year non-renewal period set forth in N.J.S.A. 17:17-10b(4) and 17:33B-30a(4). A request shall include a list of the insurer's producers and their current business addresses, the proposed commencement date of the withdrawal, the name(s) of any replacement carrier(s) proposed to be utilized, the number of policies to be non-renewed, and the insurer's market share in this State with respect to the type of policies to be non-renewed. The decision regarding the request for a waiver pursuant to this section shall constitute a final agency decision.
1. The Commissioner shall approve a request for waiver for any line(s), other than private passenger automobile, homeowners', workers' compensation, or medical malpractice liability, provided:
i. The insurer files the informational filing with the Commissioner at least 120 days prior to the proposed date of initial non-renewal, and provides notice to policyholders no later than 30 days following the submission of the compliant informational filing to the Commissioner;
ii. Non-renewals shall take place over a period not less than one policy cycle, there are no mid-term cancellations, except as otherwise specifically provided by law for the reason(s) set forth therein, and are performed on a random, equitable basis; and
iii. The Commissioner does not find that the waiver will adversely affect the market. In making this determination, the Commissioner shall consider, without limitation, the number of policies to be non-renewed, whether there are other insurers writing the line or lines of business from which the company seeks to withdraw, and whether there is sufficient capacity in the voluntary market with respect to the particular coverage involved.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 29 - ORDERLY WITHDRAWAL OF INSURANCE BUSINESS › Section 11:2-29.5 - Replacement carrier

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An insurer may utilize a replacement carrier for the business that will not be renewed, pursuant to N.J.S.A. 17:17-10d or 17:33B-30d, as applicable, subject to approval by the Commissioner. The Commissioner shall notify the insurer whether the replacement carrier is approved within 60 days of either: the filing by the withdrawing insurer of a request for approval of a replacement carrier or carriers; or the filing by the prospective replacement carrier or carriers of a request to be approved as a replacement carrier, whichever is later. The Commissioner shall approve an insurer as a replacement carrier:
1. If the replacement is authorized to transact the line or lines of business being transferred;
2. The replacement carrier demonstrates to the satisfaction of the Department that it will be able to maintain a net premium-to-surplus ratio of not more than 2.5 to one for five years after the transfer;
3. The replacement carrier certifies that it will comply with N.J.S.A. 17:22-6.1 4a(n) with respect to agents' rights;
4. If the replacement carrier has not transacted the particular line involved in the transfer in this State, the replacement carrier demonstrates that it possesses the requisite services and experience such that its methods of operation will not be hazardous to the policyholders of this State; and
5. If the replacement carrier is not domiciled in this State, the replacement carrier provides evidence that it has notified its domiciliary regulator of its intent to assume the business, and the domiciliary regulator does not object to such action.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 29 - ORDERLY WITHDRAWAL OF INSURANCE BUSINESS › Section 11:2-29.6 - Notifications to the Department

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A senior official of the company shall notify the Assistant Commissioner of the Office of Property and Casualty of the Department, in writing, in advance of the date certain that the first non-renewal notices will be mailed and specify therein the effective dates of the first policies to be non-renewed.
(b) Within 15 days of the expiration of the last New Jersey insurance policy, a senior official of the company shall submit to the Assistant Commissioner in the Office of Property and Casualty of the Department a written certification indicating the expiration date of the last policy non-renewed.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 29 - ORDERLY WITHDRAWAL OF INSURANCE BUSINESS › Section 11:2-29.7 - Confidentiality of informational filing withdrawal

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All data or information contained in the informational filing 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, which are public records:
1. The cover letter;
2. The Acknowledgement/Approval Letter or Order;
3. The list of producer names and business addresses;
4. The total number of exposures affected;
5. The market share information set forth in 11:2-29.3(c)5; and
6. Copies of notices to policyholder (notice of intent to withdraw and non-renewal notices).
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 29 - ORDERLY WITHDRAWAL OF INSURANCE BUSINESS › Section 11:2-29.8 - Fines and penalties

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to comply with this subchapter may result in the imposition of sanctions by the Department including, but not limited to, sanctions pursuant to 17:33-2.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 29 - ORDERLY WITHDRAWAL OF INSURANCE BUSINESS › Section 11:2-29.9 - Severability

Current through Register Vol. 56, No. 14, July 15, 2024
If any provision of this subchapter or its application to any person or circumstance is held invalid, such determination shall not affect other provisions or applications of this subchapter which can be given effect without the invalid provision or application, and to that end the provisions of this subchapter are separable.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 31 - MANNER OF DETERMINING PREMIUM FOR PERPETUAL HOMEOWNERS INSURANCE › Section 11:2-31.1 - Purpose

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter sets forth the manner of determining premium for perpetual homeowners insurance for any applicable statutory fee, surcharge, tax or assessment.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 31 - MANNER OF DETERMINING PREMIUM FOR PERPETUAL HOMEOWNERS INSURANCE › Section 11:2-31.2 - Scope

Current through Register Vol. 56, No. 14, July 15, 2024
The provisions of this subchapter apply to all insurers transacting the business of perpetual homeowners insurance in this State, including all perils insured thereunder.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 31 - MANNER OF DETERMINING PREMIUM FOR PERPETUAL HOMEOWNERS INSURANCE › Section 11:2-31.3 - 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.
"Annual adjustments" means any adjustments in the perpetual deposit account during the calendar year, exclusive of dividends. Increases include any additions to the account, such as policy fees and premium assessments. Decreases include the return of perpetual deposits, in whole or in part, due to the termination of policies and any other decreases, exclusive of dividends.
"Commissioner" means Commissioner of the New Jersey Department of Banking and Insurance.
"Insurer" means an insurance company licensed to transact the business of perpetual homeowners insurance in this State.
"Net perpetual deposits" means the total perpetual deposits received by an insurer for perpetual homeowners insurance increased or decreased by annual adjustments.
"Perpetual deposit" means a payment by a policyholder for perpetual homeowners insurance.
"Perpetual homeowners insurance" means a homeowners policy and related endorsements, including all perils insured thereunder, which remains continuously in effect until cancelled, and is paid for with one lump sum deposit with no additional payment required, notwithstanding any subsequent fees or assessments.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 31 - MANNER OF DETERMINING PREMIUM FOR PERPETUAL HOMEOWNERS INSURANCE › Section 11:2-31.4 - Determination of premium

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For the purposes of any statutory fee, surcharge, tax or assessment based on premium and applicable to perpetual homeowners insurance, premium is:
1. The sum of the net perpetual deposits received for perpetual homeowners insurance from the inception of the policy through the calendar year immediately preceding the date that such applicable statutory fee, surcharge, tax or assessment is due, multiplied by:
2. The average annual interest rate on one-year U.S. Treasury bills for the calendar year in question.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 31 - MANNER OF DETERMINING PREMIUM FOR PERPETUAL HOMEOWNERS INSURANCE › Section 11:2-31.5 - Data filed; examination

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each insurer shall include with the annual statement filed with the Commissioner, a list of the lines of business under which perpetual homeowners insurance is written, on form(s) prescribed by the Commissioner.
(b) All data submitted is examined by the Commissioner and he or she may make any further audit or investigation or reaudit as necessary. An insurer shall pay the reasonable expenses of any examination, pursuant to N.J.S.A. 17:23-22d.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 31 - MANNER OF DETERMINING PREMIUM FOR PERPETUAL HOMEOWNERS INSURANCE › Section 11:2-31.6 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to comply with these provisions may result in the imposition of sanctions by the Department including, but not limited to, sanctions pursuant to 17:33-2.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 32 - CUSTODIAL DEPOSITS › Section 11:2-32.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose of this subchapter is to set forth the procedures for the holding by the Commissioner of any required deposits and to establish the fees to be charged the depositor for the services of the custodian of such deposits pursuant to 17:20-1 et seq., 17:46B-1 et seq., 17:50-6, and 17B:18-37 et seq.
(b) This subchapter applies to all insurers required by the laws of this State to make a security deposit to be held for the benefit and security of all the policyholders of the company making such deposit. This subchapter also applies to any other entity required to make a deposit with the Commissioner in order to transact business in this State. This subchapter does not apply to any insurer under liquidation pursuant to 17:30C-1 et seq. or 17B:32-1 et seq., as applicable.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 32 - CUSTODIAL DEPOSITS › Section 11:2-32.2 - 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.
"Bank" means a State or Federally chartered bank, savings bank, or savings and loan association which has trust powers and which has its principal office in New Jersey.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Custodian" means a bank which performs fiduciary functions in the maintenance of deposits.
"Deposit" means those deposits of securities required to be made by insurance companies prior to their authorization to transact business within any jurisdiction or required to be made by any other entity prior to being authorized by the Commissioner to transact business in this State.
"Federal Reserve book-entry system" means the computerized system sponsored by the United States Department of the Treasury and certain agencies and instrumentalities of the United States for holding and transferring securities of the United States government and the agencies and instrumentalities, respectively, in Federal Reserve Banks through banks which are members of the Federal Reserve System or which otherwise have access to this computerized system.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 32 - CUSTODIAL DEPOSITS › Section 11:2-32.3 - Deposits with custodian; establishment of fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Whenever the Commissioner is required or authorized by a law of this or any other State or country to receive and hold a deposit, such deposit shall be made with the custodian on behalf of the Commissioner. The custodian is appointed by the Commissioner on the basis of bids submitted by banks to perform such fiduciary functions as the Commissioner deems necessary in the maintenance of deposits, pursuant to N.J.S.A. 17:20-1b and 17B:18-37b.
(b) If securities are deposited, such securities must be:
1. Bills, bonds and notes issued by the United States Treasury;
2. Debt obligations of the State of New Jersey, its authorities, counties and municipalities; or
3. Certificates of deposit of a State or Federally chartered bank, savings bank or savings and loan association with its principal office in New Jersey.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 32 - CUSTODIAL DEPOSITS › Section 11:2-32.4 - Compliance dates

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All deposits made on or after January 7, 1991 shall conform to the requirements contained in this subchapter.
(b) To the extent a depositor has on deposit securities that do not conform with the types of securities specified herein, such depositor shall, by June 30, 1991 or upon the maturity of such non-conforming securities, whichever is sooner, make any substitution of securities necessary so that the securities deposited conform with the types of securities specified in this subchapter.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 33 - WORKERS' COMPENSATION SELF-INSURANCE › Section 11:2-33.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter sets forth the filing requirements for an employer seeking to self-insure its workers' compensation liability pursuant to 34:15-77.
(b) This subchapter applies to all employers seeking to self-insure workers' compensation liability in this State.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 33 - WORKERS' COMPENSATION SELF-INSURANCE › Section 11:2-33.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
"Applicant" means an employer applying for an exemption from insuring its compensation liability.
"Certificate of Order Granting Exemption from Insuring Liability for Compensation" or "certificate" means the written order of the Commissioner that exempts the applicant from insuring its workers' compensation liability pursuant to 34:15-77.
"Certificate holder" means an employer who currently possesses a valid certificate.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Compensation liability" means loss or damage from liability as established by 34:15-1 et seq.
"Employer" is as defined at 34:15-36.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 33 - WORKERS' COMPENSATION SELF-INSURANCE › Section 11:2-33.3 - Exemption from insuring compensation liability; filing requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any employer which applies for an exemption from insuring all or part of its compensation liability shall submit the following to the Commissioner:
1. A copy of its most recent annual financial statement certified by an independent certified public accountant to present fairly, in accordance with generally accepted accounting principles, and statutory accounting principles where applicable, the financial condition of the applicant;
2. A copy of its Form 10K filing;
3. A brief description of the following, inclusive of all operations in New Jersey, for every separate applicant seeking an exemption:
i. The nature and location of the applicant's business operations;
ii. The applicant's number of employees; and
iii. The estimated average annual payroll; and
4. For corporate applicants domiciled in a state other than this State, a copy of the applicant's registration with the New Jersey Secretary of State.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 33 - WORKERS' COMPENSATION SELF-INSURANCE › Section 11:2-33.4 - Renewals

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any certificate holder which applies for renewal shall submit the following so that it is received by the Commissioner not later than 60 days prior to the expiration of its current certificate:
1. A completed "Statement by Employer Exempted From Insuring Liability For Compensation" as set forth in Exhibit D in the Appendix incorporated herein by reference;
2. A supplementary statement of outstanding death or disability claims as set forth in Exhibit E in the Appendix incorporated herein by reference for the calendar year immediately preceding the expiration date of the certificate;
i. The certificate holder shall provide the name, address and telephone number of the person who actually completed the supplementary statement, and shall provide the location of the claim records utilized in the preparation of the statement.
3. A copy of the certificate of renewal of excess insurance;
4. A financial statement for the fiscal year immediately preceding the expiration date of the certificate which is certified by an independent certified public accountant to present fairly, in accordance with generally accepted accounting principles, and statutory accounting principles, where applicable, the financial condition of the certificate holder;
5. A certification that the certificate holder recognizes that it may be subject to examination by the Commissioner as required pursuant to (e) below;
6. The renewal fee as set forth in 11:1-32.4(b)13; and
7. Any other information that is materially different from the information provided in the original application or from the information provided in the last renewal period.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 33 - WORKERS' COMPENSATION SELF-INSURANCE › Section 11:2-33.5 - Confidentiality

Current through Register Vol. 56, No. 14, July 15, 2024
The financial reports submitted pursuant to 11:2-33.3(a)1  and 33.4(a)4, and the supplementary statement submitted pursuant to 11:2-33.4(a)2, 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. However, financial reports or statements which have been filed with the Securities and Exchange Commission or the New Jersey Bureau of Securities shall not be confidential pursuant to this section.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 33 - WORKERS' COMPENSATION SELF-INSURANCE › Section 11:2-33.6 - Cancellation of exemption

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A certificate holder may cancel its exemption from insuring compensation liability by notifying the Commissioner in writing by certified letter return receipt requested not later than 30 days prior to date such cancellation takes effect.
(b) Notwithstanding the cancellation of the exemption, the employer shall continue to file with the Commissioner a supplementary statement of outstanding death or disability claims as set forth in Exhibit E not later than June 1 of each year until such time as all open claims are resolved to final payment.
(c) If no surety bond is in effect at the time of the notification of cancellation, the Commissioner may require as a condition of cancellation the certificate holder to provide a surety bond, deposit or other security to ensure the discharge of its obligations under 34:15-1 et seq.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 33 - WORKERS' COMPENSATION SELF-INSURANCE › Section 11:2-33.7 - Failure to comply with subchapter; denial of exemption

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to submit the information required by this subchapter completely and accurately shall constitute grounds for and may result in the denial or refusal to renew an exemption from insuring workers' compensation liability.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 33 - WORKERS' COMPENSATION SELF-INSURANCE › Section 11:2-33.8 - 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 this 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 35 - RELIEF FROM INSURER OBLIGATIONS UNDER THE FAIR AUTOMOBILE INSURANCE REFORM ACT OF 1990 › Section 11:2-35.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose of this subchapter is to establish the informational and procedural requirements for insurer requests for exemption, abatement, deferral, suspension of or excuse from an insurer's obligation, as the case may be, under the Fair Automobile Insurance Reform Act of 1990, 17:33B-1 et seq.
(b) This subchapter applies to all insurers licensed to transact the business of property/casualty insurance in this State and all insurers licensed to transact and writing the business of private passenger automobile insurance in this State, as the case may be.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 35 - RELIEF FROM INSURER OBLIGATIONS UNDER THE FAIR AUTOMOBILE INSURANCE REFORM ACT OF 1990 › Section 11:2-35.2 - 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.
"Applicant" means the insurer seeking an exemption, abatement, deferral, suspension of or excuse from its obligations pursuant to the FAIR Act.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Department" means the New Jersey Department of Banking and Insurance.
"FAIR Act" means the Fair Automobile Insurance Reform Act of 1990, 17:33B-1 et seq.
"Insurer" means any person, corporation, association, partnership, company or interinsurance exchange authorized or admitted by the laws of this State to transact the business of insurance in this State.
"Relief" means an exemption, abatement, deferral, suspension of or excuse from the obligations imposed pursuant to the FAIR Act.
"Unsafe or unsound financial condition" is as defined in 17:33B-19, 17:33B-20, 17:33B-23, 17:33B-24, 17:33B-27, 17:33B-28, 17:33B-52, 17:33B-53, 17:33B-55 and 17:33B-56, as applicable. For purposes of relief from obligations imposed pursuant to N.J.S.A. 17:30E-14g, 17:33B-9c, and 17:33B-11c(5), "unsafe or unsound financial condition" shall have the same meaning as in 17:33B-19 and 17:33B-20, and the same procedures therein shall be followed depending on whether the relief sought is immediate or discretionary.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 35 - RELIEF FROM INSURER OBLIGATIONS UNDER THE FAIR AUTOMOBILE INSURANCE REFORM ACT OF 1990 › Section 11:2-35.3 - Application procedures and filing format

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any insurer seeking immediate relief from any FAIR Act obligation pursuant to N.J.S.A. 17:30E-14g, 17:33B-9c, 17:33B-11c(5), 17:33B-19, 17:33B-23, 17:33B-27, 17:33B-52 or 17:33B-55 shall submit a request for such relief no more than 45 days and not less than 15 days prior to the due date for payment or fulfillment of such obligation.
(b) Any insurer seeking discretionary relief from any FAIR Act obligation pursuant to N.J.S.A. 17:30E-14g, 17:33B-9c, 17:33B-11c(5), 17:33B-20, 17:33B-24, 17:33B-28, 17:33B-53 or 17:33B-56 shall submit a request for such relief no later than the due date of such obligation.
(c) All requests outlined in this subchapter shall be accompanied by a statement averring a need for immediate or discretionary relief from such obligation, as the case may be, including supporting documentation, as set forth in 11:2-35.4 and shall specify the statutory basis for such relief. A single filing may request relief from any number of FAIR Act obligations.
(d) Each request shall be in loose leaf form inserted into standard two-ring or three-ring binders tabbed or otherwise indexed to correspond to the exhibits set forth in 11:2-35.4. The loose leaf sheets used in the request shall be eight and one-half inches wide and 11 inches long and punched for two-ring or three-ring binders, as appropriate.
(e) All insurers requesting relief pursuant to this subchapter shall submit five copies of each request in the format set forth in (d) above.
(f) A request which is untimely, which is not submitted in the proper format, or which does not contain all of the information required by 11:2-35.4 or this section, may be rejected on such grounds by the Commissioner.
(g) If a request fails to contain all of the information required by 11:2-35.4 or this section, the Department shall notify the insurer that its request for relief is deficient and is denied for inadequate documentation. The notice shall also set forth the information required to cure the deficiency. The insurer shall submit the additional information within 30 days of receipt of the Department's notice of deficiency. Failure to submit within 30 days the information necessary to cure the deficiency may result in the insurer's request being rejected as untimely.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 35 - RELIEF FROM INSURER OBLIGATIONS UNDER THE FAIR AUTOMOBILE INSURANCE REFORM ACT OF 1990 › Section 11:2-35.4 - Informational filing requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When requesting immediate or discretionary relief pursuant to the FAIR Act, an insurer shall provide with its request the following information in a clear, concise and complete manner.
1. A cover letter stating:
i. The name of the applicant;
ii. The form and specific amount/percentage of relief which the insurer is requesting and a statement of facts relied upon as the basis under which relief is sought; and
iii. A name, telephone number and telefax number of a contact person familiar with the filing to whom the Department may direct any additional questions;
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 35 - RELIEF FROM INSURER OBLIGATIONS UNDER THE FAIR AUTOMOBILE INSURANCE REFORM ACT OF 1990 › Section 11:2-35.6 - Hearings

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the Commissioner denies an insurer's request for relief made pursuant to this subchapter, or if the insurer objects to the form of relief granted, the insurer may request a hearing on the Commissioner's determination within seven days from the date of such receipt of determination as follows:
1. A request for a hearing shall be in writing and shall include:
i. The name, address, and daytime telephone number of a contact person familiar with the matter;
ii. A copy of the order involved;
iii. A statement requesting a hearing; and
iv. A concise statement describing the basis for which the insurer believes that the Commissioner's findings of fact are erroneous.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 36 - RISK RETENTION GROUPS AND PURCHASING GROUPS › Section 11:2-36.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose of this subchapter is to regulate in this State the formation and/or operation of:
1. Foreign or alien risk retention groups; and
2. Purchasing groups formed in the United States pursuant to 15 U.S.C. §
											3901 et seq.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 36 - RISK RETENTION GROUPS AND PURCHASING GROUPS › Section 11:2-36.3 - Risk retention group registration requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No risk retention group shall do business in this State as a risk retention group until it has complied with the requirements of this subchapter and received Notice of Registration from the Department.
(b) Any risk retention group which is chartered and licensed under the laws of any other state and which wishes to do business in this State shall submit to the Department:
1. A copy of its certificate of authority or license authorizing it to transact business as an insurance company, certified by the state of domicile;
2. A statement identifying the state(s) in which the risk retention group is chartered and licensed as a liability insurance company, the date of its charter and admission as a licensed insurer and its principal place of business, and any other information, including information regarding its membership. Additionally, the statement shall include the following:
i. The identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group;
ii. The amount and nature of initial capitalization;
iii. The coverages to be afforded; and
iv. The states in which the group intends to operate;
3. A copy of its plan of operation or a feasibility study and revisions of such plan or study submitted to the state or states in which the risk retention group is chartered and licensed in accordance with 17:47A-1 et seq.;
4. An Application for Registration (as set forth in Appendix A and incorporated herein by reference) and a Notice of Appointment (as set forth in Appendix B and incorporated herein by reference), which designates the Commissioner as its agent for the purpose of receiving service of legal documents or process; and
5. Payment of the $100.00 registration filing fee which shall accompany the statement of registration, in accordance with N.J.A.C. 11:1-32.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 36 - RISK RETENTION GROUPS AND PURCHASING GROUPS › Section 11:2-36.4 - Additional risk retention groups requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any risk retention group which is registered in this State and chartered and licensed under the laws of any other state and which wishes to do business in this State, in addition to the requirements of 11:2-36.3, shall distribute its annual statement of operations to its members.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 2 - INSURANCE GROUP › Subchapter 36 - RISK RETENTION GROUPS AND PURCHASING GROUPS › Section 11:2-36.5 - Notice and registration requirements of purchasing groups

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No purchasing group shall do business in this State as a purchasing group until it has complied with the requirements of this subchapter and received notification from the Department that it has been registered to do business in this State.
(b) Any group of persons with similar exposure to risk may form a purchasing group for the purpose of purchasing liability insurance.
1. Any purchasing group with members located in this State shall submit to the Department an Application for Registration (as set forth in Appendix C and incorporated herein by reference), a Notice of Appointment (as set forth in Appendix D and incorporated herein by reference) and a Policy Form Certification (as set forth in Appendix E and incorporated herein by reference) which shall be accompanied by a registration fee in accordance with N.J.A.C. 11:1-32.
2. Each purchasing group registered pursuant to this section shall submit to the Department from time to time, as it may require, reports relative to the group's operations.
3. Each purchasing group with members in this State registered pursuant to this subsection is subject to audits or examination as the Commissioner may deem necessary.