reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 16A - PRIVATE PASSENGER AUTOMOBILE INSURANCE TERRITORIAL RATING PLANS › Section 11:3-16A.6 - Review of filings

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All filings and other items submitted to the Commissioner pursuant to this subchapter shall be sent to the Department through the use of the NAIC electronic filing system SERFF (System for Electronic Rate and Form Filing).
(b) The time periods for the Department's review of territorial rating plan filings made pursuant to this subchapter are as set forth below:
1. Sixty days for insurers that use the common territory map, the territory map approved for a rating organization or a map that modifies either the common territory or rating organization map, as provided in 11:3-16A.3(b)3. For good cause, the Department may extend the review period for 30 days.
2. Ninety days for filers that are filing their own territory map. For good cause, the Department may extend the review period for a reasonable time, not to exceed 45 days.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 16A - PRIVATE PASSENGER AUTOMOBILE INSURANCE TERRITORIAL RATING PLANS › Section 11:3-16A.7 - Territorial rating plan review

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each filer shall periodically review, no less frequently than once every five years, the continued validity of its territorial rating plan and report its findings in a format to be established by the Commissioner by Order.
(b) The Commissioner shall convene the Commission to review the continued validity of the common territory map at least once every five years.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 16A - PRIVATE PASSENGER AUTOMOBILE INSURANCE TERRITORIAL RATING PLANS › Section 11:3-16A.8 - Objection to filings

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any filer may object to an approved filing made in accordance with this subchapter on the grounds that it:
1. Is anti-competitive;
2. Does not meet the standards established in 17:29A-48 and this subchapter; or
3. Results in the filer not meeting its obligations pursuant to 17:33B-15.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 16A - PRIVATE PASSENGER AUTOMOBILE INSURANCE TERRITORIAL RATING PLANS › Section 11:3-16A.9 - Transition requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Commission shall file a territory map in accordance with 11:3-16A.4 and territorial relativities in accordance with 11:3-16A.5 for the Commissioner's approval.
1. The Commissioner shall approve or disapprove the filing within 30 days. If the Commissioner disapproves all or any part of the Commission's filing, it shall be returned with recommendations. The Commission may accept the recommendations of the Commissioner or may propose a new territory map within 30 days after the return of a disapproved map. If the Commission does not file a map acceptable to the Commissioner within 30 days of the disapproval of the original map, the Commissioner shall certify his or her own map.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 16A - PRIVATE PASSENGER AUTOMOBILE INSURANCE TERRITORIAL RATING PLANS › Section 11:3-16A.10 - 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 authorized by law.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 16B - RATE PROCESS FOR LIMITED RATE CHANGES; CALCULATIONS FOR PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE CHANGES › Section 11:3-16B.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 process for a private passenger automobile insurer or rating organization to file limited rate changes to its rating system as permitted by 17:29A-46.6.
(b) This subchapter shall also apply to rates filed by:
1. All insurers, affiliated groups of insurers and rating organizations writing or transacting private passenger automobile insurance in the voluntary market in this State; and
2. The New Jersey Personal Automobile Insurance Plan.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 16B - RATE PROCESS FOR LIMITED RATE CHANGES; CALCULATIONS FOR PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE CHANGES › Section 11:3-16B.3 - Rate process for limited rate changes; insurers and rating organizations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An insurer and/or rating organization, pursuant to 17:33B-31, may file for a rate change in accordance with this subchapter. The insurer shall provide the following information in support of its filing:
1. A cover letter notifying the Department of its intention to make a rate change according to the provisions of this subchapter; a statement containing the effective date of the change for new and renewal policyholders; and the name, telephone number and mailing address of the company officer familiar with the filing to whom further inquiries regarding the filing may be directed. Filers may choose to eliminate the submission of a cover letter provided that the SERFF Filing's General Information Description Section is fully completed with a clear and precise description of the filing;
2. The information in N.J.A.C. 11:3-16 Appendix Exhibit B incorporated herein by reference;
3. A checklist that sets forth the information in Exhibit A in the subchapter Appendix incorporated herein by reference;
4. Exhibits that illustrate that the new rates are within the ranges permitted by 17:29A-36 and 29A-46.6(e). The exhibits shall include Statewide average rates, rating factors, and any underlying premium and exposure distributions necessary to the calculations;
5. The manual rating pages containing the territorial base rates by coverage to be implemented, accompanied by an explanatory memorandum showing the calculation of the new rates by coverage, using the existing rates by coverage as the starting point in the calculation;
6. Completed rating examples using the examples set forth in 11:3-45.3, which shows the proposed premium amounts;
7. The distribution of exposure - level rate impacts by five percent intervals, including descriptions of the characteristics of risks receiving the minimum and maximum impact; and
8. Data in the medium and format specified in 11:3-16B.4 (
l
).
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 16B - RATE PROCESS FOR LIMITED RATE CHANGES; CALCULATIONS FOR PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE CHANGES › Section 11:3-16B.4 - Rate process for limited rate changes

Current through Register Vol. 56, No. 14, July 15, 2024
(a) General requirements for limited rate change filings are as follows:
1. Filers shall provide coverage indications based on three accident years of data. For coverages that are fully credible based on less than three years of data, filers may use two accident years of data to calculate indications for those coverages;
2. Indications may be based on either total limit or basic limit data for the liability coverages;
3. Coverage indications shall be calculated as follows:
i. Filers that only sell split limits policies shall submit separate BI and PD indications;
ii. Filers that only sell CSL policies shall submit one CSL indication. However, the BI and PD portion of losses shall be developed and trended using separate loss development triangles and trend factors;
iii. Filers that sell both split limits and CSL policies can either submit separate BI, PD and CSL indications or allocate the CSL data between BI and PD;
iv. Filers that sell PACK policies can submit one indication for the policy but the BI, PD and PIP portion of the losses shall be developed and trended using separate loss development triangles and trend factors; and
v. UM data shall be combined with liability data in (a)3i, ii, iii or iv above. Filers do not have to calculate a separate indication for UM; and
4. All supporting exhibits must include documentation of formulas and data sources.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 16B - RATE PROCESS FOR LIMITED RATE CHANGES; CALCULATIONS FOR PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE CHANGES › Section 11:3-16B.5 - Limitation on filer's rate request

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the overall indicated change as determined in 11:3-16B.4 is an increase of seven percent or more, the filer shall request an overall increase of no more than seven percent.
(b) If the overall indicated change as determined by 11:3-16B.4 is less than seven percent, the filer shall request no more than the overall rate change that is indicated.
(c) Filers shall be permitted to seek base rate increases of up to 15 percent provided:
1. The increases are indicated by territory and coverage;
2. The overall increase for any single coverage does not exceed 10 percent;
3. The overall increase for all coverages for all policyholders combined does not exceed seven percent; and
4. In the event that (f) below applies, the percentage limits in this section shall be doubled.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 16B - RATE PROCESS FOR LIMITED RATE CHANGES; CALCULATIONS FOR PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE CHANGES › Section 11:3-16B.6 - Review; general principles; action

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the Commissioner determines that the filing includes all the information and calculations required to support the rate change, then the Commissioner shall approve the filing.
(b) A filing will be deemed submitted when it is received by the Department's Property and Casualty Office and is accompanied by:
1. All the documents, exhibits and calculations required by this subchapter.
2. In those cases where, due to their small size and/or lack of historical experience, filers are unable to fulfill completely all of the data submission requirements set forth in this subchapter, such filers shall be required to submit as much required information as they are able to supply, and each filing shall be reviewed accordingly. The Department's review of, and decision, on any such filing are not governed by the time frames in (d) below, but instead will be subject to the time frames set forth in 11:3-18.4.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 16B - RATE PROCESS FOR LIMITED RATE CHANGES; CALCULATIONS FOR PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE CHANGES › Appendix - APPENDIX

Current through Register Vol. 56, No. 14, July 15, 2024
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New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 18 - PRIVATE PASSENGER AUTOMOBILE INSURANCE: RATE FILING REVIEW PROCEDURES › Section 11:3-18.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter sets forth the procedures used by the Department to review voluntary market private passenger automobile insurance rate filings and implements 17:29A-1 et seq. and N.J.S.A. 52:27EE-46 et seq. It is intended to provide for the expeditious review and disposition of automobile insurance rate filings consistent with applicable statutes regarding insurance and administrative procedures.
(b) This subchapter applies to private passenger automobile rate filings that require prior approval of the Commissioner made pursuant to 17:29A-14.
(c) This subchapter shall be construed so as to be compatible with the rules that set forth requirements for rate filings, N.J.A.C. 11:3-16; the provisions of the Administrative Procedures Act, 52:14B-1 et seq.; and the administrative procedure rules, N.J.A.C. 1:1 and 1:11 concerning the disposition of matters after they have been determined to be a contested case.
(d) The Division of Rate Counsel shall have no jurisdiction or authority to participate or intervene in:
1. Expedited prior approval rate filings made by an insurer or affiliated group of insurers pursuant to 17:29A-46.6 or 17:36-5.3 5;
2. Prior approval rate filings having an overall impact of seven percent or less except when an insurer has filed for one or more prior approval rate filing(s) for implementation within a 12-month period and the impact of the filing(s) is a combined overall increase of more than seven percent, in which case this subchapter shall apply to the filing which causes the combined overall increase to exceed seven percent; or
3. Rule or form filings for any other form of insurance.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 18 - PRIVATE PASSENGER AUTOMOBILE INSURANCE: RATE FILING REVIEW PROCEDURES › Section 11:3-18.2 - 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:
"Annual informational filing" means a filing made in accordance with the provisions of N.J.S.A. 17:29A-36.2b and 11:3-16.4.
"Contested case" means any proceeding so defined in 52:14B-2(b), specifically including a prior approval filing when request for a hearing has been made by any party or when the Commissioner determines that a hearing on the filing is necessary.
"Day" means a calendar day.
"Department" means the New Jersey Department of Banking and Insurance.
"Division of Rate Counsel" means the division which pursuant to P.L. 2010 c. 34 (N.J.S.A. 52:27EE-46 et seq., as amended) is in, but independent of, the Department of the Treasury of New Jersey.
"Filer" means a rating organization or any insurer making its own rates or a portion thereof, establishing or proposing to establish a new rate or rate change.
"Parties" includes the filer and any other person with a legal right to participate in the proceedings who has served notice on the Commissioner of its intention to participate.
"Prior approval filing" means a filing made pursuant to 17:29A-14 and 11:3-16.6 to alter, supplement, or amend rating systems or any part thereof, except limited rate change filings pursuant to N.J.A.C. 11:3-16B.
"Rating organization" means every person or persons, corporation, partnership, company, society, or association engaged in the business of making rates or a portion thereof for two or more insurers and licensed in accordance with 17:29A-2.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 18 - PRIVATE PASSENGER AUTOMOBILE INSURANCE: RATE FILING REVIEW PROCEDURES › Section 11:3-18.3 - General provisions applicable to all filings

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Filings may be submitted by insurers or licensed rating organizations which are authorized to file rates for insurers which are members or subscribers of the rating organization.
1. Insurers that make their own rates shall submit filings themselves.
2. Filings submitted by rating organizations shall be submitted only for and on behalf of their member companies.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 18 - PRIVATE PASSENGER AUTOMOBILE INSURANCE: RATE FILING REVIEW PROCEDURES › Section 11:3-18.4 - Procedures for review of prior approval filings

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The time period for the Department's review of a prior approval filing shall commence the day after the filing is received. The filer shall concurrently provide a copy of the filing to the Division of Rate Counsel.
(b) The Division of Rate Counsel shall notify the Department and the filer if it intends to intervene no later than 10 days after receipt of the filing.
(c) The Department shall advise the filer if the filing is incomplete not later than 25 days after receipt of the filing.
1. The filing shall be deemed to be complete if the filer is not notified that the filing is incomplete.
2. Notice to the filer that the filing has been found to be incomplete shall specify the missing item(s) or information. The Department shall send a copy of the notice that the filing is incomplete to the Division of Rate Counsel , if notice of the intent of the Division of Rate Counsel to intervene on the filing has been received.
3. The Department may disapprove an incomplete filing as a nonconforming filing. Any resubmission of the filing after the deficiency has been cured shall be considered initial receipt.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 18 - PRIVATE PASSENGER AUTOMOBILE INSURANCE: RATE FILING REVIEW PROCEDURES › Section 11:3-18.7 - Other remedies preserved

Current through Register Vol. 56, No. 14, July 15, 2024
Nothing in this subchapter shall prevent the Commissioner from at any time initiating an action pursuant to 17:29A-1 et seq. to direct that rating systems be altered or revised if found to provide for, result in, or produce rates which are unreasonable, inadequate, or which discriminate unfairly between risks in this State involving essentially the same hazards and expense elements.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 19A - TIER RATING PLANS AND TIER PLACEMENT CRITERIA › Section 11:3-19A.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter implements 17:29A-46.1 et seq., which requires that personal private passenger automobile insurers file for approval their tier placement criteria used to assign risks to a tier rating plan. Approval of tier placement criteria shall serve to confirm that each insurer's business practices are consistent with law regarding the assignment of a risk to an insurer's tier rating plan.
(b) This subchapter applies to all insurers that are licensed and authorized to transact personal private passenger automobile insurance in the voluntary market. It applies to groups of affiliated companies which insure risks through separate individual insurance companies.
(c) This subchapter does not apply to the New Jersey Personal Automobile Insurance Plan or to private passenger automobile insurance written in a commercial lines rating system filed pursuant to N.J.S.A. 17:29AA-1 et seq. except to those risks that are assigned to an insurer pursuant to N.J.S.A. 17:29D-1i.
(d) Pursuant to 17:33B-31, insurers may use information provided by a rating organization or advisory organization, including, but not limited to, rules used to assign risks to a tier rating plan, classifications, rating rules and relativities. An insurer duly participating with a rating organization may make a reference filing to utilize rating and advisory organization rules used to assign risks to a tier rating plan, classifications, rating rules and relativities.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 19A - TIER RATING PLANS AND TIER PLACEMENT CRITERIA › Section 11:3-19A.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.
"Affiliated companies" means two or more individual insurance companies that are authorized to transact private passenger automobile insurance business in New Jersey where one insurer controls, is controlled by, or is under common control with the other insurer.
"Applicant" means a person applying to an insurer for a policy of automobile insurance who is not currently a named insured under an existing policy of automobile insurance issued by that insurer.
"Commissioner" means the Commissioner of the Department of Banking and Insurance of the State of New Jersey.
"Department" means the New Jersey Department of Banking and Insurance.
"Insurance score" means a number or rating, including that which is derived from an algorithm, computer application, model or other process, that is based in whole or part on credit information.
"Insured" when used as a noun means a named insured or other person insured under a policy of automobile insurance and not a named insured under another automobile insurance policy.
"Insurer" means any person or persons, corporation, association, partnership, company, reciprocal exchange, group of affiliated companies, or other legal entity authorized or admitted to transact private passenger automobile insurance in this State.
"Personal private passenger automobile insurance" or "automobile insurance" means direct insurance on private passenger automobiles issued by an insurer in accordance with a personal lines rating system filed and approved pursuant to 17:29A-1 et seq.
"Renew" means to issue and deliver at the end of the policy period a policy superseding a policy previously issued and delivered, or to issue and deliver a certificate or notice extending the term of a policy beyond its policy period or term, by the same insurer, or by another insurer in a group of affiliated companies, pursuant to a tier rating plan file and approved in accordance with this subchapter.
"Risk" means the person or property exposed to loss or damage that is insured under an automobile insurance policy.
"Standard tier" refers to the tier that contains those named insureds with six or less motor vehicle record (MVR) points who do not meet the requirements for higher or lower rated tiers due to other risk characteristics. The initial standard tier rating factor is 1.000.
"Tier" refers to one or more tier placement criteria, filed and approved pursuant to 17:29A-46.1, which define and characterize one or more mutually exclusive groups of insureds.
"Tier placement criteria" means the written rules by which an insurer assigns a risk to a rating tier.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 19A - TIER RATING PLANS AND TIER PLACEMENT CRITERIA › Section 11:3-19A.3 - Tier rating plans-general provisions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Insurers that write personal private passenger automobile insurance in New Jersey shall file for approval their tier placement criteria used to assign business under a tier rating plan, in accordance with 17:29A-46.1 and this subchapter. No insurer shall use or implement any tier placement criteria for a tier rating plan not filed and approved as set forth herein.
(b) In determining the number of tiers in a multi-tier rating program, the insurer shall consider the following factors:
1. The homogeneity of risk characteristics;
2. The number of exposures for credibility determinations;
3. The experience of the insurer and its affiliates; and
4. Actuarial judgment.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 19A - TIER RATING PLANS AND TIER PLACEMENT CRITERIA › Section 11:3-19A.4 - Filing requirements for tier rating plans

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An insurer seeking to establish or to modify a tier rating plan shall file with the Commissioner the following items:
1. A complete set of tier placement criteria containing the standards for each tier and the rating differentials between the tiers;
2. A narrative description of the plan, which shall include:
i. The percentage difference between tier rate levels;
ii. The insurer's plan for determining placement and renewal of an insured at a tier level; and
iii. If the plan is submitted by a group of affiliated companies, the identity of all individual insurance companies in the group that transact private passenger automobile insurance business in New Jersey and the tiers to be used by each;
3. Rating examples as set forth in the Appendix to this subchapter, incorporated herein by reference. Where a driver qualifies for more than one rating tier; the insurer may provide the premium for different tiers together with the factors that might result in the placement of the insured in a lower tier; and
4. No later than 10 days prior to the effective date of the plan, copies of manual rate pages for each rate level together with rating examples and a copy of the notice explaining the insurer's tier rating system pursuant to 11:3-19A.3(e).
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 19A - TIER RATING PLANS AND TIER PLACEMENT CRITERIA › Section 11:3-19A.5 - Standards of approval, disapproval or modification of tier placement criteria and tier ratings plans

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A tier rating plan shall be disapproved for any of the following reasons:
1. The plan does not comply with 17:29A-46.1 et seq. and this subchapter;
2. The plan assigns a vehicle insured under the policy to a higher than standard tier solely for the accumulation of four or less motor vehicle violation points by any named insured or a regular operator;
3. The insurer failed to submit the items required to be filed pursuant to this subchapter; or
4. The plan fails to meet any of the standards for rating systems established by statute or administrative rule.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 19A - TIER RATING PLANS AND TIER PLACEMENT CRITERIA › Section 11:3-19A.6 - Policy renewals and notice to insureds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An insurer that has implemented a tier rating plan shall issue and renew its policies at the appropriate tier for which the risk qualifies in accordance with the insurer's approved tier placement criteria.
1. The transfer of a risk from one company to another in accordance with an insurer's tier rating plan shall not be deemed to be nonrenewal of the policy as provided by 39:6A-2.
2. If the insured qualifies for a higher rated tier after having been insured at a lower rated tier, the insurer shall renew the insured at the higher rated tier after providing notice to the insured at the time of renewal advising the insured that he or she is being placed in a higher rated tier resulting in a greater premium.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 19A - TIER RATING PLANS AND TIER PLACEMENT CRITERIA › Section 11:3-19A.7 - 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 authorized by law.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 19A - TIER RATING PLANS AND TIER PLACEMENT CRITERIA › Appendix - APPENDIX

Current through Register Vol. 56, No. 14, July 15, 2024
The following information shall be used to provide rating examples for Drivers A, B, C and D as listed below:
1. PAIP territories 2, 15 and 40;
2. Verbal and zero thresholds;
3. Liability limits 100/300/50 or 300 CSL;
4. Operator is "all other" class;
5. Annual mileage is 12,000;
6. Basic PIP;
7. $500 deductibles for comprehensive and collision;
8. Model Year = Current Year -2, (for example, in calendar year 1997 the model year would be 1995);
9. Symbol is based on a Pontiac Grand Am SE Coupe; and
10. Insured with company for five years.
Filers shall furnish rating examples for the following. (If a driver qualifies for more than one tier, use the highest rating tier):
1. Driver A: 0 MVR points, 0 accidents, companion policy.
2. Driver B: 6 MVR points, 0 accident.
3. Driver C: 7 MVR points, 0 accident.
4. Driver D: 0 MVR points, 1 accident.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 20 - REPORTING FINANCIAL DISCLOSURE AND EXCESS PROFITS › Section 11:3-20.1 - Purpose

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter sets forth the financial disclosure and excess profits reporting requirements pursuant to 17:29A-5.6 to 17:29A-5.1 6.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 20 - REPORTING FINANCIAL DISCLOSURE AND EXCESS PROFITS › Section 11:3-20.2 - Scope

Current through Register Vol. 56, No. 14, July 15, 2024
The provisions of this subchapter apply to all insurers authorized to transact private passenger automobile insurance business in this State.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 20 - REPORTING FINANCIAL DISCLOSURE AND EXCESS PROFITS › Section 11:3-20.4 - General reporting requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The data in the reports required by this subchapter shall be for New Jersey voluntary private passenger automobile insurance and the Personal Automobile Insurance Plan only.
(b) Each private passenger automobile insurer, except as provided in (e) below, shall annually file with the Commissioner the data and information required by this subchapter on or before July 1 of each year.
(c) The data required by this subchapter shall be e-mailed to the Department at the address identified either on the Department's website (
www.state.nj.us/dobi
) or by telephone call to the Department's main number, (609) 292-5360. Data shall be submitted in the format set forth in Exhibits found in the Appendix to this subchapter, incorporated herein by reference, and provided in the format posted on the Department's website. The spreadsheet with data requirements and formulas will be posted by the Department by April 1 of each year, along with a list of differences from the previous year. Companies may download from the Department website or submit a blank CD-ROM and self-addressed, stamped mailer to receive copies of the Microsoft Excel spreadsheets for current and future use in the excess profit reports required pursuant to this subchapter.
(d) The information shall be provided with respect to the insurer's New Jersey private passenger automobile insurance business separately for each of the following coverages:
1. Personal injury protection, including all options;
2. Bodily injury liability, including uninsured and underinsured motorist coverages, all reported at total limits;
3. Property damage liability reported at the total limits; and
4. Physical damage, consisting of comprehensive and collision coverages, including all deductibles.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 20 - REPORTING FINANCIAL DISCLOSURE AND EXCESS PROFITS › Section 11:3-20.5 - Excess profit report

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each insurer shall submit a complete and accurate excess profit report in the format of the exhibits appended to this subchapter, which exhibits are hereby incorporated by reference as part of these rules, using the spreadsheet posted on the Department's website.
(b) The excess profit report shall contain the following information for each of the nine most recent calendar-accident years, with an evaluation date as of March 31 of the year in which the excess profit report is due.
1. Paid, unpaid and incurred loss;
2. Case incurred loss developed to an ultimate basis;
3. Paid, unpaid and incurred ALAE;
4. Case incurred ALAE developed to an ultimate basis;
5. AIRE Allocation and investment income received;
6. AIRE Allocation and investment income developed to an ultimate basis;
7. AIRE Assessment; and
8. AIRE Assessment developed to an ultimate basis.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 20 - REPORTING FINANCIAL DISCLOSURE AND EXCESS PROFITS › Section 11:3-20.6 - Reporting requirements for insurance holding company systems

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All private passenger automobile insurers that are part of an insurance company holding system shall file one combined excess profit report under 17:29A-5.7 and 11:3-20.5. In compliance with this obligation, separate certifications and individual excess profit reports may be filed for each insurer in an insurance holding company system and included with the combined excess profit report filed by the insurance company holding system.
(b) The Commissioner may order a complete excess profit report for any insurer in an insurance holding company system if, in his or her judgment, one or more of the insurers in that system are excessively subsidizing other insurers in that system. Excessive subsidization may exist if the number of dollars of excess profit, as calculated pursuant to this subchapter, for an individual insurer within an insurance holding company system, exceeds .5 percent (one half of one percent) of its earned premiums for the three calendar-accident years immediately preceding the year in which the excess profits report is due to the extent that this excess profit has not been refunded or credited to policyholders.
(c) Notwithstanding any provision of this section to the contrary, for purposes of evaluating the excess profit reports, the excess profit computation shall be performed solely on the insurance holding company system's combined excess profit report.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 20 - REPORTING FINANCIAL DISCLOSURE AND EXCESS PROFITS › Section 11:3-20.7 - Determination of an excess profit

Current through Register Vol. 56, No. 14, July 15, 2024
The existence of an excess profit shall be determined based upon calculations made in accordance with the Exhibits set forth in the Appendix to this subchapter for the seven calendar-accident years immediately preceding the date the excess profit report is due. An excess profit shall be deemed to exist when an insurer's total actuarial gain for all private passenger automobile coverages combined exceeds 2.5 percent of earned premium, or 3.85 percent on a pre-tax basis, using the Federal corporate tax rate of 35 percent.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 20 - REPORTING FINANCIAL DISCLOSURE AND EXCESS PROFITS › Section 11:3-20.8 - Refund or credit of an excess profit

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the Commissioner determines that an insurer is required to refund excess profits, the Commissioner shall issue written notice to the insurer of his or her determination. The notice shall contain a written explanation of the basis on which such a determination was made and shall advise the insurer that it may request a reevaluation of the determination as set forth at (b) below.
(b) An insurer may request a reevaluation of the determination that it is required to refund an excess profit by submitting a written request to the Department within 30 days of the receipt of the notice in (a) above.
1. The written request shall set forth the legal or factual basis for the requested reevaluation.
2. If the basis for the requested reevaluation is good faith error or excusable mistake, the request shall be accompanied by a written request to make a supplemental filing pursuant to 11:3-20.1 1.
3. The Commissioner shall notify the insurer in writing of his or her determination within 60 days, which shall constitute an initial agency decision. If no written request for a reevaluation is made as set forth in (b)1 and 2 above, the original notice of determination shall constitute a final agency decision.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 20 - REPORTING FINANCIAL DISCLOSURE AND EXCESS PROFITS › Section 11:3-20.9 - Excess profit, extraordinary loss, and reinvestment into New Jersey carry forwards

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In the event an excess profit is returned by an insurer in accordance with this subchapter and subsequent reports demonstrate and additional excess profits are indicated, an excess profit carry forward shall be established.
(b) In the event an extraordinary loss has been incurred by an insurer and subsequent excess profit reports demonstrate that an excess profit is indicated, an extraordinary loss carry forward shall be established.
(c) In the event that an excess profit is indicated for an insurer, and any prior excess profit carry forward and/or extraordinary loss carry forward has either not been established or has been exhausted, and a plan for reinvestment into New Jersey has been filed by the insurer, a reinvestment carry forward shall be established.
(d) Excess profit, extraordinary loss, and reinvestment carry forwards shall be applied by such insurer as an allowance against future determinations of excess profits. The allowance shall only be applied in a filing year that generates an excess profit, and the application of such allowance shall not exceed the amount of excess profit generated in the filing year. In such filing year, the insurer shall assign the carry forward or any portion thereof to the latest seven AYs of that filing. Once a carry forward is assigned to an AY, it shall remain with that AY until it is no longer displayed in subsequent filings. Once a carry forward or a portion thereof is assigned to a particular AY, that portion of the carry forward amount is exhausted and shall not be applied as an allowance against any other AY. The carry forward may be used until such allowance is exhausted or the end of 15 years from the date the excess profit was paid, extraordinary loss was incurred, or reinvestment is committed, whichever occurs first.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 20 - REPORTING FINANCIAL DISCLOSURE AND EXCESS PROFITS › Section 11:3-20.10 - Order for further information

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If, after examination of the insurer's excess profit report, the Commissioner finds that any information or calculation in such report contains, results in, or is based upon aberrant, unusual or irregular data, the Commissioner shall issue an order to such insurer directing that the information or calculation be altered in a manner necessary to eliminate the effect of the aberrant, unusual or irregular data.
(b) Such insurer shall submit the revised information to the Commissioner within 15 days after receiving an order pursuant to (a) above.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 20 - REPORTING FINANCIAL DISCLOSURE AND EXCESS PROFITS › Section 11:3-20.11 - Supplemental filings

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An insurer may request permission to supplement its excess profit report filing due to good faith error or excusable mistake by submitting a written request to the Department containing the following:
1. The reasons why the insurer believes that a supplemental filing is necessary;
2. A brief but complete description of the nature of the information to be contained in the supplemental filing (Note: The actual supplemental filing should not be submitted until the insurer is notified that the request has been approved); and
3. The reasons why the insurer failed to provide this information in its initial excess profit report filing.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 20 - REPORTING FINANCIAL DISCLOSURE AND EXCESS PROFITS › Section 11:3-20.13 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to file a complete and accurate excess profit report so that it is received by the Commissioner on or before July 1 shall constitute a violation of this subchapter, and may result in the imposition of penalties as provided by statute.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 21 - PERSONAL INJURY PROTECTION COVERAGE REDUCED PIP PREMIUM CHARGE FOR ADDITIONAL AUTOS IN ONE-DRIVER HOUSEHOLDS › Section 11:3-21.1 - Purpose

Current through Register Vol. 56, No. 14, July 15, 2024
The purpose of this rule is to implement 39:6A-4.1, which provides for reduced personal injury protection premiums for additional automobiles in one-driver households.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 21 - PERSONAL INJURY PROTECTION COVERAGE REDUCED PIP PREMIUM CHARGE FOR ADDITIONAL AUTOS IN ONE-DRIVER HOUSEHOLDS › Section 11:3-21.2 - Reduction of PIP premium

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In any instance where a named insured is the owner, the only designated operator of two or more automobiles insured by the same insurer under one or more policies, and the only licensed driver residing in the household, the full basic PIP rate shall be charged on one automobile, and a percentage discount shall be given on the PIP premium charge on each additional auto. For the three-year period commencing with the operative date of this rule, the premium reduction shall be at least 50 percent of the approved charge for the applicable territory of garaging for the additional automobile(s), exclusive of expense fees and policy constants or residual market equalization charges.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 21 - PERSONAL INJURY PROTECTION COVERAGE REDUCED PIP PREMIUM CHARGE FOR ADDITIONAL AUTOS IN ONE-DRIVER HOUSEHOLDS › Section 11:3-21.3 - Automobiles eligible for premium reduction

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Except as provided in paragraph 1 below, the reduced premiums shall only apply to a private passenger automobile of a private passenger or station wagon type that is owned or hired by an individual or by husband and wife who are residents of the same household and is neither used as a public or livery conveyance for passengers nor rented to others with a driver; and a motor vehicle with a pick-up body, a delivery sedan, a van, or a panel truck or a camper type vehicle used for recreational purposes owned by an individual or by husband and wife who are residents of the same household, not customarily used in the occupation, profession or business of the insured other than farming or ranching. An automobile owned by a farm family copartnership or corporation which is principally garaged on a farm or ranch and otherwise meets the definitions contained in this section, shall be considered a private passenger automobile owned by two or more relatives resident in the same household.
1. The reduced premium shall not apply to automobiles for which the basic PIP premium charge is less than $ 25.00, exclusive of expense fees and policy constants or residual market equalization charges, and which are of the following types:
i. Automobiles 10 years or older and maintained primarily for use in exhibitions, parades and club activities, or
ii. A self-propelled vehicle with a living area that is an integral part of the chassis or a pick-up with a permanently attached camper body.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 21 - PERSONAL INJURY PROTECTION COVERAGE REDUCED PIP PREMIUM CHARGE FOR ADDITIONAL AUTOS IN ONE-DRIVER HOUSEHOLDS › Section 11:3-21.4 - Filing and statistical requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each automobile filer shall, within 60 days of the effective date of this rule, submit to the Commissioner for approval filings of rates and manual rules for implementing the reduced PIP premium charges for additional automobiles required by this rule.
1. Each statistical organization shall, within 60 days of the effective date of this rule, submit to the Commissioner for approval amendments to its statistical plan designed to effectuate the purposes of 39:6A-4.1 and this subchapter.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 22 - COVERAGE OPTION SURVEY PERSONAL INJURY PROTECTION AND TORT THRESHOLD OPTIONS › Section 11:3-22.1 - Purpose

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter requires the submission of data concerning policyholder selection of the various options provided under the New Jersey Automobile Insurance Freedom of Choice and Cost Containment Act of 1984 (17:28-1.1 ) in order to monitor the implementation and effectiveness of the Act.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 22 - COVERAGE OPTION SURVEY PERSONAL INJURY PROTECTION AND TORT THRESHOLD OPTIONS › Section 11:3-22.2 - Scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter applies to every insurer authorized to transact the business of automobile insurance in this State.
(b) For the purpose of the reporting requirements of this subchapter, "automobile" means a private passenger automobile of a private passenger or station wagon type that is owned or hired by an individual and is neither used as a public or livery conveyance for passengers nor rented to others with a driver; and a motor vehicle with a pickup body, a delivery sedan, a van, or a panel truck or a camper type vehicle used for recreational purposes owned by an individual or husband and wife who are residents of the same household, not customarily used in the occupation, profession or business of the insured other than farming or ranching. An automobile owned by a farm family copartnership or corporation, which is principally garaged on a farm or ranch and otherwise meets the definitions contained in this section, shall be considered an individually owned private passenger automobile owned by two or more relatives resident in the same household.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 22 - COVERAGE OPTION SURVEY PERSONAL INJURY PROTECTION AND TORT THRESHOLD OPTIONS › Section 11:3-22.3 - Coverage option survey requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Every automobile insurer shall complete and file with the Commissioner the coverage option survey required by this subchapter in accordance with the provisions of N.J.A.C. 11:3-3A. The insurer's survey shall reflect the total number of automobiles with in-force coverage, and shall indicate the personal injury protection and lawsuit threshold or no threshold options selected with respect to each such automobile.
(b) Companies may submit the data required by this rule on a group basis, provided that each company included in the group is identified on the coverage option survey forms.
(c) Insurers which act as servicing carriers for a residual market mechanism created by statute shall report directly to the Department.
(d) Failure to provide the data required by this subchapter by the due dates in N.J.A.C. 11:3-3A may result in penalties pursuant to 17:33-2 and as otherwise authorized by law.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 3 - AUTOMOBILE INSURANCE › Subchapter 24 - DEFENSIVE DRIVING RATE REDUCTIONS › Section 11:3-24.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter applies to all private passenger automobile insurers and establishes procedures for defensive driving rate reductions as required by 17:33B-45.1.