New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 1 - ADMINISTRATION
Subchapter 45 - NOTICE TO POLICYHOLDERS OF PERSONAL LINES INSURANCE RATE INCREASES
Appendix - APPENDIX
Exhibit B - RESERVED

Universal Citation: NJ Admin Code B
Current through Register Vol. 56, No. 18, September 16, 2024

Dear Policyholder:

This is to provide notice required pursuant to N.J.S.A. 52:27EE-51 of the combined impacts of recent filings to the New Jersey Department of Banking and Insurance by (Insurance Company) seeking rate increases within a 12 month period.

(Insurance Company) was granted an overall rate increase in the amount of +____% effective (xx/xx/xx) for new business and effective (xx/xx/xx) for renewal business for (coverage).

[Add additional descriptions for multiple filings if applicable]

(Insurance Company) subsequently filed on (xx/xx/xx) with the Department of Banking and Insurance a request for an overall rate increase in the amount of ____%, which, when combined with the previously approved rate increase(s), could result in an overall rate increase in excess of +7.0%.

(For PPA only) If the subsequent filing is approved for the full amount requested, when combined with the previously approved rate increase(s) the average liability-only policy will see a rate change of + ___%. The average full coverage policy (which includes comprehensive and collision coverage) will see a rate change of +____%. The impact of these filings on your rates may vary substantially, depending on the terms of your policy and your individual circumstances.

(For HO only) If the subsequent filing is approved for the full amount requested, when combined with the previously approved rate increase(s), the average homeowners policy (or equivalent term used by the filer) will see a rate change of +____%. The average Tenants policy will see a rate change of +____%. The average Condominiums policy (or equivalent term used by the filer) will see a rate change of ____%. The impact of these filings on your rates may vary substantially, depending on the terms of your policy and your individual circumstances.

(For all other personal lines property/casualty coverages) If the subsequent filing is approved for the full amount requested, when combined with the previously approved rate increase(s), the average policy will see a rate change of +____%. The impact of these filings on your rates may vary substantially, depending on the terms of your policy and your individual circumstances.

The subsequently filed request for a rate increase is subject to review and approval by the Department of Banking and Insurance pursuant to law and the request may not be approved, or may be approved for less than the full amount requested. If approved in whole or in part, the rate change will not affect existing policies until they come up for renewal.

Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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