New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 1 - ADMINISTRATION
Subchapter 45 - NOTICE TO POLICYHOLDERS OF PERSONAL LINES INSURANCE RATE INCREASES
Section 11:1-45.3 - Form of notice required
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Subject to 11:1-45.1(b), insurers shall provide notice, in the form set forth in Exhibit A or Exhibit B in the Appendix to this subchapter, incorporated herein by reference, of any filing for a personal lines prior approval rate increase, as set forth in N.J.S.A. 52:27EE-51, filed directly by the insurer or on its behalf by a rating organization. The notice shall be communicated through either regular or electronic mail to the named policyholders who use the products and services subject to the consumer insurance rate increase, and shall be provided within seven business days of the filing with the Department. In the case of regular mail, the notice shall be sent to the last known address of the named policyholder. The insurer may request policyholders to supply their electronic mail address, if they have one. If the policyholder does not have an electronic mailing address, then the insurer shall use regular mail. Insurers shall, as part of any filing for a consumer insurance rate increase, affirm that they are aware of and will comply with this notice requirement.
(b) Insurers shall not be responsible to assure receipt of the notice by all policyholders, provided the insurer has complied with 11:1-45.3. The failure of any policyholders to receive the notice shall not impact the effectiveness of any rate change that may subsequently be approved.
(c) Rating organizations shall publish notice, in the form set forth in the Exhibits to the Appendix to this subchapter, of any filing for a consumer insurance rate increase, in three newspapers of general circulation in this State, and on the rating organization's website, within seven business days of the filing with the Department.
(d) Nothing in this rule prevents the insurer from supplementing its notice with any other explanatory information that it may wish to supply to its policyholders with respect to the rate increase.
(e) Pursuant to N.J.S.A. 52:27EE-50, insurers and rating organizations shall file notice of a prior approval rate filing seeking a consumer insurance rate increase with the Department and shall concurrently provide a copy of the filing to the Division of Rate Counsel in the Department of the Treasury.
