New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 13 - COMMERCIAL LINES INSURANCE
Subchapter 6 - COMMERCIAL INSURANCE RATING PLANS
Section 11:13-6.5 - Standards for commercial insurance rating plans

Universal Citation: NJ Admin Code 11:13-6.5

Current through Register Vol. 56, No. 6, March 18, 2024

(a) Underwriting factors described in the plan shall be reasonably related to an increase or decrease in the risk expected.

(b) Maximum debits for each underwriting factor in the plan shall equal maximum credits for each underwriting factor in the plan on a percentage basis except when equal maximum credits and debits are clearly not appropriate and the filer of the plan provides a written explanation.

(c) An individual risk premium modification plan shall provide for a maximum 25 percent debit or credit from base rates for any single policy. This limitation shall not apply to experience and retrospective rating plans or expense modifications.

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