New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 2 - INSURANCE GROUP
Subchapter 42 - HOMEOWNERS INSURANCE: STANDARD HURRICANE DEDUCTIBLES AND EXPEDITED PROCESS FOR HOMEOWNERS INSURANCE RATE CHANGES
Section 11:2-42.1 - Purpose and scope

Universal Citation: NJ Admin Code 11:2-42.1

Current through Register Vol. 56, No. 24, December 18, 2024

(a) This subchapter sets forth the expedited process for a homeowner's insurer or rating organization to file changes to its rating system; sets forth the uniform policy language that may be used with respect to hurricane deductibles; and sets forth information that shall be included in notices provided to insureds by insurers regarding hurricane deductibles, pursuant to N.J.S.A. 17:36-5.33 to 5.36.

(b) This subchapter shall apply to all insurers writing or transacting homeowner's insurance in this State, rating organizations, and the FAIR Plan.

(c) This subchapter shall apply only to base rate changes by form, territorial relativity factors, deductible relativity factors, protection/construction class relativity factors, amount of insurance relativity factors, liability rates and associated liability increased limit factors, and minimum premiums.

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