New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 27 - MEDICAL MALPRACTICE LIABILITY INSURANCE
Subchapter 11 - REPORTING REQUIREMENTS
Section 11:27-11.4 - Actuarial reports

Universal Citation: NJ Admin Code 11:27-11.4

Current through Register Vol. 56, No. 18, September 16, 2024

(a) An insurer transacting medical malpractice liability insurance shall file with the Department by no later than March 15 of each year a copy of the actuarial opinion summary and, by no later than June 1 of each year, a copy of the actuarial report that are maintained pursuant to the instructions to the NAIC annual statement filed pursuant to 17:23-1. The actuarial report shall include the actuarial estimate and/or range for the reserves recommended to be established by the insurer.

(b) Insurers shall file with the actuarial report required pursuant to (a) above a detailed justification supporting the management decision for the level of reserves selected, signed by the chief executive officer and chief financial officer of the insurer. In addition, the written justification shall include a justification for the selection by the management of the insurer of applicable loss sensitive items, which shall include, but not be limited to, the following:

1. Death, disability and retirement (DDR) reserves booked as part of unearned premiums;

2. Other extended reporting endorsement reserves booked as part of unearned premiums;

3. Statutory reserves;

4. Technical reserves;

5. Retroactive reinsurance reserves (assumed and/or ceded);

6. Other reserves reported as write-in lines on Page 3 (Liabilities) on the NAIC annual statement;

7. Accrual/return for direct commissions;

8. Accrual/return for ceded and/or assumed commissions; and

9. Accrual/return for interest on reinsurance funds held.

(c) The loss sensitive items filed pursuant to (b) above shall be addressed if they are related to medical malpractice liability insurance written either solely or in combination with other lines.

(d) An insurer may file the information required by this rule electronically by e-mail, if the file is no larger than 10 megabytes (MB), by filing the information to: medmalreporting@dobi.nj.gov, or by CD-ROM, if the file is larger than 10 MB.

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