New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 3 - AUTOMOBILE INSURANCE
Subchapter 16 - RATE FILING REQUIREMENTS: VOLUNTARY MARKET PRIVATE PASSENGER AUTOMOBILE INSURANCE
Section 11:3-16.6 - Filings for rates requiring prior approval

Universal Citation: NJ Admin Code 11:3-16.6

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

(a) Any filer that desires to modify its rates or rating systems in a manner other than that provided at N.J.S.A. 17:29A-46.6 shall provide the following standard information in support of its application:

1. A cover letter notifying the Department of its intention to modify its rating system in a manner that requires prior approval, pursuant to N.J.S.A. 17:29A-14; a statement describing the proposed changes, which shall include the proposed effective date of the change, and the name, telephone number and mailing address of the company officer familiar with the filing, to whom inquiries about the filing may be directed. Filers may choose to eliminate the submission of a cover letter provided that the SERFF Filing's General Information Filing Description Section is fully completed with a clear and precise description of the filing;

2. A checklist that sets forth the information in Exhibit A in the Appendix incorporated herein by reference;

3. Exhibit B in the Appendix incorporated herein by reference;

4. A narrative overview that sets forth the contents of the filing, and explains the reasons and procedures used to derive the rate change requested;

5. Premiums, losses and loss adjustment expenses data, as set forth in N.J.A.C. 11:3-16.8;

6. Expense data, as set forth in N.J.A.C. 11:3-16.9. Rating organizations are exempt from this requirement;

7. Profit and contingency provision, as set forth in N.J.A.C. 11:3-16.10. Rating organizations are exempt from this requirement;

8. Proposed rates or loss costs for each territory and coverage together with their derivation; 9. Calculations showing that the proposed rates are in compliance with N.J.S.A. 17:29A-36;

10. Data described at N.J.A.C. 11:3-16.8, 16.9, and 16.10 shall be submitted through the use of the NAIC electronic filing system SERFF (System for Electronic Rate and Form Filing). The information shall be provided in a Microsoft Excel or compatible spreadsheet. All calculated values shall be given as a formula in the spreadsheet; and

11. Proposed manual rate and/or rule pages.

(b) All rate filers shall submit data in support of their application for approval of their proposed rating system based on their own loss experience to the extent it is credible (N.J.A.C. 11:3-16.8), their own expense and profit provisions (N.J.A.C. 11:3-16.9) except rating organizations, and their own profit and contingency provision (N.J.A.C. 11:3-16.10). If the application is not supported by the required data, filers shall submit other appropriate documentation as necessary in addition to the required data. Those filers who refer, without deviation, to the loss experience data of a rating organization shall not be required to file their own loss experience data.

(c) Upon approval, insurers shall file manual rating pages on or before the effective date of the rates. In the case of rating organizations, the manual rating page shall reflect the loss cost information.

(d) In those cases where, due to their small size and/or lack of historical experience, filers are unable to completely fulfill all of the data submission requirements set forth in N.J.A.C. 11:3-16.8, 16.9 and 16.10, such filers shall be required to submit as much required information as they are able to supply, and each filing shall be reviewed accordingly.

(e) Filers shall provide any additional rate filing information specifically requested by the Department that may be necessary to constitute a proper rate filing.

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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.