Current through Register Vol. 56, No. 6, March
18, 2024
(a) When
requesting relief, the applicant shall provide with its request the following
information in a clear, concise and complete manner:
1. A cover letter stating:
i. The name of the applicant;
ii. The form of relief and, if for less than
the full amount, specific amount/percentage of relief which the applicant is
requesting;
iii. A statement of
facts relied upon as the basis under which relief is sought, including the
specific factor(s) upon which the Commissioner may find that the payment of the
assessment would endanger the ability of the applicant to fulfill its
contractual obligations, or place the applicant in a hazardous financial
condition; or that the failure to include assessments in the applicant's
schedule of charges or rates would significantly and adversely affect the
applicant as set forth at
11:4-1.9, as applicable;
and
iv. The name, title, telephone
number and telefax number of a contact person familiar with the filing to whom
the Department may direct any additional questions;
2. A detailed explanation, with supporting
documentation, of the projected effect that fulfillment of the obligation would
have on the immediate and long term financial condition of the applicant,
including both the effect on the applicant's net worth, and separately, its
ability to earn a constitutionally adequate rate of return, unless relief is
granted as requested;
3. The most
recent financial examination report, whether conducted by the applicant's state
of domicile or other state;
4. A
statement addressing whether the applicant is planning to modify its method of
doing business in any way including, but not limited to, new acquisitions or
new restructuring;
5. If the
applicant is a member of a holding company system, the following shall be
provided:
i. A list of all members of the
holding company system;
ii. A list
of all intercompany transactions for the period beginning January 1 in the year
of the filing to the date of the quarterly statement immediately preceding the
date of the filing, in the format set forth in the statutory annual statement
filed by the applicant; and
iii. A
copy of the applicant's organizational chart;
6. An actuarial opinion attesting to the
adequacy of reserves in the format of and satisfying all requirements for the
actuarial opinion and memorandum required to be submitted as a part of the
annual statement filed by the applicant;
7. A report signed by the attesting actuary
referred in (a)6 above, which includes, in summary form if necessary, all data
utilized, a complete explanation of methods and assumptions and sufficient
additional narrative to account for any features of the data or circumstances
necessary for proper interpretation;
8. A copy of the annual statement of the
applicant, including all accompanying exhibits, filed with this State
immediately preceding the date of the relief filing;
9. Copies of all quarterly statements for the
period beginning January 1 in the year of the filing to the quarterly statement
immediately preceding the date of the filing;
10. Three-year financial projections
beginning with the calendar year of the date of the filing assuming relief is
granted and assuming relief is denied. The projections shall include, in
summary form if necessary, all data utilized, and a complete explanation of
methods and assumptions utilized and relied upon by the applicant in making the
projections. The projections shall assume the same rate of assessment as in the
first year calculation period for the subsequent two-year calculation period,
and shall include projections of the applicant's operating results containing
the information and in the balance sheet; and statement of revenue, expenses
and net worth of the annual statement filed by the applicant;
11. A description of any relief from
obligations imposed by this State or any other state granted or in effect
within the preceding 12 months, and the basis upon which such relief was
granted; and
12. Any other
information the Commissioner may deem relevant to the consideration of the
request.
(b) An
applicant asserting that the Department's review of its request be evaluated on
a particular basis (that is, pre-pooled, post-pooled, consolidated or
unconsolidated) shall submit a written statement which sets forth the specific
reasons, with supporting documentation, if any, for which it believes
evaluation on a particular basis is appropriate to that applicant, and the
specific reasons, with supporting documentation, if any, for which evaluation
on other bases would be inappropriate.
(c) All filings shall be accompanied by the
following certification signed by the chief financial officer of the applicant:
"I ...... certify that the attached filing complies with all requirements set
forth in N.J.A.C. 11:4-1 and that all of the information it contains is true
and accurate. I further certify that I am authorized to execute this
certification on behalf of the applicant."
