New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 18 - INDIVIDUAL HEALTH INSURANCE RATE FILINGS
Section 11:4-18.4 - Rate submission requirements
Universal Citation: NJ Admin Code 11:4-18.4
Current through Register Vol. 56, No. 6, March 18, 2024
(a) Each insurer shall include with each submission of new or revised rates the following information and material:
1. An
actuarial memorandum which shall include the following:
i. The anticipated loss ratio;
ii. The specific formulas and methodology
used in calculating gross premiums;
iii. An explanation and documentation
supporting the premium assumptions;
iv. The objective basis for rate
differentials; and
v. A
certification signed by the company's Actuary that the information given in the
actuarial memorandum is appropriate and that the benefits provided are
reasonable in relation to the premiums charged.
2. In connection with rate revisions only,
the aggregate loss ratio, a statement of the reason for the revision, and an
estimate of the expected average increase or decrease in premium both in
dollars and percent.
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