New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 40 - LIFE/HEALTH/ANNUITY FORMS
Section 11:4-40.10 - File and use procedures
Current through Register Vol. 56, No. 6, March 18, 2024
(a) An insurer seeking to file and use a form specified at 11:4-40.9 to be eligible for file and use shall, in addition to the items set forth at 11:4-40.5(b), submit the following to the Department:
(b) The Department shall provide the insurer with a written acknowledgement that the Department received the form and a proper certification.
(c) Upon receipt of the written acknowledgment described in (b) above, the insurer may use the form in this State.
(d) If the Commissioner determines that the form submitted to the Department by the insurer pursuant to (a) above fails to comply with any law, or regulation, bulletin or published guideline applicable to the particular type of form, the Department shall notify the insurer in writing of the specific reasons for objecting to the form, and may disapprove the form for further use in this State.
(e) If the Commissioner determines that the certification submitted to the Department by the insurer pursuant to (a) above is an improper certification, the insurer shall be subject to the following penalties specifically determined by the Commissioner in consideration of the severity of the violation based on the potential adverse impact to the public and whether it is the insurer's first such violation:
(f) If, following notice and a hearing pursuant to the Administrative Procedure Act, 52:14B-1 et seq. and the Uniform Administrative Procedure Rules, N.J.A.C. 1:1, an insurer is found by the Commissioner to be in violation of any of the requirements of this section, the form may be disapproved and the insurer may be barred from participating in the certification process pursuant to this section for a period not to exceed one year. These penalties are in addition to any penalties that may be imposed pursuant to any other law or regulation applicable to the particular insurer for such violation(s).