New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 7 - PROCEDURE FOR THE REGULATION OF CONSENT TO HIGHER RATE FILINGS
Section 11:4-7.4 - Premium charges
Universal Citation: NJ Admin Code 11:4-7.4
Current through Register Vol. 56, No. 6, March 18, 2024
(a) Premium charges in excess of those produced by the rating system approved for the submitting company shall be reasonable and adequate and not unfairly discriminatory, and shall be proportionate to the additional hazard, subject to the following provisions on business for which coverage is available under any residual market mechanism created by statute:
1. Insurance available from these plans shall
be rated in accordance with the rating systems approved for these facilities,
and the procedures applicable to such business shall be followed, if written
under the Consent to Higher Rate provision. Any surcharges to be applied to
such business shall be documented by any required inspection report.
2. An insured qualifying for coverage under
these plans shall not be offered coverage at lower limits, lower amounts or
otherwise reduced coverage except at a proportionate reduction in the otherwise
applicable premium.
3. If an
insured eligible for insurance from these plans requests limits or amounts of
insurance higher than available thereunder, the excess portion may be written
at rates higher than produced by the company's rating system, subject to the
standards set forth above.
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