N.J. Admin. Code § 11:1-16.2

Current through Register Vol. 57, No. 1, January 6, 2025

Section 11:1-16.2 - Filing requirements

(a) Any insurer, subject to the provisions of N.J.S.A. 17:29A-1 et seq., to effect a decrease in rates currently approved by the Commissioner, shall comply with the following filing requirements:

1. The insurer by a rate filing shall notify the Commissioner of Banking and Insurance at least 30 days prior to the date it wants to put into effect a decrease in rates currently approved for it by the Commissioner. In such rate filing, the insurer shall state the basis for the decrease in rates and its agreement that the decrease in rates shall remain in effect for at least six months from the effective date. Within 15 days of receipt of a filing of such a proposed decrease in rates, the Commissioner will notify the insurer of any finding as to the unacceptability of the filing for a decrease in rates. The Commissioner will only find unacceptable a decrease rate filing if, in his or her opinion, the decrease in rates may have a tendency or capacity to imperil the financial condition of the filing insurer.

2. The decrease in rates may be up to 20 percent from the rates currently approved for use by the insurers and must apply to all policyholders either by coverage or line of insurance.

3. After a filing has been in effect for six months or more, an insurer may automatically withdraw its decrease or any portion thereof by so notifying the Commissioner of Banking and Insurance at least 30 days prior to the withdrawal date.

N.J. Admin. Code § 11:1-16.2

Amended by R.2001 d.75, effective 3/5/2001.
See: 32 N.J.R. 4184(a), 33 N.J.R. 794(a).
In (a)1, inserted "or her" preceding "opinion".
Amended by R.2006 d.307, effective 9/5/2006.
See: 37 N.J.R. 4156(a), 38 N.J.R. 3586(a).
In (a)1, substituted "15 days of receipt of a" for "a 15-day period following the", and inserted "any finding as to".