N.J. Admin. Code § 11:1-21.5

Current through Register Vol. 56, No. 21, November 4, 2024

Section 11:1-21.5 - Actuarial report and workpapers

(a) Every property and casualty insurance company domiciled in this State that is required to annually submit a statement of actuarial opinion shall annually file, by May 1 of each year, an actuarial report and underlying workpapers that are required to be prepared by the appropriate NAIC Property and Casualty Annual Statement Instructions to support each actuarial opinion. A company licensed but not domiciled in this State shall provide the actuarial report and workpapers upon request.

(b) If any insurer fails to provide a supporting actuarial report and/or workpapers as set forth in (a) above, or the Commissioner determines that the supporting actuarial report and/or workpapers provided by the insurance company are otherwise unacceptable, the Commissioner shall so notify the insurer. If the insurer fails to provide the requested information within 30 days of the date of the request, the Commissioner may, pursuant to 17:23-20 et seq., engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare the supporting actuarial report and/or workpapers.