N.J. Admin. Code § 11:19-4.2
The following words and terms, as used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
"ADAS" means the Actuarial Data and Analysis Subsystem, which provides tools to help the Department's analysts to value the reserves of domestic life/health insurance companies.
"Amount 1" means the inforce amount or the benefit amount which is directly used in determining the "Reserve Amount." If the "Traditional Indicator" is "T," the amount times the "Factor" is equal to the "Reserve Amount." Otherwise, this relationship need not exist.
"ASCII" means the American Standard Code for Information Interchange. It is a byte-oriented coding system based on an eight bit code and used primarily to format information for transfer in a data communications environment.
"Basis level" means the code or detailed description of the unique actuarial assumptions used in developing valuation premiums and reserves, including, but not limited to, the mortality or morbidity table(s), interest rate(s), reserve method, gender, type of function, age nearest birthday ("ANB") or age last birthday ("ALB"), grading and age setbacks. Any coding system shall be fully documented.
"Certificate Line" means the unique description of the mortality, interest and reserve method used for the total reserve shown on a specific line of the Certificate of Valuation. The text of the description shall not change or vary from year to year.
"Certificate Line Number" means the location of the specific reserve amounts on the Certificate of Valuation. If the "Reinsurance Indicator" is "Y," the "Certificate Line Number" shall be 9999, the last line number in the "Certificate Section" and its description shall be "Reinsurance." If "N" then the relationship need not exist.
"Certificate of Valuation" means certification by the Commissioner with respect to the valuation of an insurer's total reserve liability, pursuant to 17B:19-2 and 5.
"Certificate Section" means the appropriate Code described in Appendix A, incorporated herein by reference.
"Certificate Section Description" means the appropriate Category of Insurance as related to the "Certificate Section" of the Certificate of Valuation as described in Appendix A.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Department" means the Department of Banking and Insurance.
"Domestic insurer" means an insurer formed under the laws of this State pursuant to 17B:18-1 et seq.
"Duration" means, if the Traditional Indicator is "T," the number of years the policy has been in force. If the indicator is "N," this field may contain a number significant to a time period relevant to determining the reserves, such as years to run for extended term or years of disablement for disabled lives. If no time period is relevant to determine the reserve, "999" shall be used to fill the field.
"Factor" means a number with two decimal places equal to the reserve per unit of "Amount 1." This field assumes two decimal places; therefore, the company shall not include the decimal point. This number shall be determined using actuarial principles and methodology and be referred to as the reserve factor. This reserve factor is used in calculating the reserve liability for an insurance contract or policy. If the Traditional Indicator is "T," the result of "Factor" times "Amount 1" is equal to the "Reserve Amount."
"File type" means Duration Level detail submission. The layout is specified in Appendix B.
"NAIC" means the National Association of Insurance Commissioners.
"New indicator" means that if the plan appears for the first time during the current valuation year, the indicator shall be "Y"; otherwise, this field shall contain "N."
"Number of policies" means the total number of policies/certificates for the duration level.
"Plan ID" means the unique code to identify each plan of insurance.
"Policy ID" means the policy/contract or certificate number for the individual item.
"Reinsurance indicator" means that if the reserve amount reported represents reinsurance ceded, the indicator shall be "Y"; otherwise the indicator shall be "N."
"Reserve amount" means the amounts used to determine the reserves reported in the Annual Statement. If the "Traditional Indicator" is "T," the reserve amount shown is obtained as a result of the multiplication of "Amount 1" by the corresponding "Factor" associated with it.
"Traditional indicator" means that the field contains a "T" (Traditional) or an "N" (nontraditional). If this field contains a "T", the plan has a factor driven reserve; otherwise, if the field contains an "N" then it represents a plan that has a non-factor driven reserve.
N.J. Admin. Code § 11:19-4.2
See: 29 N.J.R. 5260(a), 30 N.J.R. 674(b).
Deleted "Age", "Amount 2" and "Amount 3", and "Factor deck"; in "Commissioner" and "Department", changed the "Department of Insurance" to the "Department of Banking and Insurance"; in "File type" deleted Age Level detail, Policy Level detail, and Factor deck submissions; and in "Number of Policies", deleted "appropriate level of detail, such as policy/contract level, age level, or".
Amended by R.2008 d.327, effective 11/3/2008.
See: 40 N.J.R. 2400(a), 40 N.J.R. 6466(a).
Deleted definition "EBCDIC".
Expired Rule (effective 10/3/2015).
See: 47 N.J.R. 2379(a).
Section was "Definitions".