N.J. Admin. Code § 11:2-3.21

Current through Register Vol. 56, No. 11, June 3, 2024

Section 11:2-3.21 - Maintenance of statistics

(a) Each insurer writing credit life insurance and credit accident and health insurance shall maintain statistics, subject to call by the Commissioner from time to time, on a policy-year basis for group policies and on a calendar-year basis for individual policies with respect to each creditor on whose debtors term insurance is provided, showing on an accrual basis, separately for credit life insurance and credit accident and health insurance and separately for direct business and reinsurance assumed, the following:

1. Gross premiums received;

2. Refunds of premium on terminated insurance;

3. Increase in unearned premium reserve;

4. Earned premiums;

5. Claims paid;

6. Increase in claim reserve;

7. Claims incurred;

8. Reserve increases other than the increases described in (a)3 and 6 above;

9. Commissions;

10. Fees and other allowances;

11. Dividends and experience rating refunds;

12. Mean amount of life insurance in force; and

13. Mean number of individual policies in force during the calendar year.

(b) With respect to credit accident and health insurance, each insurer shall keep a record for each creditor or which, in addition to the statistics set forth in (a) above, shall show the nature of the benefits payable, the applicable waiting period and the rate at which premiums are charged therefor.

N.J. Admin. Code § 11:2-3.21

Amended by R.1996 d.3, effective 1/2/1996.
See: 27 N.J.R. 3278(b), 28 N.J.R. 152(b).
Recodified from 11:2-3.15 by R.1996 d.206, effective 5/20/1996.
See: 27 N.J.R. 3676(a), 28 N.J.R. 2621(a).