N.J. Admin. Code § 11:27-14.6

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

Section 11:27-14.6 - Rate filing requirements

(a) Any insurer or rating organization seeking to change or modify its rating system for medical malpractice liability insurance shall provide the following information in support of its application:

1. A narrative overview that sets forth the contents of the filing, and explains the reasons and procedures used to develop the proposed rating system; and

2. Data regarding New Jersey premium, exposures, losses or loss costs, loss adjustment expenses, underwriting expenses and profit provisions as necessary to support the proposed rating system. Filers shall provide all underlying calculations, including any judgments made.

(b) All required data shall be submitted through the NAIC electronic filing system SERFF (System for Electronic Rate and Form Filing), and otherwise comply with N.J.A.C. 11:1-2. The information shall be provided in a Microsoft Excel or compatible spreadsheet. All calculated values shall be given as a formula in the spreadsheet.

(c) All rate filers shall submit data in support of their proposed rating system based on their own loss experience to the extent it is credible, and their own expense and profit provisions.

(d) Filers shall account for impacts of significant changes to legislative, regulatory, social, economic, or operational factors that have an impact on loss frequency or severity, or on loss adjustment or underwriting expenses.

(e) Rating organizations shall not be required to provide data regarding premium, underwriting expense, or profit provisions.

(f) Where the application is by an insurer that is a member of a rating organization, the insurer may refer to the loss and loss adjustment expense data filed by the rating organization to comply with the requirements of this section. Filers adopting the loss costs filed by a rating organization shall comply with the requirements of N.J.A.C. 11:13-8.

N.J. Admin. Code § 11:27-14.6