N.J. Admin. Code § 11:3-16.10

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

Section 11:3-16.10 - Profit and contingency provision

(a) Filers, except for rating organizations, shall provide all information related to the derivation of the profit and contingency loading contained in the filing by group of coverages. Filers shall specifically include all data used and judgments made, as well as a description of the method used to arrive at the selected loading. Filers shall demonstrate that the profit and contingency loading does not result in rates that are excessive, inadequate or unfairly discriminatory.

(b) The filer's selected profit and contingency loading as referenced in (a) above shall remain in effect for all future rate filings until such time as a different profit and contingency loading is approved.

Emergency Amendment, R.1990 d.621, effective 11/26/1990 (expired January 25, 1991).
See: 22 New Jersey Register 3790(a).
Changes to implement the Fair Automobile Reform Act, P.L. 1990, c.8.
Adopted Concurrent Proposal, R.1991 d.91, effective 1/25/1991.
See: 22 New Jersey Register 3790(a), 23 New Jersey Register 514(a).
Provision of emergency amendment, R.1990 d.621, readopted with changes effective 2/19/1991.
Amended by R.1992 d.189, effective 4/20/1992.
See: 23 New Jersey Register 3199(a), 24 New Jersey Register 1504(a).
Interest rate changed to 36 months of Moody bond rates or actual prospective yield.
Petition for Rulemaking.
See: 25 New Jersey Register 4523(a).
Amended by R.1994 d.46, effective 1/18/1994.
See: 25 New Jersey Register 4436(a), 26 New Jersey Register 378(b).
Amended by R.1998 d.128, effective 3/2/1998.
See: 29 New Jersey Register 5240(a), 30 New Jersey Register 828(a).
In (a), added a second sentence in 1; in (f), added a reference to loss costs at the end; and added (g) through (i).
Amended by R.2001 d.44, effective 2/5/2001.
See: 32 New Jersey Register 3891(a), 33 New Jersey Register 573(a).
Rewrote the section.
Amended by R.2003 d.173, effective 5/5/2003.
See: 34 New Jersey Register 3475(a), 35 New Jersey Register 1907(a).
Rewrote (a) and (b).
Amended by R.2003 d.499, effective 12/15/2003.
See: 35 New Jersey Register 3084(b), 35 New Jersey Register 5604(a).
Rewrote the section.
Repeal and New Rule, R.2005 d.176, effective 6/6/2005.
See: 36 New Jersey Register 5640(a), 37 New Jersey Register 2026(a).
Section was "Rate calculation using standard ratemaking methodology".