N.J. Admin. Code § 11:4-18.4

Current through Register Vol. 56, No. 24, December 18, 2024

Section 11:4-18.4 - Rate submission requirements

(a) Each insurer shall include with each submission of new or revised rates the following information and material:

1. An actuarial memorandum which shall include the following:

i. The anticipated loss ratio;

ii. The specific formulas and methodology used in calculating gross premiums;

iii. An explanation and documentation supporting the premium assumptions;

iv. The objective basis for rate differentials; and

v. A certification signed by the company's Actuary that the information given in the actuarial memorandum is appropriate and that the benefits provided are reasonable in relation to the premiums charged.

2. In connection with rate revisions only, the aggregate loss ratio, a statement of the reason for the revision, and an estimate of the expected average increase or decrease in premium both in dollars and percent.

N.J. Admin. Code § 11:4-18.4