N.J. Admin. Code § 11:7-1.6

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

Section 11:7-1.6 - Financial statements

(a) The reserve for unearned premiums shall be computed as required by the provisions of N.J.S.A. 17:23-1.

(b) In addition to the contingency reserve required by N.J.A.C. 11:7-1.3(a), each insurer engaging in the issuance of policies insuring municipal bonds, asset-backed securities or consumer debt obligations shall provide a reserve for unpaid losses and loss adjustment expenses net of collateral as defined in N.J.A.C. 11:7-1.5(b) on such policies in all financial statements filed by it with this Department. Such reserve shall be computed in a manner consistent with the provisions of N.J.S.A. 17:23-1.

Recodified from N.J.A.C. 11:7-1.4 and amended by R.2008 d.37, effective 2/19/2008.
See: 39 N.J.R. 1985(a), 40 N.J.R. 881(a).
In (a), deleted "or by such other method as the Commissioner may prescribe"; in (b), updated the N.J.A.C. reference, inserted "asset-backed securities or consumer debt obligations" and "net of collateral as defined in N.J.A.C. 11:7-1.5(b)", and deleted "and shall be based upon either the case basis method or such other method as the Commissioner may prescribe".