N.J. Admin. Code § 11:2-39.9

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

Section 11:2-39.9 - Hearings

(a) An insurer shall have the right to a departmental hearing, on a record, at which the insurer may challenge any determination or action by the Commissioner.

(b) The insurer shall notify the Commissioner of its request for a hearing within five days upon:

1. Notification to the insurer by the Commissioner of an Adjusted RBC Report;

2. Notification to the insurer by the Commissioner that:

i. The insurer's RBC Plan or Revised RBC Plan is unsatisfactory; and

ii. Such notification constitutes a regulatory action level event with respect to such insurer;

3. Notification to any insurer by the Commissioner that the insurer has failed to adhere to its RBC Plan or Revised RBC Plan and that such failure has a substantial adverse effect on the ability of the insurer to eliminate the company action level event or regulatory action level event with respect to the insurer in accordance with its RBC Plan or Revised RBC Plan;

4. Notification to the insurer by the Commissioner of a corrective order with respect to the insurer; or

5. Increased requirements pursuant to N.J.S.A. 17:17-16 or 17B:18-70, as applicable.

(c) Upon receipt of the insurer's request for a hearing, the Commissioner shall set a date for the hearing, which date shall be no less than 10 nor more than 20 days after the date of the Commissioner's notice to the insurer granting the hearing.

(d) All matters pertaining to a hearing or to an increase of capital or surplus pursuant to these rules shall be confidential and not subject to subpoena or public inspection, except to the extent that the Commissioner finds release of information necessary to protect the public.

(e) Failure to request a hearing upon filing of an RBC Report or failure to request a hearing within 20 days of notice of an Adjusted RBC Report shall be deemed a waiver of an insurer's right to a hearing pursuant to N.J.S.A. 17:17-16 or 17B:18-70, as applicable.

N.J. Admin. Code § 11:2-39.9

Amended by R.1993 d.561, effective 11/15/1993.
See: 25 N.J.R. 4309(a), 25 N.J.R. 5208(a).
Amended by R.1996 d.3, effective 1/2/1996.
See: 27 N.J.R. 3278(b), 28 N.J.R. 152(b).
Amended by R.1997 d.186, effective 5/5/1997.
See: 29 N.J.R. 404(a), 29 N.J.R. 2175(b).
In (b)5 and (e), inserted additional N.J.S.A. reference.