N.J. Admin. Code § 11:2-42.3

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

Section 11:2-42.3 - Expedited rate filings; general requirements

(a) All filings shall be submitted to the Department through the use of the NAIC electronic filing system SERFF (System for Electronic Rate and Form Filing). All data fields in SERFF shall be completed per the applicable General Instructions for New Jersey, and the SERFF Filing's General Information Filing Description Section shall be fully completed with a clear and precise description of the filing. All filing exhibits displaying calculations shall also be provided in Microsoft Excel-compatible format, with all applicable formulas displayed in the file.

(b) An insurer and/or rating organization, pursuant to 17:36-5.35 may file for a rate change in accordance with this subchapter. The filer shall provide the following information in support of its filing:

1. A checklist that sets forth the information in Exhibit A in the subchapter Appendix incorporated herein by reference;

2. The manual rating pages containing all proposed changes in the rating system;

3. A completed Exhibit B in the subchapter Appendix incorporated herein by reference;

4. A discussion of the characteristics of policies proposed to receive significant rate impacts (greater than plus/minus 10 percent), and the proposed maximum and minimum rate impacts;

5. A completed Exhibit C in the subchapter Appendix, incorporated herein by reference; and

6. Exhibit(s) showing the effect of each proposed change separately and the overall impact of all changes combined. The exhibit shall include an exposure or premium distribution by item changed (such as, by territory, amount of insurance, protection/construction classification, etc.), with current and proposed factors and calculated changes.

(c) The filer may supplement a complete filing in response to questions from the Department about matters that require clarification or additional explanation, provided that the prompt review of the filing within the time frames set forth in this subchapter is not adversely affected.

N.J. Admin. Code § 11:2-42.3

Amended by 50 N.J.R. 899(b), effective 2/20/2018