N.J. Admin. Code § 11:2-42.6

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

Section 11:2-42.6 - Review; general principles; actions

(a) If the Commissioner determines that the filing will not produce rates that are excessive, inadequate for the safety and soundness of the insurer, or unfairly discriminatory between risks in this State involving substantially the same hazards and expense elements, then the Commissioner shall approve the filing.

(b) A filing will be deemed submitted when it is received by the Office of Property and Casualty in the Department and is accompanied by all of the documents, exhibits and calculations required by this subchapter.

(c) After a filing has been submitted in accordance with (b) above, the Department, within 20 days of receipt, shall conduct a preliminary review to determine if it is in compliance with N.J.S.A. 17:36-5.35 and this subchapter. If the filing is in compliance, it shall be deemed complete by the Department. If a filing is not in compliance, the filer will be notified of deficiencies in the filing within 20 days of receipt. If the filer is not notified of deficiencies within 20 days of receipt, it shall be deemed complete and be under review. If the filing is found to have deficiencies, it shall not be deemed complete until such deficiencies have been corrected.

(d) The Commissioner shall render a decision within 30 days of receipt of a complete filing.

(e) The Commissioner, pursuant to (a) above and N.J.S.A. 17:3-5.3 5, shall render one of the following determinations on the filing:

1. Approve the rate change filing as filed;

2. Disapprove the rate change filing; or

3. Approve a modified rate change filing.

(f) If the Commissioner disapproves or modifies the rate change as filed, the Commissioner shall notify the filer in writing of such determination, which shall also advise that the filer may request a hearing on the matter within 15 days from the date of the notice. Upon timely notification that the filer requests a hearing, the Commissioner may refer the matter to the Office of Administrative Law for a hearing on an expedited basis as a contested case in accordance with the Administrative Procedure Act, N.J.S.A. 52:14B-1 et seq., and the Uniform Administrative Procedure Rules, N.J.A.C. 1:1, and N.J.S.A. 17:36-5.3 5c.

(g) If, at the time that the Commissioner renders a determination approving or modifying a rate change filing made pursuant to this subchapter, a filer has a pending application for prior approval rate change submitted in accordance with N.J.S.A. 17:29A-1 et seq., the filer shall promptly amend such pending filing to reflect any rate change approved in accordance with this subchapter.

N.J. Admin. Code § 11:2-42.6