Skip to main content
Find a Lawyer

New Jersey Statutes Title 17B. Insurance 17B § 27A-63

Current as of January 01, 2024 | Updated by Findlaw Staff

a. If the department determines that a carrier's requested rate increase exceeds the 10 percent threshold for expanded rate review set forth in section 2 of this act,  1 the department shall require the carrier to submit to the department, in addition to any other information required to be filed, a written description justifying the rate increase that complies with all of the provisions of this section.

b. The carrier shall include in its written description all information prescribed by the department, including:

(1) a simple and brief narrative describing the data and assumptions that were used to develop the rate increase;

(2) an explanation of the most significant factors causing the rate increase, including a brief description of the relevant claims and non-claims expense increases reported in the rate increase summary;

(3) a brief description of the overall experience of the plan, including historical and projected expenses, and loss ratios; and

(4) an actuarial memorandum that contains the reasoning and assumptions supporting the data.

c. (1) Upon completion of the department's review of the rate filing, the department shall promptly make available to the public a consumer-friendly version of the written description justifying the rate increase as provided by the carrier, excluding information that is a trade secret or that is confidential commercial or financial information.

(2) The department shall include on its website, along with each written description posted on the website, information that explains:

(a) the purpose and role of the expanded rate review process; and

(b) how the public can submit comments to the department on the written description justifying the rate increase.

1 L.2019, c. 355 (N.J.S.A. § 17B:27A-62).
Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - New Jersey Statutes Title 17B. Insurance 17B § 27A-63 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-17b-insurance/nj-st-sect-17b-27a-63/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard