52:27EE-51 Division of Rate Counsel; public notices of certain consumer insurance rate increases.
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/nj/52-258A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
51. Division of Rate Counsel; public notices of certain consumer insurance rate increases.
The Division of Rate Counsel and the Department of Banking and Insurance may publish on their respective official websites, to the extent practicable, as the case may be:
(a)notice of all filings for consumer insurance rate increases;
(b)all requests for hearing dates for such increases; and
(c)the date or dates a hearing is to be held. The Division of Rate Counsel and the Department of Banking and Insurance, pursuant to regulations established by the Division of Rate Counsel, shall establish operational links such that each respective website may be accessed from the other. Publication on the applicable website shall take place within three business days of the applicable notice of filing, request for hearing, and date or dates of hearings.
If an insurer or rating organization files for a personal lines prior approval rate increase, excluding rating system changes made pursuant to P.L.1997, c.151 (C.17:29A-46.1 et seq.), the insurer or ratings organization shall, in conjunction with such filing, notify the public of the proposed rate change; except, however, the filer is not required to notify the public of the proposed rate change if the rate increase pertains to:
(a)an expedited prior approval rate filing made pursuant to either section 34 of P.L.1997, c.151 (C.17:29A-46.6) or section 3 of P.L.2001, c.409 (C.17:36-5.35); or
(b)a rate filing made pursuant to any statutory change in coverage provided under a policy of private passenger automobile insurance; or
(c)a prior approval rate filing of seven percent or less.
Such notice shall be communicated through regular or electronic mail to the named policy holders who use the products and services subject to the rate increase, within seven business days of the applicable filing and shall conform to a form prescribed by the Department of Banking and Insurance pursuant to regulations established in conjunction with the Rate Counsel.
L.2005,c.155,s.51.