N.J. Admin. Code § 11:13-6.5 - Standards for commercial insurance rating plans

(a) Underwriting factors described in the plan shall be reasonably related to an increase or decrease in the risk expected.

(b) Maximum debits for each underwriting factor in the plan shall equal maximum credits for each underwriting factor in the plan on a percentage basis except when equal maximum credits and debits are clearly not appropriate and the filer of the plan provides a written explanation.

(c) An individual risk premium modification plan shall provide for a maximum 25 percent debit or credit from base rates for any single policy. This limitation shall not apply to experience and retrospective rating plans or expense modifications.

Notes

N.J. Admin. Code § 11:13-6.5

Amended by R.1992 d.492, effective 12/7/1992.
See: 24 New Jersey Register 2830(a), 24 New Jersey Register 4408(a).
Text at (a) regarding premium modification deleted.