NJ | The New Jersey Department of Banking and Insurance Office of the Commissioner has issued Bulletin No. 23-08.
Pursuant to N.J.S.A. 17:22-6.14a1, a private passenger automobile insurer’s (“insurer”) underwriting guidelines may not be arbitrary, capricious, or unfairly discriminatory. Additionally, under N.J.S.A. 17:29A-6, an insurer must file its rating system with the Department before using or applying any rate to any kind of insurance. Further, pursuant to N.J.S.A. 17:29A-14, an insurer has the responsibility to file with the Department alterations, supplements, or amendments to its rates, rating systems, or any part thereof and should be applying its rates on file.
