BULLETIN NO. 02-16

 

TO: ALL NEW JERSEY PRIVATE PASSENGER AUTOMOBILE INSURERS

FROM: HOLLY C. BAKKE, COMMISSIONER

RE: ANNUAL PREMIUM SURVEY: N.J.A.C. 11:3-45

ANNUAL PREMIUM SURVEY INFORMATION

Pursuant to N.J.S.A. 39:6A-23.1, the Commissioner of Banking and Insurance each year conducts a premium survey of private passenger automobile insurers and publishes the results for the information and benefit of consumers. N.J.A.C. 11:3-45 sets forth a standard procedure to be employed for the dissemination of the survey information. In accordance with N.J.A.C. 11:3-45.3(b), this Bulletin is being issued to advise all insurers of the survey information they should use to complete their annual responses.

Appendix #1 is a copy of the survey information from which the sample premiums shall be calculated. There are seven survey examples with variations, and each of the sample premiums should be calculated for each rating territory. Appendix #2 is a copy of the approved survey certification form that should be completed and signed by a corporate official attesting to the accuracy of the rates.

Appendix # 3 is a copy of the worksheet that shows the insurerís total premiums by example (see Appendix # 1) and by territory.

Appendix # 4 is a worksheet that shows the insurerís calculations used to obtain the various coverages and the total premium for each example (Appendix #1) using Territory 2 (Newark); Territory 15 (Trenton Suburban) and Territory 40 (New Brunswick). Each Appendix #4 worksheet should identify the tier in which the risk is placed and all assumptions used in making this placement.

Additional copies of this Bulletin, the criteria for rating examples and additional work sheets can be obtained from the Departmentís web page: www.njdobi.org.

The completed survey (Appendices #2, #3 and # 4) should be filed with the Department on or before October 15, 2002 and should reflect annual premiums that are effective for new business as of October 1, 2002.

It shall be submitted as an Excel spreadsheet by either e-mail, CD-rom, or floppy diskette. The required blank Excel spreadsheet may be downloaded at the Departmentís web-site at www.njdobi.org. The spreadsheet name is APS2002.xls.

Upon completion, the survey should be sent to:

Department of Banking and Insurance

Office of Property and Casualty

Attention: Automobile Premium Comparison Survey

20 West State Street

P.O. Box 325

Trenton, NJ 08625-0325

E-Mail Address: reports@dobi.state.nj.us

All insurers are reminded that failure to comply with these requirements can result in penalties authorized by law.

Signed/ Holly C. Bakke, Commissioner


Attachments

Appendices 1 and 2 *

Spreadsheet APS2002.xls (1.6 MB)
Note: The spreadsheet contains Appendices 2, 3 and 4

* Requires Adobe Acrobat Reader