Annual Premium Survey: N.J.A.C. 11:3-45 Appendix 1 (PDF) Appendices 2-4 (MS Excel)

State of New Jersey DEPARTMENT OF BANKING AND INSURANCE PO BOX 325 TRENTON, NJ 08625-0325 Tel (609) 292-5360 Visit us on the Web at www.njdobi.org New Jersey is an Equal Opportunity Employer • Printed on Recycled Paper and Recyclable JAMES E. MCGREEVEY Governor HOLLY C. BAKKE Commissioner BULLETIN NO. 04-16 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 of the information for the 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 insurer’s total premiums by example (see Appendix # 1) and by territory. Please provide a detailed explanation for every rating example where your company(ies) do(es) not have a premium calculated. Appendix # 4 is a worksheet that shows the insurer’s calculations used to obtain the various coverages and the total premium for each example (Appendix #1) for all 27 PAIP territories. 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 Department’s web page: www.njdobi.org. 2 The completed survey (Appendicies #2, #3 and # 4) should be filed with the Department on or before September 15, 2004 and should reflect annual premiums that are effective for NEW BUSINESS as of October 1, 2004. 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 Department’s web-site at www.njdobi.org. The spreadsheet name is APS2004.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. 8/19/04 /s/ Holly C. Bakke_____ Date Holly C. Bakke Commissioner Attachments Appendix 1 Spreadsheet APS2004.xls (1.6 MB) Note: The spreadsheet contains Appendices 2, 3 and 4 * Requires Adobe Acrobat Reader ROG04-10/INOORD