Annual Premium Survey: N.J.A.C. 11:3-45 Annual Premium Survey Information

State of New Jersey  DEPARTMENT OF BANKING AND INSURANCE LEGISLATIVE AND REGULATORY AFFAIRS PO BOX 325 TRENTON, NJ 08625-0325 JON S. CORZINE STEVEN M. GOLDMAN Governor TEL (609) 984-3602 FAX (609) 292-0896 Commissioner Visit us on the Web at www.njdobi.org New Jersey is an Equal Opportunity Employer • Printed on Recycled Paper and Recyclable BULLETIN NO. 06-23 TO: ALL NEW JERSEY PRIVATE PASSENGER AUTOMOBILE INSURERS FROM: STEVEN M. GOLDMAN, 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 benefit of consumers. N.J.A.C. 11:3-45 sets forth a standard procedure to be employed for the dissemination of the survey results. 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 survey responses. Appendix #1 is a copy of the survey information from which the sample premiums shall be calculated. There are nine 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 by a corporate official attesting to the accuracy of the forms. A signed paper copy is not required. 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. Companies requesting an exemption should email their request to the address below, stating the basis for the request, and include the NAIC number for all companies covered by the request. 2 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. The completed survey (Appendicies #2, #3 and # 4) should be filed with the Department on or before September 25, 2006 and should reflect annual premiums that are effective for NEW BUSINESS as of October 1, 2006. The survey information shall be submitted as an Excel spreadsheet by 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 APS2006.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. 9/8/06 /s/ Steven M. Goldman Date Steven M. Goldman Commissioner Attachments Appendix 1 Spreadsheet APS2006.xls (1.6 MB) Note: The spreadsheet contains Appendices 2, 3 and 4 * Requires Adobe Acrobat Reader INOORD\jdy06-premsurvbultin.doc