New Jersey Statutes 17:29A-46.1. Rating plans for auto insurance
Terms Used In New Jersey Statutes 17:29A-46.1
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
b. An insurer which intends to use more than one rating plan may make an initial filing for additional rating plans which are based on a percentage increase or decrease of the existing rate level in its current rating plan.
c. Notwithstanding any other law to the contrary, any initial rates filed pursuant to subsection b. of this section shall be deemed to be approved if not disapproved by the commissioner within 120 days of receipt of the filing by the department. Any subsequent modification of any rate level, or any initial rate level which is not based on a percentage increase or decrease of an existing rate level as provided for in this section, shall be subject to the provisions of P.L.1944, c.27 (C. 17:29A-1 et seq.).
d. Any limitation on rates established by the provisions of section 7 of P.L.1983, c.65 (C. 17:29A-36) shall apply separately to each rate level established pursuant to subsection a. of this section.
L.1997,c.151,s.14.