N.J.S.A. 17:29A-5.12 — Plan for refund, credit.

17:29A-5.12 Plan for refund, credit. 7. If the commissioner finds that an insurer has excess profits, the insurer shall establish, subject to the approval of the commissioner, a fair, practicable, and nondiscriminatory plan for the refund or credit of the excess profits to such group or groups of policyholders as the commissioner may determine to be reasonable in consideration of the insurer's financial and business circumstances. L.1988,c.118,s.7; amended 2003, c.89, s.82. 17:29A-5.13. Filing of report An insurer shall file the profits report, including all incidental calculations, in the formats and media to be prescribed by the commissioner. L. 1988, c. 118, s. 8. 17:29A-5.14. Alteration of aberrant, unusual, irregular data If, after examination thereof, the commissioner finds that any information or calculation contained in a profits report filed by an insurer contains, results in or is based upon aberrant, unusual or irregular data, utilization of data, judgments or assumptions, the commissioner shall issue an order to the insurer, directing that the information or calculation be altered in a manner necessary to eliminate the effect of the aberrant, unusual or irregular data, utilization of data, judgments, or assumptions. L. 1988, c. 118, s. 9. 17:29A-5.15. Submission of additional data Notwithstanding any other provision of this act, the commissioner may require the submission of any other data and information he deems relevant or appropriate for evaluating the profits of an insurer. L. 1988, c. 118, s. 10. 17:29A-5.16. Rules, regulations The commissioner shall promulgate rules and regulations in accordance with the "Administrative Procedure Act," P.L. 1968, c. 410 (C. 52:14B-1 et seq.), that he deems necessary to implement the provisions of this act. L. 1988, c. 118, s. 11.

This is the verbatim text of N.J.S.A. 17:29A-5.12, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.