P&CNJeasy
Under New Jersey rate regulation, a P&C rate is unlawful if it is which of the following?
AIdentical for every NJ insurer writing the line
BFiled in fewer than three other states before submission to DOBI
CPersonally approved by the Governor
Excessive, inadequate, or unfairly discriminatory
Why this is the answer
N.J.S.A. 17:29A-15 codifies the universal three-prong rate standard for NJ P&C lines: a rate is unlawful if it is excessive, inadequate, or unfairly discriminatory. The Commissioner of Banking and Insurance administers the standard. Rates are not personally approved by the Governor, are not required to be identical across insurers, and multi-state filing is not the legal test.
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