The Insurance Department believes that Codification will come into effect without additional action. The Department has compared Codification to existing statutory accounting and does not believe that any major inconsistencies exist.
Person contacted: David Carbon
Statute § 400-A:36-a “NAIC AP&P Manual”
The Insurance Department does not believe it needs to take any formal action to effectuate Codification, due to existing statutory requirements.
Person contacted: Thomas Burke
Statute § 17B:21-1(a) “NAIC AP&P Manual, and all applicable provisions of law”
Insurers are reminded that they must make appropriate accounting and system changes to comply with the new AP&P Manual beginning with the quarterly statement for the period ending 3/31/2001, as well as continue to comply with all existing requirements of law. The Bulletin also notes that the Department is presently conducting an in-depth analysis of NJ law and Codification requirements to determine whether there are any inconsistencies.
Person contacted: Karen Mitchell
Statute § 59A-5-29(A)
“NAIC AP&P Manual, and supplemented by additional information as required by Superintendent”
Due to existing statutory authority, the Insurance Department does not believe that additional legislation or regulation is necessary, but the Department is still considering the matter.
Person contacted: Mike Batte
Statute § 307(a)(1-2) Requires insurers authorized in the state to file an annual statement in such form prescribed by the Superintendent, and permits the use of annual statement form adopted from time to time by the NAIC”
Informs the industry of the Insurance Department’s intention to proceed with implementation of the new Codification rules, subject to any provisions of statute which conflict with particular points in the rules. Denotes the establishment of an internal committee to work on Codification issues.
The insurance industry, with the Life Insurance Council of New York acting as the coordinator, has reviewed statutes, regulations, and circular bulletins, and has proposed amendments necessary to implement Codification. The Department is studying these recommendations
Person contacted: Kevin Rampe, Stephen Maluk