reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.3 - General licensing requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No person shall act as a public adjuster in this State on behalf of an insured unless licensed pursuant to this subchapter.
(b) The Commissioner may issue or renew a public adjuster's license to any individual, firm, association or corporation who complies with the requirements of this subchapter and is competent to act as a public adjuster in a manner so as to safeguard the interests of the people of this State.
(c) For licenses issued or renewed prior to July 4, 2011, the standard term of public adjusters licenses shall be 16 licensing quarters. Licensing quarters shall begin on the first day of February, May, August, and November of each year. Licenses shall expire in the fourth year on the last day of the quarter before the quarter in which the license was effective.
(d) The terms of individual public adjuster licenses are established as set forth below.
1. The first term of licenses that are initially issued, or of licenses that were previously in effect and are initially renewed, on or after July 4, 2011 shall expire on the last day of the birth month of the public adjuster in the year that will result in the term of the license being at least 18 months.
2. Commencing on the first license expiration on the last day of the birth month of an individual public adjuster as set forth in (d)1 above, all such licenses shall thereafter expire biennially on the last day of the birth month of the individual public adjuster that is two years subsequent to the preceding expiration date.
i. For example, if a public adjuster whose birth month is March is initially licensed on February 1, 2012, the second birth month after the February 1, 2012 issue date is March 2013 (less than 18 months). In this case, the first renewal would be March 31, 2014, and subsequent renewals would be on March 31, 2016, March 31, 2018, and so on. If the birth month was September, the second September 30 following the February 1, 2012 issue date would be September 30, 2013, more than 18 months from issuance. Thus, the license would initially renew on September 30, 2013 and thereafter on September 30, 2015, September 30, 2017, and so on.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.4 - Licensing applications and renewals

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A first time applicant for an individual public adjuster license shall submit the following:
1. A properly executed and dated application, including, when applicable, electronic online submissions, requesting issuance of a public adjuster license which shall contain the applicant's legal name; trade name, if any; home address; date of birth; business mailing address and location address; home and business telephone numbers; home and business e-mail addresses, if applicable; the applicant's State tax identification number; and responses to questions concerning the applicant's character and fitness for licensing. This information together with all requested attachments shall be certified as being accurate by the applicant;
2. Proof that the applicant has taken and passed the State licensing examination within the 12 months preceding the date of application. For applications requesting issuance of a license to an individual who is a nonresident, the licensing examination may be waived if the applicant provides proof that he or she is currently licensed in his or her home state in which the licensing provisions for public adjusters are substantially similar to the laws of this State;
3. Any documents or statements required to verify or explain responses to questions concerning the applicant's character, fitness or financial responsibility;
4. Properly completed criminal history requests and fingerprint forms in a format prescribed by the department, which shall include electronic fingerprinting; and
5. A bond conforming to the requirements of 11:1-37.9, unless the applicant is applying as a sublicensee.
i. If applying as a sublicensee, proof of coverage under the existing bond of the licensed public adjuster for whom the applicant is or shall be a sublicensee;
6. Two passport-size photographs; and
7. A check or money order made payable to State of New Jersey--General Treasury, or, if applicable, electronic payment for online applications, for the license fee and application processing fee in accordance with the fees set forth at 11:1-37.1 8.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.5 - Denial of license

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Where it appears from an application, the attached documents or Department records that an applicant has not demonstrated the qualifications prescribed in the Act or this subchapter, the Department shall advise the applicant in writing that the license request is denied; shall specify the reasons for the denial; and shall advise the applicant of the right to request a hearing in accordance with the Administrative Procedure Act, 52:14B-1 et seq., and the Uniform Administrative Procedure Rules, N.J.A.C. 1:1, and of the procedures for filing the request.
1. A request for a hearing shall be filed within 20 days of receipt of the letter denying the request for a license.
2. The request for a hearing shall be forwarded to:
Supervisor of Application Investigations and Insurance Education
New Jersey Department of Banking and Insurance
20 West State Street
PO Box 329
Trenton, NJ 08625-0329
3. The request for a hearing shall include a statement of the legal and factual basis upon which the applicant disagrees with the denial of a license and all documentation in support thereof.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.6 - Sublicensees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any applicant for a public adjuster license which is a corporation, partnership, firm or association shall have at least one officer, director, partner, or member licensed as a public adjuster.
(b) Only the officers or directors of a corporation or the members of a firm, association or partnership shall be sublicensees.
(c) A licensed public adjuster which is a corporation, firm or association may employ persons as public adjusters who are not sublicensees only where the persons are individually licensed public adjusters or temporary sublicensees and are bonded in accordance with this subchapter.
(d) Each sublicensee shall obtain and maintain an individual public adjuster license in accordance with 11:1-37.4.
i. The license document shall indicate that the individual is a sublicensee. The license shall authorize the sublicensee to transact business only for the public adjuster named in the license, that is, the licensee for whom the individual is a sublicensee.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.7 - Temporary sublicensee

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In the event of a catastrophic loss occurrence, a licensed public adjuster may apply to the Commissioner for the issuance of a temporary sublicense for an individual temporarily hired or retained to act as a public adjuster.
1. The licensed public adjuster shall sponsor the temporary sublicensee who shall be its agent and work under its direct supervision.
2. The sponsoring public adjuster shall bear the full responsibility for the actions of its temporary sublicensee undertaken in the course of acting as a public adjuster.
3. The sponsoring public adjuster shall ensure that the temporary sublicensee complies with the Act and this subchapter.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.8 - Licensing examination

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Except as expressly provided by 11:1-37.4(a)2, all individual applicants, including sublicensee applicants, seeking a public adjuster license shall take and pass the State licensing examination, which may be administered by the Department or by a vendor under contract to the Department.
(b) Examinations shall be administered at such times and places as may be designated by the Commissioner. If a contract vendor is utilized it shall provide the Commissioner with at least 60 days prior notice of the dates and times of the scheduled examinations.
(c) As determined by the Commissioner, at least one examination administration center may be located in the geographical areas comprising North, South and Central New Jersey.
(d) Whenever a contract vendor is utilized it shall:
1. Establish at least one examination administration center within each geographical area designated by the Commissioner;
2. Provide sufficient examination center personnel for the administration of the examination;
3. Collect from applicants taking the examination a fee approved by the Commissioner which covers the costs of developing and administering the examination;
4. Score examinations promptly and provide scored reports to all candidates within 60 days after the test date; and
5. Provide to the Department:
i. Alphabetically arranged lists containing the candidates' names, addresses, identification numbers and scores of passing and failing candidates; and
ii. Summary statistics for each test, indicating the number of candidates registered, tested and absent, and passing or failing.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.9 - Bond; alternative security

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An applicant for a public adjuster's license, renewal license or temporary license shall file with the Commissioner a bond, executed by the applicant and by an A rated insurer approved to transact the business of sureties in New Jersey, in the penal sum of $ 10,000 per licensee. The bond shall be filed with the License Processing Unit at the address set forth at 11:1-37.4(c). Where a license names sublicensees, a $ 10,000 bond shall be required for the licensee and for each sublicensee.
(b) The bond shall be made to the State of New Jersey for the use and benefit of any person injured by a willful, malicious or wrongful act by a public adjuster in connection with the transaction of its business.
(c) The bond shall be in the form set forth in Appendix A to this subchapter which is incorporated herein by reference.
(d) If a bond is cancelled or withdrawn, the licensee shall immediately return its license to the Commissioner. Upon the filing of a new bond and payment of the required fees in accordance with 11:1-37.1 8, the license shall be returned to the licensee. No person shall engage in the business of a public adjuster in New Jersey after its bond is cancelled or withdrawn, until the person is properly relicensed in accordance with this subchapter.
(e) Where an applicant has been unable to procure a bond after contacting at least three approved sureties, the applicant may deposit with the Commissioner, as alternative security, $ 10,000 in the form of either:
1. Cash;
2. Certificates of deposit; or
3. Irrevocable letters of credit.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.10 - Administrative reporting requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Licensed public adjusters shall file with the License Processing Unit of the Department:
1. Complete and accurate business and home addresses including e-mail addresses, and notice of any change thereto within 20 days;
2. Upon a form prescribed by the Commissioner, notice of the opening or closing of any office in this State within 20 days of the action;
3. Notice of a change of business name within 20 days; and
4. Notice of change in ownership of a company or of the officers, directors, partners or sublicensees within 20 days.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.11 - Escrow or trust accounts

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any public adjuster who receives, accepts or holds any moneys, on behalf of an insured, towards the settlement of a claim for loss or damage, shall deposit such moneys in an interest bearing escrow or trust account in a financial institution in this State which is insured by an agency of the Federal government.
(b) Any funds held in an escrow or trust account and interest accruing thereon shall be the property of the insured.
1. Such moneys shall be held pursuant to a written agreement signed by the insured and by the public adjuster which shall clearly specify:
i. The services rendered or to be rendered; and
ii. The amount of any services to be paid from the escrowed funds.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.12 - Minimum recordkeeping requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each licensee shall maintain accurate files, books and records reflecting all insurance-related transactions in which the licensee or his or her employees take part in accordance with the standards set forth in this subchapter. These records shall be maintained by either separate books of record or by one or more consolidated books of record for a period of five years from the date of the closing of the claim.
1. All books and records shall consist of sequentially numbered pages and shall be maintained in such a manner that they can be produced for examination at any time.
2. Appropriate and required entries shall be made at least once every 30 days.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.13 - Right to compensation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No individual, firm, partnership, association or corporation licensed under this subchapter shall have any right to compensation from any insured for or on account of services rendered to an insured as a public adjuster unless the right to compensation is based upon a written contract or memorandum between the adjuster and the insured and specifying or clearly defining the services to be rendered and the amount or extent of the compensation.
(b) The written memorandum or contract between a licensed public adjuster and an insured:
1. Shall be executed in duplicate and a fully executed copy shall be provided to the insured upon execution;
2. Shall be kept on file by the public adjuster, available at all times for inspection without notice by the Commissioner; and
3. Shall contain the following:
i. The signatures of the insured and the public adjuster;
ii. A list of services to be rendered and the maximum fees to be charged, which fees shall be reasonably related to services rendered; and
iii. The time and date of execution of the contract (day, month, year) by each party;
4. Shall conform to the requirements of the Consumer Contracts Act at 56:12-1 et seq. and, as applicable, the Federal Trade Commission Act as set forth at 15 U.S.C. 41, and 16 C.F.R. subsection 429.1 (1993).
5. Shall prominently include a section which specifies:
i. The procedures to be followed by the insured if he or she seeks to cancel the contract, including any requirement for a written notice;
ii. The rights and obligations of the parties if the contract is cancelled at any time; and
iii. The costs to the insured or the formula for the calculation of costs to the insured for services rendered in whole or in part.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.14 - Violations and penalties

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Commissioner may deny, suspend, revoke, or refuse to renew a public adjuster's license based on any violation of the Act or this subchapter, or for the commission or omission of any act by a public adjuster which demonstrates that the applicant or licensee is not competent or trustworthy to act as a public adjuster, or where the person has:
1. Violated any provision of this State's insurance laws, including any rules promulgated thereunder;
2. Violated any law in the course of acting as a public adjuster;
3. Committed a fraudulent or dishonest act;
4. Demonstrated the applicant's or licensee's lack of integrity, incompetency, bad faith, dishonesty, financial irresponsibility, or untrustworthiness to act as a public adjuster;
5. Aided, abetted or assisted another person in violating any insurance law of this or any other State;
6. Withheld material information or made a material misstatement in the application for the license;
7. Failed to pay any fine or restitution imposed by an order of the Commissioner;
8. Collected from any client any fee other than that agreed to in the employment contract in a form required by 11:1-37.1 3;
9. Misappropriated, converted or illegally withheld, money which was received in the conduct of business that belonged to insurers, clients or others;
10. Failed to notify the Commissioner within 30 days of a conviction for any crime, indictment or the filing of any formal criminal charges, or the suspension or revocation of any insurance license or authority by a state, other than this State, or failed to supply any documentation that the Commissioner may request in connection therewith;
11. Failed to appear in response to any subpoena issued by the Commissioner or his authorized designee; failed to produce any documents or other material requested in a subpoena; or refused or failed to cooperate with an investigation by the Commissioner of the activities of the person or any other licensee;
12. Induced the cancellation of a duly executed written memorandum between an insured and a public adjuster;
13. Made any misrepresentation of facts or advised any person on questions of law in conjunction with the business as a public adjuster;
14. Had any professional license suspended or revoked in this or any other state;
15. Solicited the adjustment of a loss or damage occurring in this State from an insured, whether by personal interview, by telephone, or by any other method, between the hours of 6:00 P.M. and 8:00 A.M. during the 24 hours after the loss has occurred;
16. Engaged in the business of a public adjuster in New Jersey with an invalid or expired license; or
17. Committed any other act, or omission which the Commissioner determines to be inappropriate conduct by a licensee of this State.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.15 - Effect of suspension or revocation of public adjuster license

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon service of any final order suspending or revoking a public adjuster license, the public adjuster shall immediately return to the Commissioner for cancellation any license in the public adjuster's possession.
(b) No other licensed individual or organization shall advertise, display or conduct any business as a public adjuster using the legal or business name of any person whose license has been suspended or revoked.
(c) No person whose public adjuster license has been suspended or revoked shall be entitled to any refund of license fees for the unexpired term of any license issued.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.16 - Reinstatement after suspension or revocation of a public adjuster license

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No individual, firm, association or corporation whose license has been revoked and no firm or association of which the individual is an officer or director, shall be entitled to any license or renewal license under this subchapter for a period of one year after the revocation.
(b) A person whose license has been suspended or revoked may, after one year from the effective date of any order revoking a public adjuster license or upon completion of the period of suspension, apply for reinstatement of the license on the form of application used for initial public adjuster license applicants and shall fulfill all of the requirements set forth therein.
(c) The applicant shall submit with the application a copy of the order of suspension or revocation and an executed affidavit that states:
1. That the period of suspension or revocation has been completed or in the case of a revocation one year has elapsed from the date of the revocation;
2. That all required conditions for reinstatement as described in the order of suspension or revocation have been met;
3. That documents confirming that all conditions have been met, such as receipts for fines or restitution, satisfactions of judgment, etc., are attached to the affidavit;
4. That the applicant has complied with all restrictions imposed by the order of suspension or revocation.
5. The applicant shall also include with the application an affidavit containing the following information concerning the applicant's activities since suspension or revocation:
i. An employment history;
ii. A statement concerning the other business interests, if any, of the applicant;
iii. The manner of disposition of the applicant public adjuster's business upon suspension or revocation of his or her public adjuster license;
iv. Whether restitution has been made as a result of the activities that led to the suspension or revocation, including the names and addresses of the persons or entities to whom restitution was made and amounts of restitution made;
v. Whether the applicant currently holds any other business, professional or occupational licenses in this or any other state;
vi. Whether the applicant, or any business in which he or she owns five percent or more, is or has been a party to any legal or administrative proceedings in this or any other state and, if so, a statement concerning the nature of the proceedings, the parties and the result or current status; and
vii. A written statement by the applicant describing the manner in which he or she has improved, during the period of suspension or revocation, his or her reputation, character, trustworthiness, competency and worthiness to be a public adjuster.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.17 - Public records

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following licensee records maintained by the Department shall be public records in accordance with 47:1A-1 et seq.:
1. For an individual licensee, his or her name; license reference number; business mailing and location address; date of birth; license authorities; date first licensed; date last licensed or current license expiration date; names and reference numbers of licensed organizations for which the public adjuster is a sublicensee, date became a sublicensee and date terminated, if any; names and reference numbers of employers, date relationship began and terminated; the institution of formal administrative proceedings; and the disposition of any final action taken against the licensee by the Department.
2. For a licensed organization, the legal name of the public adjuster; license reference number; other business name, if any; business mailing and location address; license authorities; date first licensed; date last licensed or current expiration date; names and reference numbers of sublicensees, and reference numbers of employees, date relationship began and terminated; the institution of formal administrative proceedings; and the disposition of any final action taken against licensed organization by the Department.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.18 - Fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following nonrefundable fees shall apply:
1. License fee: $ 50.00.
2. Temporary sublicense fee: $ 150.00.
3. Renewal temporary sublicense fee: $ 150.00.
4. Processing fee: $ 20.00.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 37 - LICENSING OF PUBLIC ADJUSTERS › Section 11:1-37.19 - Requests for disclosure of social security numbers

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Department may request that licensed public adjusters and license applicants submit their social security numbers to the Department. All such requests shall either include or be accompanied by a notice stating:
1. The purpose or purposes for which the Department intends to use the social security numbers;
2. That disclosure made pursuant to the request is either voluntary or mandatory; and
3. That the request is authorized by this section and by such other law as may be applicable.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 38 - OVERSIGHT OF FIREMEN'S RELIEF ASSOCIATIONS › Section 11:1-38.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter sets forth the filing requirements for the New Jersey State Firemen's Association and each local firemen's relief association, the auditing procedures to be utilized by any relief association, and the manner in which payments are to be made by foreign or alien insurers to local relief associations pursuant to N.J.S.A. 54:17-4 and 54:18-1 et seq. and by surplus lines producers pursuant to N.J.S.A. 17:22-6.5 9.
(b) This subchapter shall apply to the New Jersey State Firemen's Association, all local firemen's relief associations, all foreign and alien insurers transacting fire insurance business in this State, and all licensed producers with surplus lines authority.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 38 - OVERSIGHT OF FIREMEN'S RELIEF ASSOCIATIONS › Section 11:1-38.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise.
"Alien insurer" means an insurer formed under the laws of a country other than the United States, its states, districts, territories, commonwealth and possessions.
"Association" means the New Jersey State Firemen's Association established pursuant to 43:17-40 et seq. or any local firemen's relief association established pursuant to 43:17-1 et seq.
"Commissioner" means the Commissioner of the New Jersey Department of Insurance.
"Department" means the New Jersey Department of Insurance.
"Foreign insurer" means an insurer formed under the laws of a jurisdiction of the United States other than this State.
"Independent certified public accountant" means an independent certified public account or accounting firm in good standing both with the American Institute of Certified Public Accountants and in all states in which they are licensed to practice.
"Local relief association" means a local firemen's relief association established pursuant to 43:17-1 et seq.
"State Association" means the New Jersey State Firemen's Association established pursuant to 43:17-40 et seq.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 38 - OVERSIGHT OF FIREMEN'S RELIEF ASSOCIATIONS › Section 11:1-38.3 - Filing requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All local relief associations shall file with the Commissioner, the Secretary of State, and the secretary of the State Association, no later than April 1 of each year, a sworn statement, which shall contain the following information:
1. The names of its representatives, visitors or trustees and other officers, with the amount of their respective fees or salaries, if any;
2. The names of its beneficiaries during or within the year next preceding the statement;
3. The amount of money paid to each beneficiary;
4. The receipts and, in detail, the expenditures during that year;
5. The amount of money and other property in its possession at the date of mailing the statement; and
6. How its money is invested or secured, or where it is deposited.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 38 - OVERSIGHT OF FIREMEN'S RELIEF ASSOCIATIONS › Section 11:1-38.5 - Payments by insurers to local relief associations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Payment of the appropriate amount of funds to local relief associations by foreign and alien insurers transacting fire insurance in this State pursuant to N.J.S.A. 54:17-4 and 54:18-1 et seq. and by licensed surplus lines producers pursuant to N.J.S.A. 17:22-6.5 9, shall be made as follows:
1. Each foreign and alien insurer transacting fire insurance in this State shall annually notify the State Association with payment of the appropriate amounts due pursuant to (a)2 below of every locality in this State in which the insurer has fire insurance premium and the premium volume for each locality for the year immediately preceding.
2. The insurer shall, by March 1 of each year, pay to the State Association the total amount due for the year immediately preceding for all localities calculated at the rate set forth in N.J.S.A. 54:17-4 and 54:18-1 et seq.
3. The State Association shall then distribute the monies received from each insurer in the manner prescribed by 54:18-1 et seq. to each local relief association, based on each association's share based on the premium volume of each such insurer.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 38 - OVERSIGHT OF FIREMEN'S RELIEF ASSOCIATIONS › Section 11:1-38.6 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to comply with this subchapter may result in the imposition of penalties as authorized or required by law, including, but not limited to, withholding of monies otherwise distributable from the State Association or any local relief association pursuant to N.J.S.A. 54:17-5.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 39 - DISCLOSURE OF MATERIAL TRANSACTIONS › Section 11:1-39.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter requires that information be filed with the Commissioner by domestic insurers, fraternal benefit societies, dental plan organizations, hospital service corporations, medical service corporations, dental service corporations, and health service corporations regarding certain acquisitions and dispositions of assets, and nonrenewals, cancellations or revisions of ceded reinsurance agreements, and sets forth the specific information to be filed.
(b) This subchapter shall apply to all of the entities set forth in (a) above domiciled in this State.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 39 - DISCLOSURE OF MATERIAL TRANSACTIONS › Section 11:1-39.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Department" means the New Jersey Department of Banking and Insurance.
"Insurer" means: any corporation, association, partnership, reciprocal exchange, interinsurer, Lloyd's insurer, fraternal benefit society, or other person engaged in the business of insurance pursuant to subtitle 3 of Title 17 of the Revised Statutes or subtitle 3 of Title 17B of the Revised Statutes; any hospital service corporation operating pursuant to 17:48-1 et seq.; any medical service corporation operating pursuant to 17:48A-1 et seq.; any dental service corporation operating pursuant to 17:48C-1 et seq.; any dental plan organization operating pursuant to 17:48D-1 et seq.; and any health service corporation operating pursuant to 17:48E-1 et seq.
"NAIC" means the National Association of Insurance Commissioners.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 39 - DISCLOSURE OF MATERIAL TRANSACTIONS › Section 11:1-39.3 - Disclosure of transactions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Every insurer domiciled in this State shall file a report with the Commissioner disclosing material acquisitions and dispositions of assets, or material nonrenewals, cancellations or revisions of ceded reinsurance agreements, unless such acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements have been submitted to the Commissioner for review, approval or information purposes pursuant to other provisions of the Title 17 or Title 17B of the Revised Statutes, Title 11 of the New Jersey Administrative Code, or other requirements.
(b) The report required in (a) above shall be filed within 15 days after the end of the calendar month in which any of the transactions set forth in (a) above occur.
(c) One complete copy of the report, including any exhibits or other attachments filed as part thereof, shall be separately filed with the Department and the NAIC.
1. Filings with the Department shall be mailed to the following address: New Jersey Department of Banking and Insurance
Office of Solvency Regulation
20 West State Street
PO Box 325
Trenton, NJ 08625-0325
2. Filings with the NAIC shall be made in the same manner as filings of financial statements with the NAIC.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 39 - DISCLOSURE OF MATERIAL TRANSACTIONS › Section 11:1-39.4 - Acquisitions and dispositions of assets; reporting requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Acquisitions or dispositions of assets are not required to be reported, as otherwise required pursuant to 11:1-39.3, if the acquisitions or dispositions are not material.
1. For purposes of this subchapter, a material acquisition (or the aggregate of any series of related acquisitions during any 30 day period) or disposition (or the aggregate of any series of related dispositions during any 30 day period) is one that is non-recurring and not in the ordinary course of business and involves more than five percent of the reporting insurer's total admitted assets as reported in its most recent statutory annual statement filed with the Department.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 39 - DISCLOSURE OF MATERIAL TRANSACTIONS › Section 11:1-39.5 - Nonrenewals, cancellations or revisions of ceded reinsurance agreements; reporting requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Nonrenewals, cancellations or revisions of ceded reinsurance agreements are not required to be reported, as otherwise required pursuant to 11:1-39.3, if the nonrenewals, cancellations or revisions are not material.
1. For purposes of this subchapter, a material nonrenewal, cancellation or revision is one that affects:
i. As respects property and casualty business, including accident and health business written by a property and casualty insurer:
(1) More than 50 percent of the insurer's total ceded written premiums; or
(2) More than 50 percent of the insurer's total ceded indemnity and loss adjustment reserves;
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 40 - RECOUPMENT OF FUGITIVE RECOVERY EXPENSES BY SURETY COMPANIES › Section 11:1-40.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter authorizes surety companies to recoup fugitive recovery expenses that relate to bail bonds. It further sets forth the various conditions that would govern the recovery of such expenses and requires that surety companies be responsible for the maintenance of records regarding the expenses they incur in recovering a fugitive.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 40 - RECOUPMENT OF FUGITIVE RECOVERY EXPENSES BY SURETY COMPANIES › Section 11:1-40.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
"Defendant" means a person for whom a surety bail bond is written.
"Fugitive" means a defendant:
1. Who failed to appear in court as required by the court;
2. For whom a bench warrant for arrest has been issued; or
3. Whose bail has been forfeited or revoked.
"Fugitive fee" means the amount that may be charged to an indemnitor by a surety pursuant to this subchapter, derived from the actual reasonable expenses incurred in the investigation and apprehension of a fugitive and any filing fees and court-imposed costs related to an application for the remittance of the previously forfeited bond on that fugitive.
"Indemnitor" means a person who promises to be financially responsible to the surety resulting from a defendant's obligation to appear in court.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 40 - RECOUPMENT OF FUGITIVE RECOVERY EXPENSES BY SURETY COMPANIES › Section 11:1-40.3 - Conditions for imposition of fugitive fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) By written contract between a surety and an indemnitor, subject to (b) below, a surety may charge an indemnitor a fugitive fee, provided, however, that such a fee shall not exceed:
1. The greater of $ 1,500 or 10 percent of the amount of the surety bail bond for a fugitive who is either apprehended or located while in custody within the State of New Jersey; or
2. The greater of $ 1,500 or 20 percent of the amount of the surety bail bond for a fugitive who is either apprehended or located while in custody outside the State of New Jersey.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 40 - RECOUPMENT OF FUGITIVE RECOVERY EXPENSES BY SURETY COMPANIES › Section 11:1-40.4 - Records of fugitive fees

Current through Register Vol. 56, No. 14, July 15, 2024
Surety companies shall be responsible for the maintenance of case-specific records reflecting the actual expenses incurred in the investigation and apprehension of fugitives and any filing fees and other court-imposed costs incurred in any action for the remittance of the previously forfeited bond issued in each case.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 41 - SURETY BONDS FOR CONTRACTS INVOLVING THE STATE, LOCAL CONTRACTING UNITS, BOARDS OF EDUCATION, STATE COLLEGES AND COUNTY COLLEGES › Section 11:1-41.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This subchapter implements the Commissioner's responsibilities pursuant to P.L. 1995, c.384, which statute provides standards for acceptable sureties providing payment and performance bonds for contractors on public works projects. This subchapter sets forth the rating companies that may be considered by contracting officers for purposes of determining whether a surety company may be utilized to provide payment and performance bonds for a public works project pursuant to P.L. 1995, c.384. This subchapter also sets forth the standards for a surety company which does not hold a certificate of authority issued by the United States Secretary of the Treasury to be deemed acceptable by contracting officers to provide payment and performance bonds for a public works project pursuant to P.L. 1995, c.384.
(b) This subchapter shall apply to all surety companies seeking to provide payment and performance bond coverage on a public works project at the expense of the State, contracting unit (as defined in 40A:11-2 ), school district, State college or county college, subject to P.L. 1995, c.384.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 41 - SURETY BONDS FOR CONTRACTS INVOLVING THE STATE, LOCAL CONTRACTING UNITS, BOARDS OF EDUCATION, STATE COLLEGES AND COUNTY COLLEGES › Section 11:1-41.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Department" means the New Jersey Department of Banking and Insurance.
"NAIC" means the National Association of Insurance Commissioners.
"Treasury listed" means a surety that holds a current certificate of authority issued by the United States Secretary of the Treasury pursuant to 31 U.S.C. §
										9305, that is valid in New Jersey as listed annually in the United States Treasury Circular 570.
"Surety" means an insurer authorized or admitted to transact fidelity and surety business in this State pursuant to 17:17-10 or 17:32-1 et seq., as applicable.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 41 - SURETY BONDS FOR CONTRACTS INVOLVING THE STATE, LOCAL CONTRACTING UNITS, BOARDS OF EDUCATION, STATE COLLEGES AND COUNTY COLLEGES › Section 11:1-41.3 - Rating company

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following rating companies are nationally recognized as providing ratings regarding the claims paying ability of insurers and may be used to determine whether a surety company is acceptable to provide payment and performance bonds pursuant to P.L. 1995, c.384:
1. A.M. Best Company;
2. Standard and Poor's Insurance Rating Services;
3. Moody's Investors Service, Inc.;
4. Duff and Phelps Credit Rating Company;
5. Weiss Ratings, Inc.; and
6. Fitch Investors Service, L.P.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 41 - SURETY BONDS FOR CONTRACTS INVOLVING THE STATE, LOCAL CONTRACTING UNITS, BOARDS OF EDUCATION, STATE COLLEGES AND COUNTY COLLEGES › Section 11:1-41.4 - Treasury listed surety companies and alternative requirements to Treasury listing

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A surety company which is Treasury listed seeking to provide payment or performance bonds as required by P.L. 1995, c.384 may request to be listed by the Department as an acceptable surety for provision of bonds on public works contracts by filing a certification to that effect in the format of Appendix B to this subchapter incorporated herein by reference.
(b) A surety company that is not Treasury listed which seeks to provide payment or performance bonds as required pursuant to P.L. 1995, c.384 may request to be listed by the Department as an acceptable surety for provision of bonds on public works contracts by filing a certification in the format of Appendix B to this subchapter incorporated herein by reference, that the surety satisfies the following requirements:
1. The surety shall be authorized or admitted to transact fidelity and surety in this State pursuant to 17:17-10 or 17:32-1 et seq., as applicable;
2. The surety shall not have been found to be in a hazardous financial condition by the Commissioner, its domiciliary jurisdiction, and all jurisdictions in which it is licensed, as determined pursuant to N.J.A.C. 11:2-27 or such equivalent requirements in other jurisdictions in which the surety is domicile and admitted;
3. The surety's net premium written to surplus as to policyholders shall not exceed a 3:1 premium to surplus ratio, and loss and loss adjustment expense reserve liability to surplus shall not exceed a 4:1 ratio as of the date of its most recently filed annual statement;
4. The surety shall satisfy, at a minimum, the statutorily prescribed minimum capital and surplus or net cash asset requirements for all lines of insurance that it is authorized to write pursuant to the certificate of authority issued by its domiciliary jurisdiction and all states in which it is licensed to transact business; and
5. The surety shall not have failed four or more Insurance Regulatory Information System (IRIS) tests, unless the applicant demonstrates to the Commissioner and its domiciliary jurisdiction that these IRIS test results are not indicative of the applicant being in a hazardous financial condition.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 41 - SURETY BONDS FOR CONTRACTS INVOLVING THE STATE, LOCAL CONTRACTING UNITS, BOARDS OF EDUCATION, STATE COLLEGES AND COUNTY COLLEGES › Section 11:1-41.5 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to comply with the provisions of the subchapter shall result in the imposition of penalties as provided by law.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 43 - UNUSUAL HARDSHIP FOR COVERED CLAIMS UNDER THE NEW JERSEY PROPERTY-LIABILITY INSURANCE GUARANTY ASSOCIATION AND NEW JERSEY SURPLUS LINES INSURANCE GUARANTY FUND › Section 11:1-43.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose of this subchapter is to set forth the circumstances that shall constitute an "unusual hardship" for the purpose of filing a claim by a claimant with the Association or Fund pursuant to 17:30A-1 et seq. or N.J.S.A. 17:22-6.7 0 et seq., as applicable.
(b) This subchapter shall apply with respect to all claims filed with the Association or Fund after the final date set by the court for filing of claims against the liquidator or receiver of an insolvent insurer, or, in the event a final date is not set by the court for the filing of claims against the liquidator or receiver of an insolvent insurer, two years from the date of the order of liquidation.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 43 - UNUSUAL HARDSHIP FOR COVERED CLAIMS UNDER THE NEW JERSEY PROPERTY-LIABILITY INSURANCE GUARANTY ASSOCIATION AND NEW JERSEY SURPLUS LINES INSURANCE GUARANTY FUND › Section 11:1-43.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise.
"Association" means the New Jersey Property-Liability Insurance Guaranty Association established pursuant to 17:30A-1 et seq.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Covered claim" is as defined in 17:30A-5 or N.J.S.A. 17:22-6.7 2, as applicable.
"Department" means the New Jersey Department of Banking and Insurance.
"Due date" means the final date set by the court for the filing of claims against the liquidator or receiver of an insolvent insurer, or, in the event a final date is not set by the court for the filing of claims against the liquidator or receiver of an insolvent insurer, two years from the date of the order of liquidation.
"Fund" means the New Jersey Surplus Lines Insurance Guaranty Fund established pursuant to N.J.S.A. 17:22-6.7 0 et seq.
"Insolvent insurer" is as defined at 17:30A-5 or N.J.S.A. 17:22-6.7 2, as applicable.