New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 1 - ADMINISTRATION
Subchapter 22 - PROHIBITION OF CERTAIN CANCELLATION AND NONRENEWAL ACTIVITY
Section 11:1-22.4 - Extension of duration of plan
Current through Register Vol. 56, No. 24, December 18, 2024
(a) If the Commissioner finds that the block nonrenewal and/or block cancellation will adversely affect the market, the timeframe for the block nonrenewals and/or cancellations may be extended to a maximum period of three years.
(b) In making the determination as to whether a block nonrenewal or block cancellation will adversely affect the market, the Commissioner shall consider, without limitation, the number of policies to be nonrenewed and/or cancelled, whether there are other insurers writing the line or class of insurance to be block nonrenewed and/or cancelled, and whether, following the nonrenewal or cancellation, there will be sufficient capacity in the voluntary market with respect to the particular coverage or class of coverage involved.
