New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 1 - ADMINISTRATION
Subchapter 24 - USE OF CREDIT CARDS, CHARGE CARDS, DEBIT CARDS OR DIRECT ACCOUNT DEDUCTION ALTERNATIVE PAYMENT METHOD TO PAY INSURANCE PREMIUMS
Section 11:1-24.2 - Definitions
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise.
"Alternative payment method" means the payment of insurance premiums by credit card, charge card, debit card or direct account deduction.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Credit card" or "charge card" means those cards issued by or through banks, other financial entities or nonfinancial entities, that enable holders of the card to purchase goods or services on credit from entities that agree with the issuer to honor that card.
"Credit card company" means such entities that enter into contractual arrangements with vendors, including providers of services, whereby the vendor agrees to accept as a method for payment of goods purchased or services rendered a credit card issued by the entity to the purchaser of such goods or services.
"Debit card" means those cards issued by or through banks, other financial entities, or nonfinancial entities, that enable holders of the card to purchase goods or services by automatic deductions from a holder's account from entities that agree with the issuer to honor that card.
"Department" means the New Jersey Department of Banking and Insurance.
"Direct account deduction" means an arrangement whereby the insurer, insurance producer or limited insurance representative has entered into an agreement for processing services involving a bank or financial institution for the automatic deduction of insurance premiums from an account of the insured designated by the insured for that purpose.
"Insurance producer" is as defined in 17:22A-28.
"Insurer" means a corporation, association, partnership, company, fraternal benefit society, eligible surplus lines insurer, reciprocal exchange, interinsurer, Lloyd's insurer, risk retention group, purchasing group, any corporation or organization authorized pursuant to Part 9 of Subtitle 3 of Title 17 of the New Jersey Statutes, and any other person or legal entity engaged in business pursuant to Title 17 or 17B of the New Jersey Statutes.
