New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 2 - INSURANCE GROUP
Subchapter 31 - MANNER OF DETERMINING PREMIUM FOR PERPETUAL HOMEOWNERS INSURANCE
Section 11:2-31.4 - Determination of premium
Universal Citation: NJ Admin Code 11:2-31.4
Current through Register Vol. 56, No. 24, December 18, 2024
(a) For the purposes of any statutory fee, surcharge, tax or assessment based on premium and applicable to perpetual homeowners insurance, premium is:
1. The sum of the net perpetual deposits
received for perpetual homeowners insurance from the inception of the policy
through the calendar year immediately preceding the date that such applicable
statutory fee, surcharge, tax or assessment is due, multiplied by:
2. The average annual interest rate on
one-year U.S. Treasury bills for the calendar year in question.
(b) The premium base for any applicable statutory fee, surcharge, tax or assessment is calculated annually as set forth in (a) above less any so-called dividends returned or credited to policyholders during the calendar year in question.
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