New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 2 - INSURANCE GROUP
Subchapter 36 - RISK RETENTION GROUPS AND PURCHASING GROUPS
Section 11:2-36.5 - Notice and registration requirements of purchasing groups

Universal Citation: NJ Admin Code 11:2-36.5

Current through Register Vol. 56, No. 24, December 18, 2024

(a) No purchasing group shall do business in this State as a purchasing group until it has complied with the requirements of this subchapter and received notification from the Department that it has been registered to do business in this State.

(b) Any group of persons with similar exposure to risk may form a purchasing group for the purpose of purchasing liability insurance.

1. Any purchasing group with members located in this State shall submit to the Department an Application for Registration (as set forth in Appendix C and incorporated herein by reference), a Notice of Appointment (as set forth in Appendix D and incorporated herein by reference) and a Policy Form Certification (as set forth in Appendix E and incorporated herein by reference) which shall be accompanied by a registration fee in accordance with N.J.A.C. 11:1-32.

2. Each purchasing group registered pursuant to this section shall submit to the Department from time to time, as it may require, reports relative to the group's operations.

3. Each purchasing group with members in this State registered pursuant to this subsection is subject to audits or examination as the Commissioner may deem necessary.

(c) Any purchasing group which was doing business in this State prior to August 16, 1993 shall submit to the Department a statement of registration (as set forth in Appendix C) and a Notice of Appointment (as set forth in Appendix D). The statement of registration must be filed no later than November 8, 1993. The purchasing group shall notify the Commissioner of any change in the information in the statement of registration within 30 days of any change.

(d) Failure of any currently registered purchasing group either to file a statement of registration, to complete all information requested pursuant to this subchapter or to update changes in the statement of registration, may result in suspension or forfeiture of the purchasing group's registration status with the Department.

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