New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 3 - AUTOMOBILE INSURANCE
Subchapter 1 - COMMERCIAL AUTOMOBILE INSURANCE PLAN
Section 11:3-1.14 - Installment payment option
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The PAIP shall provide for an installment premium payment option in accordance with procedures established by the Governing Committee in the AIP plan of operation. With respect to the installment premium payment option, the AIP plan of operation shall specify:
(b) Additional premium in excess of an amount set by the Governing Committee in the AIP plan of operation resulting from changes to the policy shall be spread over the remaining installments, if any, or may be billed immediately as a separate transaction.
(c) Return premium resulting from changes to the policy shall be used to reduce the outstanding balance. If the outstanding balance is eliminated, any amount remaining in excess of an amount set by the Governing Committee in the plan of operation shall be returned within 30 days. If an outstanding balance remains, the number and amounts of the remaining installments shall be adjusted accordingly, except when the return amount is less than $ 20.00, in which event it may be treated as a separate transaction.
(d) The CAIP shall provide for an installment premium payment option in accordance with procedures established by the Governing Committee in the AIP plan of operation.