New Jersey Administrative Code
Title 13 - LAW AND PUBLIC SAFETY
Chapter 45A - ADMINISTRATIVE RULES OF THE DIVISION OF CONSUMER AFFAIRS
Subchapter 30 - VEHICLE PROTECTION PRODUCT WARRANTIES
Section 13:45A-30.5 - Warranty reimbursement insurance policy requirements for registration of warrantors
Universal Citation: NJ Admin Code 13:45A-30.5
Current through Register Vol. 56, No. 18, September 16, 2024
(a) A vehicle protection product warranty reimbursement insurance policy filed by a warrantor pursuant to 13:45A-30.3(b)2 shall meet the following requirements:
1. The
vehicle protection product warranty reimbursement insurance policy shall be
submitted to the Department of Banking and Insurance at least 30 days prior to
becoming effective in accordance with N.J.S.A. 17:29AA-6;
2. The vehicle protection product warranty
reimbursement insurance policy shall be on an occurrence basis;
3. The vehicle protection product warranty
reimbursement insurance policy form shall specify that coverage is being
provided for the Vehicle Protection Warranty Insurance Reimbursement
Program;
4. The vehicle protection
product warranty reimbursement insurance policy shall provide reimbursement for
or pay on behalf of the warrantor all incidental costs as specified in
17:18-19 or provide the service
that the warrantor is legally obligated to perform in accordance with the
warrantor's contractual obligations under the warranty, as specified in
17:18-22;
5. The vehicle protection product warranty
reimbursement insurance policy form shall specify that reimbursement or service
required by the warranty shall be paid by the insurer directly to the warranty
holder if payment is not made by the warrantor within 60 days after proof of
loss has been filed;
6. A copy of
the vehicle protection product warranty shall be provided with the filing
submission to the Department of Banking and Insurance;
7. Cancellation and non-renewal provisions of
the policy shall comply with N.J.A.C. 11:1-20; and
8. Any revisions to the vehicle protection
product warranty reimbursement insurance policy shall be filed with the
Department of Banking and Insurance in accordance with N.J.S.A. 17:29AA-5 and
6.
(b) Upon receipt of a notice of cancellation or non-renewal of the vehicle protection product warranty reimbursement insurance policy, the warrantor shall immediately send the Director a copy of such notice.
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