New Jersey Administrative Code
Title 3 - BANKING
Chapter 22 - INSURANCE PREMIUM FINANCE COMPANY ACT
Subchapter 1 - PREMIUM FINANCE AGREEMENT
Section 3:22-1.2 - Premium finance agreement

Universal Citation: NJ Admin Code 3:22-1.2

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

(a) There shall be disclosure in each premium finance agreement of the key elements prior to the signature of the insured in accordance with the requirements set forth in N.J.S.A. 17:16D-9 and (c) below.

(b) A continuous payment agreement which authorizes renewable or continuing arrangements is prohibited.

(c) Companies shall utilize separately signed premium finance agreements for each personal lines policy, renewal, addition or change on which the premium is to be financed. With respect to the premiums on commercial policies, companies may utilize either separately signed agreements, or one premium finance agreement covering multiple commercial policies, renewals, additions or changes where the commercial policies to which the single premium financing agreement pertains are issued through the same producer. Regardless of whether they finance one or multiple policies, all premium finance agreements shall disclose current conditions and provisions applicable to each loan.

(d) This rule shall apply to insurance premium finance companies doing business or authorized to do business in the State of New Jersey.

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