N.J. Admin. Code § 11:3-1.14

Current through Register Vol. 56, No. 19, October 7, 2024

Section 11:3-1.14 - Installment payment option

(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:

1. The minimum initial deposit required, which shall be no more than 30 percent of the estimated total premium;

2. The schedule for the payment of premiums on an installment basis which shall provide for installment payments over a period of not less than nine months;

3. Installment charges;

4. The minimum "per installment" amounts; and

5. Any other procedures deemed necessary by the Governing Committee.

(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.

N.J. Admin. Code § 11:3-1.14

Adopted by 50 N.J.R. 565(a), effective 1/16/2018