N.J. Admin. Code § 11:3-2A.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 11:3-2A.3 - General provisions

(a) The special automobile insurance policy shall be administered by the PAIP in accordance with a Special Policy plan of operation prepared by PAIP and approved by the Commissioner. The plan of operation shall include:

1. The procedure for the writing of Special Insurance Policies by:

i. Assignment of special automobile insurance policies to the member insurers of the PAIP pursuant to the apportionment methodology of the PAIP Plan of Operation; or

ii. The sharing of the premium, losses and expenses of the special automobile policies among the member insurers of the PAIP;

2. The designation of one or more LAD carriers or servicing carriers to issue and service special automobile insurance policies;

3. A rating system to be used for a special automobile insurance policy. The special automobile insurance policy shall have a Statewide uniform rate, established without regard to territorial or tier factors, to be utilized by all insurers. The Commissioner may adjust the rate annually by Order;

4. The policy form and the application for the special automobile insurance policy for the Special Policy, which shall clearly and conspicuously set forth the limitations on benefits provided under the policy;

5. A Coverage Selection Form for the Special Policy that meet the requirements of 39:6A-3.2 as amended by section 46 of P.L. 2003, c. 89; and

6. Such other provisions as are deemed necessary by the Governing Committee for the operation of the PAIP.

(b) Special automobile insurance policies shall not be included in the determination of a competitive market pursuant to N.J.S.A. 17:33B-15d, as amended by §38 of P.L. 2003, c. 89.

N.J. Admin. Code § 11:3-2A.3