N.J. Admin. Code § 17:9-5.2

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

Section 17:9-5.2 - Charges; interest charges

(a) By adoption of the appropriate resolution, the employer may request a premium delay of 30 or 60 days after the customary due date for such charges. If the employer terminates participation, any amounts outstanding must be paid with the final billing. An employer who requests re-entry but has an outstanding balance from previous participation will not be granted a premium delay.

(b) For the purpose of local coverage, the employer must remit to the Division charges covering a one-month period by the due date printed on the bill.

(c) If the transmittal report and full payment of health benefits charges are not received within 15 days of the due date, as cited on the monthly transmittal mailed from the Division, interest at the rate of one percent per annum above the average annualized daily rate of return on the State Cash Management Fund as published by the Division of Investment for the most recent fiscal year shall be applied to the total transmittal of health benefits charges from the 16th day until the payment is received. The interest penalty will also be applied if payment is received by the Health Benefits Bureau without the transmittal report for proper distribution.

N.J. Admin. Code § 17:9-5.2

Amended by 48 N.J.R. 2387(a), effective 11/7/2016