N.J. Admin. Code § 3:22-1.2 - Premium finance agreement

Current through Register Vol. 54, No. 7, April 4, 2022

(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 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.

Notes

N.J. Admin. Code § 3:22-1.2
Repeal and recodification, R.1984 d.346, effective 8/20/1984.
See: 15 New Jersey Register 1707(a), 16 New Jersey Register 2264(a), 17 New Jersey Register 990(a).
Repealed sections 1.1, 1.2 and 1.3 and recodified old 1.4 as new 1.1. Old 1.1 was "Maximum finance charge rate permissible."
Amended by R.1989 d.307, effective 6/5/1989.
See: 21 New Jersey Register 661(a), 21 New Jersey Register 1516(a).
In (b), (c) and (d): Corrections and stylistic changes.
Amended by R.2004 d.389, effective 10/18/2004.
See: 36 New Jersey Register 1154(a), 36 New Jersey Register 4813(a).
In (a), substituted "shall" for "must", "each" for "the", "finance" for "financing" and inserted "and (c) below" following the N.J.S.A. reference; rewrote (c).
Recodified from N.J.A.C. 3:22-1.1 by R.2005 d.166, effective 6/6/2005.
See: 36 New Jersey Register 5191(a), 37 New Jersey Register 2009(a).
Former N.J.A.C. 3:22-1.2, Annual report; fee, recodified to N.J.A.C. 3:22-1.3.

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