17:30A-16 Surcharges.
265 words·~1 min read·
/nj/title-17/chapter-30a/17-30a-16·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
16. a. The commissioner shall adopt rules permitting member insurers to recoup over a reasonable length of time, a sum reasonably calculated to recoup assessments paid by the member insurer pursuant to paragraph
(3)of subsection a. of section 8 of P.L.1974, c.17 (C.17:30A-8) by way of a surcharge on premiums charged for insurance policies to which this act applies. The amount of any surcharge shall be determined by the commissioner. The commissioner may permit an insurer to omit collection of the surcharge from its insureds when the expense of collecting the surcharge would exceed the amount of the surcharge, provided that nothing in this subsection shall relieve the insurer of its obligation to remit the amount of surcharge otherwise collectible.
b. No member insurer shall impose a surcharge on the premiums of any policy to recoup assessments paid pursuant to paragraph
(9)of subsection a. of section 8 of P.L.1974, c.17 (C.17:30A-8).
c. Members shall recoup assessments paid by member insurers pursuant to paragraph
(11)of section 8 of P.L.1974, c.17 (C.17:30A-8) by way of a surcharge on premiums charged for insurance policies to which this act applies. Members shall recoup these assessments within two years of the date they are paid. The commissioner may permit an insurer to omit collection of the surcharge from its insureds when the expense of collecting the surcharge would exceed the amount of the surcharge, provided that nothing in this subsection shall relieve the insurer of its obligation to remit the amount of the surcharge otherwise collectible.
L.1974,c.17,s.16; amended 1979, c.448, s.7; 1990, c.8, s.75; 2003, c.89, s.66.