Auto Insurance

Commercial Insurance Deregulation Act

Act of 1982 - created to protect policyholders and the public against adverse effect of excessive, inadequate or unfair discriminatory rates.

NJ Automobile Full Insurance Underwriting Association

Administered by the Personal Automobile Insurance Plan

Retrospective Rating Plans

Allow an adjustment of the final premium for a risk based on its own loss experience.

Personal Injury Protection (PIP)

Coverage is known as no-fault coverage. In the event of injury resulting from an auto accident, benefits are paid, regardless of fault, to the insured and members of the insured's family who sustain bodily injury as a result of such accident. -May not excluded Medical expenses -The PIP of the named insured will be the primary coverage -No person may recover PIP benefits under more than 1 auto insurance policy

Second Injury Fund

Encourages the employment of previously injured workers

Automobile Insurance Cost Reduction Act

Mandated that a basic policy be available to all drivers as well as the Standard Policy.

Automobile Liability policies must be written with limits of at least?

NJ financial responsibility law requires minimum limits of 15/30/5.

NJ Commercial Insurance Deregulation Act requires to file policy forms with the Commissioner for approval at least?

Policy forms must be filed at least 30 days before they become effective. Unless disapproved prior to the effective date, filed policies are deemed approved.

NJ Workers Compensation Law

Provides a schedule of benefits, which are provided without regard to fault or negligence on the employer's part. -If employer rejects compliance, the employer is deprived of common law defenses

NJ Compensation Rating and Inspection Bureau is responsible for?

The Bureau is responsible for the administration and classification of all Workers Compensation insurance in the state.

Exportable List

The Commissioner may declare eligible for export certain lines or classes of insurance, for which, after hearing, he or she determines that there exists NO REASONABLE or ADEQUATE MARKET in NJ.

Diligent effort

a process by which a licensed producer submits the risk to at least 3 authorized insurers and the risk is declined

Retrospective rating plans

allow an adjustment of the final premium for a risk based on its own loss experience.