N.J. Admin. Code § 11:1-22.4

Current through Register Vol. 56, No. 18, September 16, 2024

Section 11:1-22.4 - Extension of duration of plan

(a) If the Commissioner finds that the block nonrenewal and/or block cancellation will adversely affect the market, the timeframe for the block nonrenewals and/or cancellations may be extended to a maximum period of three years.

(b) In making the determination as to whether a block nonrenewal or block cancellation will adversely affect the market, the Commissioner shall consider, without limitation, the number of policies to be nonrenewed and/or cancelled, whether there are other insurers writing the line or class of insurance to be block nonrenewed and/or cancelled, and whether, following the nonrenewal or cancellation, there will be sufficient capacity in the voluntary market with respect to the particular coverage or class of coverage involved.

New Rule, R.2008 d.361, effective 12/1/2008.
See: 40 N.J.R. 2052(a), 40 N.J.R. 6813(a).
Section was "Reserved".