N.J. Admin. Code § 11:17C-2.4

Current through Register Vol. 56, No. 24, December 18, 2024

Section 11:17C-2.4 - Receipts

(a) Each insurance producer shall issue a receipt for each premium for any payment, premium deposit or installment payment which is submitted by personal delivery or when a receipt is requested, and shall maintain a copy of each receipt issued. The receipt shall be furnished at the time payment is tendered. For title insurance only, unless a receipt is specifically requested, a settlement statement with the file number denoted shall suffice in lieu of a receipt.

(b) Each receipt and receipt book maintained by an insurance producer shall:

1. Be sequentially prenumbered or otherwise provide documentation of the sequence in which the receipts are issued:

2. Be clearly signed by the insurance producer or his or her authorized employee, and the name of the insurance producer shall be typed or legibly printed below the signature;

3. Indicate the name of the insured;

4. Indicate the name of the insurance company when known, or the name of the residual market mechanism or other insurance producer, if applicable;

5. Indicate the name, address and telephone number of the insurance agency;

6. Indicate the date and type of coverage;

7. Indicate the date of transaction;

8. Indicate the purpose of the payment if it is other than a premium payment; and

9. Indicate the amount of remittance.

(c) The requirements of (b)3 and 6 above shall not apply to receipts which are a part of and attached to the original application for insurance.

(d) Each insurance producer shall be responsible for the care, custody, and security of receipt books in the following manner:

1. Receipt books shall be maintained at a business address on file with the Department of Insurance;

2. Every receipt shall be accounted for by the insurance producer; and

3. Completed receipt books shall be retained for a minimum of five years from the date of completion.

(e) Any document other than a receipt or receipt book which contains or provides the Department and payee with ready access to the requirements in (b) above shall be considered to satisfy the requirements of this section so long as a record is maintained in accordance with the provisions of this section.

N.J. Admin. Code § 11:17C-2.4

Amended by R.2000 d.44, effective 2/7/2000.
See: 31 N.J.R. 3583(a), 32 N.J.R. 499(a).
In (b)1, substituted "prenumbered" for "numbered" following "sequentially".