N.J. Admin. Code § 11:1-37.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 11:1-37.3 - General licensing requirements

(a) No person shall act as a public adjuster in this State on behalf of an insured unless licensed pursuant to this subchapter.

(b) The Commissioner may issue or renew a public adjuster's license to any individual, firm, association or corporation who complies with the requirements of this subchapter and is competent to act as a public adjuster in a manner so as to safeguard the interests of the people of this State.

(c) For licenses issued or renewed prior to July 4, 2011, the standard term of public adjusters licenses shall be 16 licensing quarters. Licensing quarters shall begin on the first day of February, May, August, and November of each year. Licenses shall expire in the fourth year on the last day of the quarter before the quarter in which the license was effective.

(d) The terms of individual public adjuster licenses are established as set forth below.

1. The first term of licenses that are initially issued, or of licenses that were previously in effect and are initially renewed, on or after July 4, 2011 shall expire on the last day of the birth month of the public adjuster in the year that will result in the term of the license being at least 18 months.

2. Commencing on the first license expiration on the last day of the birth month of an individual public adjuster as set forth in (d)1 above, all such licenses shall thereafter expire biennially on the last day of the birth month of the individual public adjuster that is two years subsequent to the preceding expiration date.

i. For example, if a public adjuster whose birth month is March is initially licensed on February 1, 2012, the second birth month after the February 1, 2012 issue date is March 2013 (less than 18 months). In this case, the first renewal would be March 31, 2014, and subsequent renewals would be on March 31, 2016, March 31, 2018, and so on. If the birth month was September, the second September 30 following the February 1, 2012 issue date would be September 30, 2013, more than 18 months from issuance. Thus, the license would initially renew on September 30, 2013 and thereafter on September 30, 2015, September 30, 2017, and so on.

(e) The terms of business entity public adjuster licenses are established as set forth below.

1. The first term of licenses initially issued, or of licenses that were previously in effect and are initially renewed, on or after July 4, 2011 shall expire on May 31 of the first year that will result in the term of the license being at least 18 months.

2. Commencing on the first license expiration on a May 31 date as set forth in (e)1 above, all such licenses shall thereafter expire biennially on the second May 31 date that is two years subsequent to the preceding expiration date.

i. For example, if a business entity license renewed on February 1, 2012, since the second May 31 following this renewal (May 31, 2013) is less than 18 months from the prior renewal date, the license would not expire until May 31, 2014, and subsequent renewals would be on May 31, 2016, May 31, 2018, and so on. If the business entity renewed on October 31, 2011, the license would expire on May 31, 2013, since the license term would be more than 18 months and, if renewed, again would expire on May 31, 2015, May 31, 2017, and so on.

N.J. Admin. Code § 11:1-37.3

Amended by R.2012 d.136, effective 7/16/2012.
See: 44 N.J.R. 32(a), 44 N.J.R. 1979(a).
Rewrote (c); and added (d) and (e).