N.J. Admin. Code § 11:13-4.1

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

Section 11:13-4.1 - Special risks

(a) This subchapter sets forth procedures and requirements which are applicable to various categories of commercial lines risks herein designated as special risks pursuant to section 3.k of Commercial Insurance Deregulation Act of 1982. Such special risks are:

1. Commercial lines insurance risks as specified on a list promulgated by the Commissioner which are of an unusual nature or high loss hazard or are difficult to place or rate or which are excess or umbrella, or which are eligible for export;

2. Inland marine insurance, other than personal inland marine;

3. Fidelity, surety or forgery bonds; or

4. Commercial lines insurance risks which produce minimum annual premium in excess of $ 10,000. Only premiums generated by coverages subject to the Commercial Insurance Deregulation Act of 1982 shall be used in determining whether a risk generates a premium sufficient to qualify under this paragraph. Risks producing a minimum annual premium in excess of $ 10,000 shall be:

i. A single risk which generates annual premium in excess of $ 10,000 written under a single policy.

ii. A single risk which generates annual premium in excess of $ 10,000 written under more than one policy if all are written by the same insurer or group.

iii. A risk written under a single policy covering more than one risk which policy generates an annual premium in excess of $ 10,000.

(b) Except as otherwise required by the provisions of this chapter or as may be ordered by the Commissioner, the requirements and procedures found in N.J.A.C. 11:13-2 shall not apply to special risks.

N.J. Admin. Code § 11:13-4.1

Amended by R.2008 d.74, effective 4/7/2008.
See: 39 N.J.R. 5176(a), 40 N.J.R. 1888(a).
In (b), substituted "N.J.A.C. 11:13-2" for "subchapters 2 and 3 above".