N.J. Admin. Code § 11:2-42.7

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

Section 11:2-42.7 - Hurricane deductibles; standard policy language

(a) The uniform policy language that shall be utilized for all mandatory and optional hurricane deductible programs for homeowners' insurance is as set forth in Exhibit D in the Appendix to this subchapter, incorporated herein by reference.

(b) Insurers or the FAIR Plan, to the extent they are using policy forms which have a hurricane deductible provision that is not substantially similar with the language in Exhibit D, shall file appropriate changes to their forms to conform with the requirements set forth herein within 60 days from the effective date of this subchapter, as well as a certification regarding compliance with the notice requirements as set forth in (c) below. Such changes shall become effective at the next policy renewal. For purposes of this subsection, "substantially similar" means the applicable hurricane deductible language shall be the same in effect and application as the provision in Exhibit D, although the exact wording may be different.

(c) If an insurer or the FAIR Plan is utilizing a hurricane deductible provision that is substantially similar as set forth herein, the insurer or FAIR Plan shall file a certification to that effect with the Department, signed by an individual authorized to sign such a certification on behalf of the insurer or FAIR Plan. The certification shall also state that the notice accompanying the hurricane deductible satisfies the requirements set forth in N.J.A.C. 11:2-42.8.

N.J. Admin. Code § 11:2-42.7