N.J. Admin. Code § 11:3-28.9

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

Section 11:3-28.9 - Reporting of losses for personal injury protection payments in excess of $ 75,000

(a) For purposes of completing page 14, Exhibit of Premiums and Losses, of the annual statement filed pursuant to 17:23-1, the insurer shall include the total amount of losses for private passenger automobile and commercial automobile personal injury protection payments (lines 19.1 and 19.3), including those in excess of $ 75,000. Insurers shall also provide a footnote on page 14 that indicates the amount of losses reported, excluding losses from payments of private passenger automobile and commercial automobile personal injury protection payments in excess of $ 75,000.

(b) For purposes of completing Schedule F of the annual statement, insurers shall consider the assumption and reimbursement by the Fund of private passenger automobile and commercial automobile personal injury protection payments in excess of $ 75,000 as a reinsurance transaction. Insurers shall consider assessments paid to the UCJF pursuant to 39:6-63 based on the insurer's premiums for private passenger automobile liability insurance (including PIP) and commercial automobile liability insurance (including PIP) as ceded premium, pro rated for the appropriate line of business on which the assessment was based.

(c) Insurers shall comply with the provisions of this section beginning with the annual statement due March 1, 1994 (covering the calendar year ended December 31, 1993). For purposes of completing the annual statement due March 1, 1993 (covering the calendar year ended December 31, 1992), insurers shall file by no later than July 1, 1993 a supplemental page 14 and schedule F of the annual statement in accordance with the provisions of this section.

N.J. Admin. Code § 11:3-28.9

New Rule, R.1993 d.178, effective 4/19/1993.
See: 24 New Jersey Register 3215(a), 24 New Jersey Register 1769(a).
Recodified from 11:3-28.8 and amended by R.1993 d.583, effective 11/15/1993.
See: 25 New Jersey Register 2636(b), 25 New Jersey Register 5219(a).