Department of Banking and Insurance Bulletin No. 20-15

The record

Jurisdiction

New Jersey

Level

Sector regulator

Authority

EO 123 (2020); N.J.S.A. 17:1-8.1, 17:1-15

Issued

2020-04-10 Apr. 10, 2020

Effective

2020-04-10 (grace period retroactive at the insured's election) (read as 2020-04-10)

End

Grace periods ran their 90-day terms; EO 123 remained in effect to January 1, 2022 (read as 2022-01-01)

In force

Apr. 10, 2020 to Jan. 1, 2022

Quarters

2020 Q22020 Q3

2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3

Limitation types

Other

Addressees

• all insurers transacting property and casualty insurance in New Jersey; all licensed insurance producers

Functions reached

• IN insurance (no cancellation for nonpayment for 90 days; claims paid)
• CC/CB producer offices (in-person payment methods replaced)

Collection

New Jersey NJ

Operative words

"The Department of Banking and Insurance ('Department') is issuing this Bulletin to direct all property and casualty insurance carriers to extend a grace period to their insureds as set forth herein."... "small businesses in the travel, entertainment, hospitality, and food service industries, have been adversely impacted by significant drops in business activities resulting, for some entities, in dramatic declines in revenue."... "In addition, to eliminate the need for in person payment methods, in order to protect the safety of workers and customers, all agents, brokers, and other licensees who accept premium payments on behalf of insurers must take steps to ensure that customers able to make payments have the ability to make prompt insurance payments through alternate methods of payment, such as online payments."

Enforcement

Notes