The COVID Project
The record
- Jurisdiction
- New Jersey
- Level
- Sector regulator
- Authority
- Executive Order No. 123 (Apr. 9, 2020); N.J.S.A. 17:1-8.1, 17:1-15
- Issued
- 2020-04-10 Apr. 10, 2020
- Effective
- grace period electable retroactively from Apr. 1, 2020 or from May 1, 2020 (read as 2020-04-01)
- End
- grace periods ran their 90-day terms (to June 30 or July 30, 2020); EO 123 remained in effect to Jan. 1, 2022 under P.L. 2021, c. 103 (read as 2020-07-30)
- In force
- Apr. 1, 2020 to July 30, 2020
- 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
- licensed insurance producers
- Functions reached
- IN (premium collection, cancellation, billing and credit reporting rewritten by order)
- CB
- Collection
- Financial Services SEC-13
Operative words
the Department is directing all licensed property and casualty insurance carriers to provide their insureds who may be experiencing a financial hardship due to COVID-19 with at least a 90-day grace period to pay insurance premiums so that insurance policies are not cancelled for nonpayment of premium... During this extended grace period, insurers shall not cancel any insurance policy for nonpayment. Insurers are also directed to: Waive late payment fees otherwise due, and not report late payments to credit rating agencies, during the 90-day period; Allow premiums due but not paid during the 90-day period to be paid over the remainder of the current policy term or up to 12 months in up to 12 equal installments
Enforcement
EO 123 directive implemented by the Commissioner; Title 17 enforcement
Notes
Same instrument as NJ-105; companion health bulletin 20-27 is NJ-106. The exhibit is dated April 10, 2020 on its face; the file name carries April 9, 2020 (the date of EO 123).
Retrieval noteFile-name date (04-09) differs from the bulletin's own date (Apr. 10, 2020); file not renamed.