DEPARTMENT OF BANKING AND INSURANCE
Notice of the Imposition of a Surcharge for Recoupment of the Property-Liability Insurance Guaranty Association Assessment
Take notice that, pursuant to N.J.S.A. 17:30A-16 and N.J.A.C. 11:1-6, the Commissioner of Banking and Insurance issued Order No. A02-107 on January 17, 2002, which provides that every member insurer of the New Jersey Property-Liability Insurance Guaranty Association (Association) that has paid an assessment to the Association due February 5, 2002 pursuant to N.J.S.A. 17:30A-8a(3) may impose a surcharge in the amount of one third of one percent of the net direct written premiums for all kinds of insurance written by the member insurer, except life insurance, accident and health insurance, workers' compensation insurance, title insurance, annuities, surety bonds, credit insurance, mortgage guaranty insurance, municipal bond coverage, fidelity insurance, investment return assurance, ocean marine insurance, and pet health insurance. The surcharge may be applied to policies that are issued or renewed on or after March 1, 2002. Copies of the Order were mailed to all member insurers of the Association. The Order may be viewed at the Departmentís website at www.njdobi.org.