New Jersey Issues Bulletin/Order Requiring Premium Adjustments and Data Submissions in Response to the COVID-19 Pandemic

New Jersey Issues Bulletin/Order Requiring Premium Adjustments and Data Submissions in Response to the COVID-19 Pandemic

 

The New Jersey Department of Banking and Insurance (DOBI) issued Bulletin 20-22 to all Licensed, Admitted and Surplus Lines Insurers Transacting Property and Casualty Insurance in New Jersey. The bulletin requires insurers to make an initial premium refund or other adjustment to all adversely impacted New Jersey policyholders, for each month that the public health emergency is in effect, in the following lines of insurance  no later than June 15, 2020: Private passenger automobile insurance; Commercial automobile insurance; Workers’ compensation insurance; Commercial multiple-peril insurance; Commercial liability insurance; Medical malpractice insurance; and any other line of coverage where the measures of risk have become substantially overstated as a result of the pandemic.

The DOBI is also simultaneously issuing Order A20-03, that requires insurer groups writing any of the above-referenced lines of insurance in New Jersey to provide claim and premium activity reports to the Department, and also reports summarizing all actions taken, and contemplated future actions, to refund or adjust premium in response to or consistent with Bulletin 20-22.

 

Bulletin 20-22 Link

Order A20-03 Link