New Jersey Administrative Code

(a) No financial institution licensed as an insurance producer shall, as a condition precedent, concurrent or subsequent to the lending of money or the extension of credit, or the renewal of the loan or extension of credit, require that the borrower acquire, finance or negotiate …

(a) An insurance producer who solicits insurance shall be required to identify the following information to the person he or she is soliciting prior to commencing his or her solicitation: 1. His or her name as it appears on his or her insurance producer license; 2. The name of th…

No insurance producer shall refuse to take an application from a policyholder or prospective policyholder for any reason based in whole or in part upon the race, color, creed, religion, sex, marital status or physical impairments of an applicant or policyholder, or for any arbitr…

No insurance producer shall make any misleading representations or incomplete or fraudulent comparison of any insurance policies or annuity contracts or insurers for the purpose of inducing, or tending to induce, any person to lapse, forfeit, surrender, terminate, retain, or conv…

(a) Insurance producers that market self-storage personal property insurance as defined in N.J.A.C. 11:17-1.2 shall provide potential purchasers with written notice: 1. That the renter's or lessee's homeowner's, renter's or business insurance policy may provide coverage for the l…

(a) The following rules are herein incorporated by reference to the extent that they regulate the conduct of insurance producers: 1.N.J.A.C. 11:2-12, concerning mass marketing of property and liability insurance; 2.N.J.A.C. 11:4-11, concerning life insurance solicitation; 3.N.J.A…

(a) Premium monies collected by an insurance producer acting as an insurance agent shall be deemed to be received by the insurer by whom the agent is authorized to act whether or not the agent actually remits the monies to the insurer. (b) Premium monies collected by an insurance…

An insurance producer acts in a fiduciary capacity in the conduct of his or her insurance business. Notes N.J. Admin. Code § 11:17A-4.10

(a) The Commissioner shall impose penalties for violations of this subchapter in accordance with the provisions of N.J.S.A. 17:22A-26 et seq. and any other applicable law. (b) For the purpose of determining the existence of a violation and assessing a penalty under this subchapte…

If any provision of this subchapter or the application thereof to any person or circumstance is held invalid, the remainder of the subchapter and the application of such provision to other persons or circumstances shall not be affected thereby. Notes N.J. Admin. Code § 11:17A-4.1…

In cases where an applicant's signature is required, an insurance producer who takes an application for insurance shall be required to witness the signature of the prospective insured on the application prior to the submission of the application to the insurer only when the appli…

(a) Every insurance producer shall, within 10 days after the effectuation of an insurance transaction made through an insurance producer which modifies the terms of an existing insurance contract or the terms of an application for insurance, notify a policyholder or applicant, in…

(a) Every insurance producer who solicits, negotiates or sells contracts of insurance for the placement of risks in any residual market mechanism created by or pursuant to any statute shall conduct his or her business in accordance with the applicable plan of operation. (b) For t…

No insurance producer shall disclose or solicit the disclosure of personal or privileged information about an individual collected or received in connection with an insurance transaction except in conformity with N.J.S.A. 17:23A-1 et seq. Notes N.J. Admin. Code § 11:17A-4.5 Amend…

Policies, certificates, or other evidence of insurance which are received by an insurance producer from an insurer for delivery to an insured shall be delivered or mailed to the insured by the insurance producer within 10 calendar days of their receipt by the insurance producer, …

An insurance producer who takes possession of an insured's or a potential insured's insurance policies, certificates, or other documents pertaining to existing or pending insurance, shall provide to the insured a written receipt for those materials at the time the insurance produ…

An insurance producer shall reply, in writing, to any inquiry of the Department relative to the business of insurance within the time requested in said inquiry, or no later than 15 calendar days from the date the inquiry was made or mailed in cases where no response time is given…

Claims and estimated losses thereon shall be reported to the insurer or designated claims representative by an insurance producer no later than five business days following his or her receipt of notice of claim, unless the insurance producer has contractual authority from the ins…

This chapter applies to all insurance producers selling commercial and/or personal lines insurance, including private passenger automobile and any other policies written through residual markets pursuant to N.J.S.A. 17:29D-1, life, health, title, property, or casualty insurance, …

(a) The purposes of this chapter are:1. To clarify those circumstances under which fees can be charged in connection with insurance transactions; 2. To clarify to whom commissions may be paid; 3. To require full disclosure of fees charged in connection with insurance policies; 4.…

The following words and terms, when used in this chapter, shall have the following meanings, unless the context clearly indicates otherwise. "Brokerage fee" means any money or other consideration, except commissions, charged or received by any person for services rendered as an i…

(a) The Commissioner shall impose penalties for violations of this chapter in accordance with the provisions of N.J.S.A. 17:22A-26 et seq. and any other applicable law. (b) For the purposes of determining the existence of a violation and assessing a penalty under this chapter, a …

If any provision of this chapter or the application thereof to any person or circumstances is held to be invalid, the remainder of the chapter and the application of such provision to other persons or circumstances shall not be affected thereby. Notes N.J. Admin. Code § 11:17B-1.…

(a) No insurance producer shall pay any commission to any unlicensed individual or organization for services rendered in this State as an insurance producer except for services rendered while licensed. (b) Payment or receipt of renewal or other deferred commissions to or by any i…

(a) Insurance producers may charge a fee for services rendered in the sale of personal lines property/casualty or personal lines surplus lines insurance, subject to N.J.A.C. 11:17B-3.2. Insurance producers acting as agents for an insurance company for personal lines insurance sha…

(a) An insurance producer may charge a fee for services rendered in the sale or service of personal lines property/casualty or, where the producer is the originating or retail producer, in the sale or service of personal lines surplus lines insurance subject to the following cond…

(a) Any insurance producer who acts as a motor club representative or receives any compensation, directly or indirectly, or on account of the sale of a motor club service contract purchased in connection with the negotiation or sale of an automobile insurance policy or contract s…

This chapter sets forth standards of conduct for licensed insurance producers, including, but not limited to, limited line credit insurance producers, surplus lines insurance producers, and limited lines insurance producers, concerning the management of funds and general record-k…

The following words and terms, when used in this chapter, shall have the following meanings unless the context clearly indicates otherwise. "Business day" means all days except Saturdays, Sundays and State and Federal holidays. "Commissioner" means the Commissioner of the Departm…

(a) The Commissioner shall impose penalties for violations of this chapter in accordance with the provisions of N.J.S.A. 17:22A-26 et seq. and any other applicable law. (b) For the purposes of determining the existence of a violation and assessing a penalty under this chapter, a …

If any provision of this chapter or the application thereof to any person or circumstances is held to be invalid, the remainder of the chapter and the application of such provision to other persons or circumstances shall not be affected thereby. Notes N.J. Admin. Code § 11:17C-1.…

(a) All premium funds shall be held by an insurance producer in a fiduciary capacity and shall not be misappropriated, improperly converted to the insurance producer's own use, or illegally withheld by the licensee. (b) All premium funds shall be segregated and not in any manner …

(a) All premium funds shall be remitted to the insurer or other insurance producer, as applicable, within five business days after receipt of the funds except as otherwise required or provided by any of the following: 1. The insurance producer's contract with the insurer or writt…

(a) An insurance producer shall establish and maintain a trust account into which shall be deposited cash, checks and other instruments payable to the insurance producer under the following circumstances: 1. When an insurance producer holds any premiums for more than five busines…

(a) Each insurance producer shall issue a receipt for each premium for any payment, premium deposit or installment payment which is submitted by personal delivery or when a receipt is requested, and shall maintain a copy of each receipt issued. The receipt shall be furnished at t…

(a) Each insurance producer shall maintain accurate books and records reflecting all insurance-related transactions in which the insurance producer or his employees take part in accordance with the standards set forth in this chapter. These records may be maintained by either sep…

(a) All required books and records of account, including bank records, shall be maintained for a period of five years after the termination of coverage. With respect to title insurance only, to the extent that the provisions of this section are in conflict with N.J.S.A. 17:46B-9,…

This chapter is promulgated to describe the procedures for imposing administrative penalties, including the method of determining monetary fines, for violations of the provisions of N.J.S.A. Titles 17 and 17B and any rules or orders issued by the Commissioner. The procedures and …

The following words and terms, when used in this chapter, shall have the following meanings unless the context clearly indicates otherwise. "Administrative order" means any and all orders issued or executed by the Commissioner, his designee and the Department, including, but not …

(a) Rules concerning the initiation of action against an alleged violator follow: 1. Before an administrative penalty is imposed, the Department shall direct a notice by certified mail or personal delivery to the last known business or mailing address of the alleged violator. The…

(a) Time related violations shall include the following: 1. When an insurance producer fails to respond to an inquiry of the Department within the time requested or within 15 calendar days from the date of the inquiry if no response date is given; or 2. When an insurance producer…

Neither the assessment of administrative penalties nor the payment of any such penalty shall be deemed to affect the availability to the Department of any other enforcement provision provided for by statute, rule or administrative order, in connection with the violation for which…

(a) The Department shall impose fines for certain insurance producer violations in accordance with the following schedule:1. Failure to maintain on file with the Department a complete and accurate business or home address or to notify the Department of a change of business or hom…

(a) Upon service of any final order suspending or revoking an insurance producer license, the insurance producer shall immediately return to the Department for cancellation any license in his or her possession. (b) Imposition of a period of suspension or of revocation shall sever…

(a) Upon completion of any period of suspension and upon the completion of all conditions contained in the order suspending an insurance producer's license, a former licensee may reapply for an insurance producer license by submitting a properly completed application as required …

(a) A person whose license has been revoked may, after five years from the effective date of any order revoking an insurance producer license, apply for reinstatement of the license on the form of application used for initial insurance producer license applicants. (b) The applica…

If any provision of this subchapter or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the subchapter and the application of such provision to other persons or circumstances shall not be affected thereby. Notes N.J. Adm…