On May 17, 2013, New Jersey Insurance Commissioner Kenneth Kobylowski advised in Bulletin No. 13-12 that, in consideration of Super Storm Sandy impacts, New Jersey homeowners’ insurers must now include data on certain policies written with hurricane and windstorm deductibles in the semi-annual report required under N.J.A.C. 11:2-42.10 on the amount of in-force and new business homeowners’ insurance written.
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Specifically, insurers, including the FAIR Plan (New Jersey Insurance Underwriting Association), must report the number of policies written with hurricane and windstorm deductibles in amounts greater than the standard for all-other-perils, and on the areas in which such policies are written.
The new report template should be utilized for data submissions due July 31, 2013 for the evaluation date of June 30, 2013.