N.J.S.A. 17:29A-5.9 — First profits report

17:29A-5.9. First profits report The due date for the first profits report required by subsection a. of section 2 of this act is July 1, 1989. For the first report required by this act: a. The seven most recent calendar-accident years referred to in subsection b. of section 2 of this act are 1982 through 1988, inclusive. b. The three calendar-accident years immediately preceding the due date referred to in subsection l. of section 1, subsection d. of section 2, section 3 and section 6 of this act are 1986, 1987, and 1988. c. The seventh calendar-accident year immediately preceding the due date referred to in subsection l. of section 1 of this act is 1982. d. The fourth calendar-accident year immediately preceding the date the profits report is due referred to in subsection l. of section 1 of this act is 1985. e. The calendar-accident year immediately preceding the date the profits report is due referred to in subsection c. of section 2 of this act is 1988. f. All remaining references to specific calendar years, calendar-accident years, and evaluation dates shall be consistent with the provisions of this section. L. 1988, c. 118, s. 4. 17:29A-5.10. Excess profit carry forward In the event an excess profit is returned by an insurer in accordance with section 7 of this act and subsequent development demonstrates that an excess profit did not exist or was overstated, an "excess profit carry forward" in the amount of the excess profit refunded or the amount overstated, whichever is less, shall be established. This "excess profit carry forward" shall be applied by such insurer as a credit against future determinations of excess profits until such credit is exhausted or the expiration of a 15-year period from the date such carry forward was established, whichever occurs first. L. 1988, c. 118, s. 5. 17:29A-5.11. Certification An insurer having fewer than 150 car years of exposure in New Jersey during the three calendar-accident years immediately preceding the date the profits report is due shall file a certification to that effect, in lieu of all other requirements of this act. L. 1988, c. 118, s. 6.

This is the verbatim text of N.J.S.A. 17:29A-5.9, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.