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Posted on July 1, 2024

The New Jersey Department of Banking and Insurance (DOBI) has issued Order A24-05 regarding the New Jersey Property-Liability Insurance Guaranty Association (PLIGA) Assessment. The notice provides that the surcharge amount insurers are allowed to assess is now 0.3% of the net direct written premiums per annum. Failure to comply with the terms of the Order may result in the imposition of penalties by the DOBI.