(609) 570-4110
December 21, 2007
To: All NJAIRE
Member Companies:
This is to inform you of changes to the NJAIRE Procedure Manual that
were approved by the Department of Banking and Insurance, and are effective on
January 1, 2008. The important changes
are summarized below:
1.
In the
Quarterly Reports portion of Chapter 3, the following revisions were
incorporated:
a.
Include
distinction between the reporting of standard territories for accident years
2007 and prior and the reporting of statewide totals for accident years 2008
and subsequent.
b.
Companies
have various options of reporting their statewide totals for accident years
2008 and subsequent and can refer to the new Exhibit 17a in the Procedure
Manual Exhibits.
c.
In all
reports for accident years 2008 and subsequent, the statewide totals will
appear as Territory 001, which will be defined as entire state.
2.
In the
Quarterly Provisional Transactions portion of Chapter 5, the following sections
were amended:
a.
Explanation
of how the quarterly provisional assessments are calculated.
b.
Explanation
on how assessments are calculated under the "Pure Exposure" Method.
For NJAIRE contacts
that have provided an e-mail address, an electronic copy of the revised Manual
will be included with the Annual Letter.
All other contacts will receive a hard copy. Please note that the revised Manual will be
available on the NJAIRE web site, www.njaire.org.
If you have any
questions, please contact me at mmcauley@iso.com or
201-469-2323.
Thank
you,
Michael
McAuley
ISO
NJAIRE
Central Processor