PAYMENT OF NORMAL ASSESSMENTS AND

PAYMENT OF NORMAL ASSESSMENTS AND/OR PENALTY ASSESSMENTS

Monthly assessments are to be sent to the Central Processor 15 days after the close of the month.

A member is responsible for payment of all other assessments 20 calendar days after receipt of an invoice.

2.1 Late Payments

If a member fails to pay an assessment (monthly payment, Annual Cash Settlement payment, or penalties assessed for late or erroneous data), then:

A follow-up letter will be sent 30 calendar days following the invoice date for all payments which have not been received.
A second follow-up letter will be sent 15 calendar days after the first follow-up letter, with a copy to the General Manager and Chairman of the Board of Directors of NJAIRE.
With respect to members from which payment has not been received within 60 calendar days of the due date, a report will be submitted to the Insurance Department for appropriate action.
Additionally, if such fees or assessments exist, the Central Processor shall deduct any fees owed out of the company’s future quarterly provisional reimbursement until the amount owed is paid up plus any applicable late fees.

A 10% per annum charge will be assessed by the Exchange on any overdue assessments.