(609)
890-3406
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 were effective on February 10. The important changes are summarized below:
a. A new section (E.) was added at the end of the
description of the Annual Cash Settlement Transactions to incorporate two
revisions:
1) the ability to
withhold payments from member companies that may be in financial trouble and
may not be able to satisfy future NJAIRE obligations, and
2) the ability to hold
onto small partial payments until the final payment is made.
b.
Amendments to the section
regarding Payment of Normal Assessments and/or Penalty Assessments.
Section 2.1 has been revised to more accurately
reflect the existing process. Thus, in lieu of automatically notifying
the Board Chairman and the General Manager and, ultimately the Department of
Banking and Insurance, when a member company is late in its payments, NJAIRE’s Central Processor will work with the member
company to obtain the late payment. If the Central Processor is
unsuccessful, then it will notify the Board Chairman and the General Manager.
The Department will be contacted only when necessary. Also added is a line indicating that a member
company must make all monthly payments in order to obtain a reimbursement from
NJAIRE
Section 2.2 was added to specifically state that the
late payment charges are required by statute, and that these charges cannot be
changed by NJAIRE.
For
NJAIRE contacts that have provided an e-mail address, an electronic copy of the
revised Manual is attached. 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
jgilmartin@iso.com
or 201-469-2327.
Very truly yours,
James Gilmartin
NJAIRE Central Processor