17:29A-15 - Rates to be observed; rebates - New Jersey Statutes

17:29A-15.  Rates to be observed;  rebates
    No insurer or employee thereof, and no broker or agent shall knowingly charge, demand or receive a premium for any policy of insurance except in accordance with the respective rating-systems on file with and approved by the commissioner or, as required by the commissioner, to be used on an interim basis in accordance with subsection e. of section 14 of P.L.1944, c. 27 (C. 17:29A-14).  No insurer or employee thereof, and no broker or agent shall pay, allow, or give, or offer to pay, allow, or give, directly or indirectly, as an inducement to insurance, or after insurance has been effected, any rebate, discount, abatement, credit, or reduction of the premium named in a policy of insurance, or any special favor or advantage in the dividends or other benefits  to accrue thereon, or any valuable consideration or inducement whatever, not  specified in the policy of insurance, except to the extent that such rebate,  discount, abatement, credit, reduction, favor, advantage or consideration may  be provided for in rating-systems filed by or on behalf of such insurer and  approved by the commissioner.  No insured named in a policy of insurance, nor  any employee of such insured, shall knowingly receive or accept, directly or  indirectly, any such rebate, discount, abatement, or reduction of premium, or  any such special favor or advantage or valuable consideration or inducement. Nothing herein contained shall be construed as prohibiting the payment of commissions or other compensation to regularly appointed and licensed agents and to brokers duly licensed by this State, nor as prohibiting a discount, abatement, or reduction in premium on policies issued to or on behalf of the State of New Jersey.

     L.1944, c. 27, p. 78, s. 15.  Amended by L.1971, c. 152, s. 5, eff. May 20, 1971;  L.1984, c. 40, s. 6, eff. May 15, 1984.