On May 12, 2020, the New Jersey  Department of Banking and Insurance (“DOBI”) issued Bulletin 20-22 ordering insurers to make an initial premium refund or other adjustment to all New Jersey policyholders adversely impacted due to overstatement or misclassification of risk resulting from the COVID-19 pandemic. Insurers are directed to provide each affected policyholder with a notification or the amount of the refund or adjustments by June 15, 2020. Insurers who can demonstrate that its rates are not excessive, inadequate, or unfairly discriminatory, or otherwise contends it should not be subject to the terms of this Bulletin, are to provide information to the DOBI by June 1, 2020. Read More >