New Jersey § 39:6a-22

§ 39:6a-22.

a. The exchange shall be empowered to raise sufficient moneys (1) to pay its operating

expenses, and (2) to compensate members of the exchange for claims paid for noneconomic

loss, and associated claim adjustment expenses, which would not have been incurred

had the tort limitation option provided in subsection b. of section 8 of P.L.1972,

c. 70 ( C. 39:6A-8 ) or, in the case of policies issued or renewed on or after January 1, 1989, subsection

a. of section 8 of P.L.1972, c. 70 ( C. 39:6A-8 ), been elected by the injured party filing the claim for noneconomic loss. b. In order to enable the exchange to meet its obligations under subsection a. of

this section, every member insurer or servicing carrier of the New Jersey Automobile

Full Insurance Underwriting Association shall forward on a monthly basis, within 15

days of the close of the member's accounting month, a charge, to be known as the AIRE

charge, in an amount and manner to be prescribed by the board of directors. AIRE charge amounts required to be paid to the exchange in accordance with this subsection

shall, in the case of those amounts determined by the board of directors to be applicable

during the period from July 1, 1984 to the effective date of P.L.1985, c. 520, be

paid to the exchange within 60 days of that date. A 10% per annum penalty charge shall be assessed by the exchange on any overdue AIRE

charges. c. The board of directors shall establish guidelines by which members or servicing

carriers and the exchange may verify the tort limitation options elected by claimants. d. Moneys collected by or otherwise available to the exchange shall be invested as

hereinafter provided in section 12 of P.L.1985, c. 520 ( C. 39:6A-22.1 ). e. The exchange shall have such powers as may be necessary or appropriate to effectuate

the purposes of the exchange.