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Carpenter Technology Corp. v. Admiral Insurance Co.6/17/2002
to PPCIGA's maximum statutory limit ($299,900). The court held that NJPLIGA's maximum "per covered claim" obligation to Carpenter was $300,000, less a credit for PPCIGA's $299,900 statutory limit, that is, $100 per claim. Subsequently, the trial court held that Carpenter was entitled to relief on sixty-five "covered claims." Consequently, the trial court entered judgment in favor of Carpenter against NJPLIGA in the amount of $6,500.
The Appellate Division affirmed in part and reversed in part. Carpenter Tech. Corp. v. Admiral Ins. Co., 335 N.J. Super. 510, 517 (2000). The court held that NJPLIGA is entitled to a credit only for the amounts actually received by Carpenter from PPCIGA. Id. at 516. Because the settlement amount did not appear in the record, the court remanded the matter for a determination of the proper credit. Ibid. The Appellate Division also affirmed the trial court's determination of the number of "covered claims." Id. at 517.
We granted certification, 167 N.J. 633 (2001), on the issue of the amount of credit to which NJPLIGA is entitled. We also granted the motion of the Commissioner of Banking and Insurance for leave to appear as amicus curiae.
II.
The narrow issue in this appeal is whether Section 12a of the Act entitles NJPLIGA to a credit equal to the statutory maximum payable by PPCIGA or merely to a credit for the amount Carpenter actually recovered from PPCIGA.
A.
N.J.S.A. 17:30A-12, Priority of claim of associations in other states, provides: a. Any person having a covered claim which may be recovered from more than one insurance guaranty association or its equivalent shall seek recovery first from the association of the place of residence of the insured at the time of the insured event except that if it is a first party claim for damage to property with a permanent location, he [or she] shall seek recovery first from the association of the location of the property. Any recovery under this act shall be reduced by the amount of recovery from any other insurance guaranty association or its equivalent. However, if recovery is denied or deferred by the association, a person may proceed to recover from any other insurance guaranty association or its equivalent from which recovery may be legally sought. b. Any person having a claim against an insurer, whether or not the insurer is a member insurer, under any provision in an insurance policy other than a policy of an insolvent insurer which is also a covered claim, shall be required to exhaust first his [or her] right under that other policy. An amount payable on a covered claim under P.L. 1974, c. 17 (C. 17:30A-1 et seq.) shall be reduced by the amount of recovery under any such insurance policy. [(Emphasis added).]
As a general rule, " statute should be interpreted in accordance with its plain meaning if it is clear and unambiguous on its face and admits of only one interpretation." Franklin Tower One v. N.M., 157 N.J. 602, 613 (1999). "A statute's meaning is not self-evident, however, where varying interpretations of the statute are plausible." Bergen Commercial Bank v. Sisler, 157 N.J. 188, 202 (1999) (citation omitted). Moreover, " here a literal reading will lead to a result not in accord with the essential purpose and design of the act, the spirit of the law will control its letter." Aponte-Correa v. Allstate Ins. Co., 162 N.J. 318, 323 (2000) (citation omitted). "To that end, 'words may be expanded or limited according to the manifest reason and obvious purpose of the law.'" State v. Ochoa, 314 N.J. Super. 168, 171-72 (App. Div. 1998) (citations omitted). Stated simply, "it is not the words but the internal sense of the law that controls." Roig v. K
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