Title 17B, Title 17B: INSURANCE

17B:18-60. Merger and consolidation of stock insurers a. A domestic stock insurer may merge or consolidate with one or more domestic or foreign stock insurers in the following manner and subject to the following provisions. b. (1) Mergers or consolidations may be initially propos…

17B:18-61. Merger and consolidation of mutual insurers a. A domestic mutual insurer may merge or consolidate with one or more domestic or foreign mutual insurers in the following manner and subject to the following provisions: b. (1) The plan for merger or consolidation may be pr…

17B:18-62. "Reinsurance" defined "Reinsurance" is a contract under which an originating insurer, called the "ceding insurer" , procures insurance for itself in another insurer, called the "assuming insurer," with respect to part or all of an insurance risk of the originating insu…

17B:18-63. Reinsurance of risks An insurer may reinsure such risks as it is authorized to insure, subject to the provisions of this Code. L.1971, c. 144, s. 17B:18-63.

17B:18-64. Prerequisites to reinsurance a. No domestic insurer may become a ceding insurer with respect to all or any substantial part of its outstanding insurance risks or become an assuming insurer with respect to all or any substantial part of the outstanding insurance risks o…

17B:18-65. Extended reinsurance In addition to the reinsurance specified in 17B:18-63, an insurer authorized to do the business specified in section 17B:17-3, 17B:17-4 and 17B:17-5 may through reinsurance assume any insurance risk and may retrocede any portion thereof; provided, …

17B:18-65.1. Rules and regulations The commissioner is authorized to adopt, promulgate and enforce such rules and regulations as he determines to be necessary to implement this act. L.1975, c. 80, s. 2, eff. May 2, 1975.

17B:18-66. Reinsurance pooling Any reinsurance authorized by sections 17B:18-63 or 17B:18-65 or any reinsurance of blanket accident insurance referred to in section 4 of Public Law 1939, c. 305 (17B:27-32) may be provided through pooling arrangements with other insurers for purpo…

17B:18-67. Short title 1. Sections 2 through 6 of this act shall be known and may be cited as the "Dynamic Capital and Surplus Act of 1993." L.1993,c.235,s.1.

17B:18-68. Surplus, capital required 2. Except as provided by section 3 of P.L.1993, c.235 (C.17B:18-69), no domestic insurer shall commence business in this State unless the insurer has surplus and capital actually paid in cash of at least the following amounts, and no domestic …

17B:18-69. Temporary waiver of capital, surplus requirements 3. An insurer authorized to transact the kind of business specified in N.J.S.17B:17-3, N.J.S.17B:17-4 or N.J.S.17B:17-5 prior to and on the effective date of this act may apply to the commissioner for a temporary waiver…

17B:18-7. Certificate of incorporation of mutual insurer; election of directors a. The certificate of incorporation of any mutual insurer of this State hereafter incorporated may contain provisions for the elections of directors in the manner set forth in sections 17B:18-11 to 17…

17B:18-70. Increase in amount of required capital, surplus 4. The commissioner may increase the amount of capital or surplus required of any insurer pursuant to section 2 of this act, or subsequently revise or redetermine that increase, using appropriate methods and procedures es…

17B:18-71. Factors for determination of increase, revision, redetermination 5. In determining any increase, revision or redetermination in the capital or surplus of an insurer pursuant to the provisions of section 4 of this act, the commissioner shall take into account the follow…

17B:18-72. Suspension, revocation of authority to do business 6. The commissioner may suspend or revoke the authority to do business in this State of any insurer that does not comply with the provisions of this act. L.1993,c.235,s.6.

17B:18-8. Loan to mutual insurer for organizational expenses A mutual insurer organized under this Code may borrow or assume a liability for the repayment of a sum of money sufficient to defray the reasonable expenses of its organization, or to enable it to comply with any requir…