Title 17, Title 17: CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

17:18-14. Title insurance companies; loss reserve In addition to the reserves hereinabove required by section six of this act, every such company shall set up and maintain a loss reserve at least equal to the aggregate estimated amounts due or to become due on account of all unpa…

17:18-15. Allocation of reserve of fees and premiums In cases where a title insurance company of this State or of another State or foreign country doing business in this State under paragraph "h" of s. 17:17-1 of this Title issues its title insurance policy upon the examination a…

17:18-16. Payment of taxes, charges and fees authorized unless laws imposing them have been held invalid The directors or trustees of any corporation organized or existing under any general or special law of this State for the purpose of transacting the business of insurance of a…

17:18-17. Furnishing accounting record of compensation to or on behalf of holder of policy to holder The provisions of any other law to the contrary notwithstanding, every insurance company when making compensation to or on behalf of the holder of any insurance policy issued by s…

17:18-18. Violations; penalty Any insurance company violating any provision of this act shall be liable to a penalty of $200.00 for each violation which shall be collected pursuant to the penalty enforcement law (N.J.S. 2A:58-1 et seq.). L.1975, c. 274, s. 2, eff. Jan. 12, 1976.

17:18-19 Definitions relative to vehicle protection product warranties. 1. As used in this act: "Administrator" means a third party, other than the warrantor, who is designated by the warrantor to be responsible for the administration of vehicle protection product warranties. "In…

17:18-2. Membership in federal home loan bank An insurance company incorporated under the laws of this state may become a member of the federal home loan bank organized in the district in which the insurance company is located under the provisions of the act of congress known as …

17:18-20 Requirements for issuance of vehicle protection product warranty. 2. A vehicle protection product warranty offered or issued in this State shall: a. Identify the warrantor, the seller, the warranty holder and the terms of the sale; b. Conspicuously and in plain English s…

17:18-21 Registration for warrantor required. 3. a. A person may not operate as a warrantor or represent to the public that the person is a warrantor unless the person is registered with the Director of the Division of Consumer Affairs, in such manner as the director deems approp…

17:18-22 Conditions for express warranty. 5. A vehicle protection product warranty issued by the warrantor of a vehicle protection product does not constitute a contract substantially amounting to insurance or its issuance the business of insurance under Title 17 of the Revised S…

17:18-23 Registration not required for nonwarrantor. 6. An administrator or person who sells or solicits a sale of a vehicle protection product, but who is not a warrantor, shall not be required to register as a warrantor or be licensed under the insurance laws of this State to s…

17:18-24 Vehicle protection product not required for sale, financing. 7. A warrantor or seller of vehicle protection products shall not require, as a condition of sale or financing, a retail purchaser of a motor vehicle to purchase a vehicle protection product that is not install…

17:18-25 Noncompliance prior to effective date. 8. The failure of a warrantor or other person to comply with P.L.2007, c.166 (C.17:18-19 et al.), or otherwise to administer a vehicle protection product in the manner required by P.L.2007, c.166 (C.17:18-19 et al.), before its effe…

17:18-26 Violation, unlawful practice. 9. A violation of the provisions of P.L.2007, c.166 (C.17:18-19 et al.) shall be an unlawful practice and a violation of P.L.1960, c.39 (C.56:8-1 et seq.). L.2007, c.166, s.9.

17:18-3. Dealing in real estate; disposition of unnecessary real estate Any insurance company of this State may purchase, hold and convey, such real estate as may be: (a) Requisite for its accommodation in the transaction of its business; (b) Conveyed to it in satisfaction of deb…

17:18-4. Purchase of stock of other companies Any insurance company, other than a life insurance company, organized under the laws of this state and authorized to transact business, may purchase or acquire, hold, sell or transfer all or a part of the capital stock of any other in…

17:18-5. Reinsurance Any insurance company of this state may make reinsurance of any risks taken by it, but no life insurance company shall reinsure any of its risks except as provided in section 17:34-13 of this title.

17:18-6. Loan for defraying expenses A mutual company organized under chapters 17 to 33 of this title (s. 17:17-1 et seq.), 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 co…

17:18-8. Engaging in other business No company formed hereunder shall transact any other business than that specified in its original or amended certificate of incorporation.

17:18-9. Maximum amounts of individual risks 17:18-9. No insurance company transacting business in this State shall expose itself to any loss on any one risk or hazard in an amount exceeding ten per centum (10%) of its net assets as of December 31 next preceding, except that for …