Title 17B, Title 17B: INSURANCE

17B:18-13. Qualified voters; "policyholder" defined The qualified voters of the insurer shall consist of every policyholder who is 18 years of age or more and whose policy has been in force for at least 1 year. For the purposes of this section the term "policyholder" shall mean a…

17B:18-14. Elections of directors of mutual insurers; procedure, ballots Each qualified voter of the insurer at such election shall be entitled to cast one vote in person or by proxy. The president, or, in his absence, a vice-president of the insurer, shall preside at the electio…

17B:18-15. Nominations by others than board of directors; notice of election In case any nomination shall have been made by others than by the board of directors, the insurer shall cause notice of the time and place of the election and of the several nominations of candidates to …

17B:18-16. Canvass of votes; tie vote All ballots voted shall be received by the tellers subject to verification and ascertainment of the validity thereof and of the qualification of the voters, and, in the case of ballots voted by proxy, the respective proxy instruments shall be…

17B:18-17. Report of result of election At the conclusion of the canvass the tellers shall report in writing to the secretary of the corporation the result thereof and he shall thereupon make a certificate, duly sworn to, setting forth the result of the election as shown by such …

17B:18-18. Choosing of directors for mutual life insurers having in excess of ten million policies in force The directors of any mutual insurer of this State heretofore or hereafter incorporated pursuant to the provisions of the laws of this State which now or hereafter shall hav…

17B:18-19. Number of directors; appointment of public directors; ex officio directors Subject to the provisions of section 17B:18-21 as to the number of elected directors, the number of the directors of any such mutual insurer to which sections 17B:18-18 to 17B:18-28, inclusive, …

17B:18-2. Stock insurer defined A domestic stock insurer is an insurer incorporated in accordance with the laws of this State with its capital divided into shares and owned by its stockholders. L.1971, c. 144, s. 17B:18-2.

17B:18-20. Public directors; carry-overs; appointments; terms; vacancies; powers Each director of any such mutual insurer heretofore appointed as a public director in accordance with P.L.1953, chapter 156 and holding office as such on the effective day of this Code, shall continu…

17B:18-21. Elected directors; carry-overs; terms; vacancies Each director of any mutual insurer, other than its president and other than the chairman of the board if he is the chief executive officer and other than one appointed as a public director in accordance with the provisi…

17B:18-22. Elected directors; manner of electing The elected directors shall be elected in the manner provided in sections 17B:18-23 to 17B:18-27, inclusive, by the qualified voters of the corporation at the annual election of directors to be held on the date and at the place pre…

17B:18-23. Qualified voters; "policyholder" for purpose of election defined The qualified voters of the insurer shall consist of every policyholder who is 18 years of age or more and whose policy has been in force for at least 1 year. For the purposes of this section the term "po…

17B:18-24. Nomination of candidates; demand by public directors The board of directors shall by a vote of a majority of its entire number nominate a candidate for each office of elected director to be filled at each annual election of directors commencing with the first election …

17B:18-25. Method of electing when no demand is made by public directors If the public directors shall file no demand that other candidates be nominated, the election shall be according to the method prescribed in this section as follows: a. The candidates shall be those so nomin…

17B:18-26. Method of election when demand is made by public directors that other candidates be nominated If the public directors shall file a demand pursuant to section 17B:18-24 that other candidates be nominated, the election shall be according to the method prescribed in this …

17B:18-27. Mailing of ballot; effect The mailing of a ballot to any person shall not be construed as an admission of the validity of any policy or that such person was a policyholder; and no such mailing shall be competent evidence in any action or proceeding in which the questio…

17B:18-28. Filing certificate on number of policies; copy delivered to Chief Justice If any annual statement of any domestic mutual insurer heretofore or hereafter filed with the commissioner sets forth a number of life insurance policies of the insurer in force in excess of ten …

17B:18-29. Election of directors in mutual insurer issuing temporary stock A bare majority of the entire board of directors of a domestic mutual insurer which issues temporary capital stock, as provided in section 17B:18-9, shall be elected by the holders of the temporary stock, …

17B:18-3. Mutual insurer defined A domestic mutual insurer is an insurer incorporated in accordance with the laws of this State without permanent capital stock, the governing body of which, except while temporary capital stock is outstanding as provided in section 17B:18-9 and ex…

17B:18-30. Proxy voting permitted at elections At any election of directors, managers or other officers of a domestic insurer, except any election of directors held pursuant to N.J.S. 17B:18-18 to 17B:18-28, inclusive, every person entitled to vote at the election may vote in per…

17B:18-31. Emergency by-laws The board of directors of any domestic insurer may at any time adopt emergency by-laws, subject to repeal or change by action of those having power to adopt regular by-laws for the insurer, which shall be operative during a national emergency caused b…

17B:18-32. Failure to adopt emergency by-laws; procedure In the event that the board of directors of a domestic insurer has not adopted emergency by-laws, the following provisions shall become effective upon the occurrence of such a national emergency: a. Three directors shall co…

17B:18-33. National emergency; succession At any time the board of directors of a domestic insurer may, by resolution, provide that in the event of such a national emergency and in the event of the death or incapacity of the Chairman of the Board and chief executive officer, the …

17B:18-34. National emergency; relocation of principal place of business At any time the board of directors of a domestic insurer may, by resolution, provide that in the event of such a national emergency the home office or principal place of business of the company shall be at s…

17B:18-37. Definitions; deposit prerequisite to authorization 17B:18-37. a. As used in this section and in N.J.S.17B:18-38 and N.J.S.17B:18-39: (1) "Bank" means a State or federally chartered bank, savings bank, or savings and loan association which has trust powers and which has…

17B:18-38. Deposits; interest on; substitution of 17B:18-38. The commissioner shall hold the securities deposited pursuant to N.J.S.17B:18-37 for the benefit and security of all the policyholders of the insurer depositing them, but shall, so long as it continues solvent and compl…

17B:18-39. Deposits to do business in other jurisdictions 17B:18-39. The custodian, on behalf of the commissioner, may receive from any domestic insurer a deposit of securities necessary to enable it to transact business in any other state, territory, dependency or Federal Distri…

17B:18-39.1. Fees for services of custodian required pursuant to N.J.S.17B:18-37 et seq. The Commissioner of Insurance shall establish, by regulation, the fees to be charged insurance companies for the services of the custodian pursuant to the requirements of N.J.S.17B:18-37 thro…

17B:18-4. Organization of stock or mutual insurer a. Ten or more persons may form a domestic stock or domestic mutual insurer to engage in the business of writing any or all of the kinds of insurance defined in sections 17B:17-3, 17B:17-4 and 17B:17-5 by signing a certificate sta…

17B:18-41. Examination before commencing business Before issuing a certificate of authority to a domestic insurer, the commissioner shall be satisfied, by such examination and evidence as he sees fit to make and require, that the whole amount of the capital stock set forth in the…

17B:18-42 Certificate of authority; when issuable. 17B:18-42. When satisfied that a domestic insurer has complied with all the requirements of this code to entitle it to engage in business and that the proposed methods of operation of the insurer are not such as would render its …

17B:18-43. Domestic insurers, powers, duties--general corporation law a. Any domestic insurer and its stockholders, members and directors, shall have all the powers granted and be subject to all the duties and obligations imposed by New Jersey Business Corporation Act (N.J.S. 14A…

17B:18-44. Stock of other insurance company A domestic insurer which purchases stock of another insurance company in compliance with section 17B:20-4 may pay therefor in cash or its equivalent or in its own capital stock, and may issue its capital stock in payment to the persons …

17B:18-45. Authority to acquire, hold and convey real estate Any domestic insurer, in addition to the authority contained in sections 17B:20-1 to 17B:20-5, inclusive, may acquire, hold and convey any real estate as may be convenient in its operations, provided that if the commiss…

17B:18-46. Limitation on dividends to stockholders No profits on participating policies and contracts heretofore or hereafter issued by a domestic stock insurer in excess of the larger of a. 10% of such profits before payment of policyholder dividends, or b. $0.50 per year per $1…

17B:18-47. Increase or decrease of capital stock Any domestic stock insurer may increase its capital stock or decrease it to an amount not less than the minimum required by this code by proceeding in the manner and subject to the conditions of section 17B:18-56. The whole of the …

17B:18-48. Advertisement of assets to include liabilities When an insurer doing business in this State advertises its assets, it shall, in the same connection and equally conspicuously, advertise its liabilities, the same to be determined in the manner required in making the annu…

17B:18-49. Cash disbursements to be evidenced by voucher No domestic insurer shall make any cash disbursement of $100.00 or more unless it is evidenced by a voucher, signed by or on behalf of the person receiving the money, and correctly describing the consideration for the payme…

17B:18-5. Approval of certificate by commissioner; recording and filing The certificate of incorporation shall be proved or acknowledged as required for deeds of real estate and be submitted to, and examined by, the commissioner, and if found by him to be in accordance with this …

17B:18-50. Payment of taxes, charges and fees prior to determination of invalidity The directors of any domestic insurer are authorized to pay, and to appropriate money to pay, such taxes, charges and fees as have been or may be imposed against the property, business, income or f…

17B:18-51. Compensation of directors The director of any domestic insurer when acting as its officer, counsel, agent or representative, and also for each occasion of his attendance at meetings of the board or its committees, may receive such compensation as a majority of the boar…

17B:18-52. Insurer payments to senior officers restricted No domestic insurer shall: a. Pay any salary, compensation or emolument to any of its senior officers, directors or trustees, unless the payment is first authorized by a vote of its board of directors; b. Make any agreemen…

17B:18-53. Reporting amount of stock owned and changes therein by director, officer, and principal stockholders of domestic stock insurers Every person who is directly or indirectly the beneficial owner of more than 10% of any class of stock of a domestic stock insurer or who is …

17B:18-54. Suit for profits realized by director, officer, and principal stockholders For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director or officer by reason of his relationship to such insurer, any profit r…

17B:18-55. Limitation on sale of stock by director, officer and principal stockholders It shall be unlawful for any such beneficial owner, director or officer, directly or indirectly, to sell any stock of such insurer if the person selling the stock or his principal a. does not o…

17B:18-56. Stock insurers; change of name, extension of corporate existence or amendment of charter or certificate of incorporation a. Any stock insurer heretofore or hereafter incorporated under any general or special law of this State may change its name, extend its corporate e…