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

17:23-13. Request by insurer for information from governmental agency; civil actions An insurer providing information to an authorized governmental agency pursuant to section 3 or 4 of this act shall, with respect to a civil action, have the right to request relevant information …

17:23-14. Privileged nature of furnished information Information furnished pursuant to this act shall be privileged and not a part of any public record. Except as may be required by law other than P.L.1963, c. 73 (C. 47:1A-1 et seq.), an authorized governmental agency or insurer …

17:23-15. Civil liability No insurer or its authorized agent, authorized governmental agency or their respective employees shall be subject to any civil liability in a cause of action of any kind for releasing or receiving any information pursuant to sections 3, 4, 5, 6 or 7 of t…

17:23-16. Alcohol related claims; statistics a. Insurers authorized to do business in this State, who issue policies covering liquor law liability for insureds in this State, shall maintain separately statistics on their New Jersey loss experience due to alcohol related claims wi…

17:23-17. Report Annually, on or before the anniversary of the effective date of this act, the insurers to which section 1 applies shall report that statistical information to the Commissioner of Insurance in the manner which the commissioner may prescribe. L.1983, c. 472, s. 2.

17:23-18. Examination of reports; report; recommendations a. The Commissioner of Insurance shall examine the reports required by this act and determine whether the loss experience due to alcohol related claims indicates that liquor law liability coverage is appropriate for rating…

17:23-19. National Automobile Theft Bureau a. Any insurer transacting automobile insurance in this State shall: (1) report the theft or salvage of a motor vehicle to the National Automobile Theft Bureau (hereinafter referred to as the NATB) in accordance with the constitution and…

17:23-2. Penalty for not filing annual statement A company neglecting to make and file its annual statement in the form and within the time provided by section 17:23-1 of this Title shall forfeit one hundred dollars ($100.00) for each day's neglect, to be recovered in a civil act…

17:23-20. Purpose of act 1. The purpose of this act is to provide an effective and efficient system for examining the activities, operations, financial condition and affairs of all persons transacting the business of insurance in this State and all persons otherwise subject to th…

17:23-21. Definitions 2. As used in this act: "Commissioner" means the Commissioner of Insurance. "Company" means any insurer or other person engaging in or proposing or attempting to engage in any transaction or kind of insurance or surety business and any person or group of per…

17:23-22. Examination by commissioner 3. a. The commissioner or any of his examiners may conduct an examination of the assets and liabilities, method of conducting business and all other affairs of any company as often as the commissioner in his sole discretion deems appropriate …

17:23-23. Examination procedures, regulations 4. a. Upon determining that an examination should be conducted, the commissioner or the commissioner's designee shall issue an examination warrant appointing one or more examiners to perform the examination and instructing them as to …

17:23-24. Examination reports 5. a. All examination reports shall be comprised of only facts appearing upon the books, records, or other documents of the company, its officers, directors, employees or agents or other persons examined, or as ascertained from the testimony of its o…

17:23-25. Conflicts of interest for examiner 6. No examiner shall be appointed by the commissioner if such examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination…

17:23-26. Immunity from liability; awards 7. a. No cause of action shall arise nor shall any liability be imposed against the commissioner, the commissioner's authorized representatives or any examiner appointed by the commissioner for any statements made or conduct performed in …

17:23-27 Purpose of sections C.17:23-27 through C.17:23-37. 46. a. The purpose of sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37) is to provide the requirements for maintaining a risk management framework and completing an Own Risk and Solvency Assessment…

17:23-28 Definitions. 47. For the purposes of sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37): "Commissioner" means the Commissioner of Banking and Insurance. "Insurance group" for the purpose of conducting an ORSA, means those insurers and affiliates inc…

17:23-29 Maintenance of risk management framework. 48. An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on its material and relevant risks. This requirement may be satisfied if the insuranc…

17:23-30 ORSA conducted, process. 49. Except as provided in section 51 of P.L.2014, c.81 (C.17:23-32), an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA s…

17:23-31 Submission of ORSA Summary Report. 50. a. Upon the commissioner's request, and no more than once each year, an insurer shall submit to the commissioner an ORSA Summary Report or any combination of reports that together contain the information described in the ORSA Guidan…

17:23-32 Exemptions. 51. a. An insurer shall be exempt from the requirements of sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37), if: (1) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed pre…

17:23-33 Preparation, review of ORSA Summary Report. 52. a. The ORSA Summary Report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of subsection b. of this section. Documentation and supporting information shall be maintained and made avai…

17:23-34 Documents, materials deemed proprietary and containing trade secrets. 53. a. Documents, materials or other information, including the ORSA Summary Report, in the possession of or control of the Department of Banking and Insurance that are obtained by, created by or discl…

17:23-35 Failure to file ORSA Summary Report; penalty. 54. Any insurer failing, without just cause, to timely file the ORSA Summary Report as required in sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37) shall be required, after notice and opportunity for a…

17:23-36 Severability. 55. If any provision of sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37), or the application thereof to any person or circumstance, is held invalid, such determination shall not affect the provisions or applications of sections 46 th…

17:23-37 First filing of ORSA Summary Report in 2015. 56. The first filing of the ORSA Summary Report shall be in 2015 pursuant to section 50 of P.L.2014, c.81 (C.17:23-31). L.2014, c.81, s.56.

17:23-38 Purpose of act. 1. The purpose of this act is to: a. Provide the Commissioner of Banking and Insurance a summary of an insurer's or insurance group's corporate governance structure, policies and practices to permit the commissioner to gain and maintain an understanding o…

17:23-39 Construction of act. 2. Nothing in this act shall be construed to prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable State corporate law. Notwithstanding the foregoing, nothing in this act shall be co…

17:23-40 Applicability of act. 3. The requirements of this act shall apply to all insurers domiciled in this State, including licensed organized delivery systems and reciprocal insurance exchanges. L.2019, c.350, s.3.

17:23-41 Definitions relative to the corporate governance of insurers. 4. As used in this act: "Commissioner" means the Commissioner of Banking and Insurance. "Corporate governance annual disclosure" or "disclosure" means a confidential report filed by the insurer or insurance gr…

17:23-42 Corporate governance annual disclosure. 5. a. An insurer, or the insurance group of which the insurer is a member, shall, no later than June 1 of each calendar year, submit to the commissioner a corporate governance annual disclosure that contains the information describ…

17:23-43 Discretion over responses. 6. a. The insurer or insurance group shall have discretion over the responses to the disclosure inquiries, provided the disclosure shall contain the material information necessary to permit the commissioner to gain an understanding of the insur…

17:23-44 Documents, materials, other information deemed proprietary and containing trade secrets. 7. a. Documents, materials or other information including the disclosure, in the possession or control of the department that are obtained by, created by or disclosed to the commissi…

17:23-45 Third-party consultants. 8. a. The commissioner may retain, at the insurer's expense, third-party consultants, including attorneys, actuaries, accountants and other experts not otherwise a part of the commissioner's staff as may be reasonably necessary to assist the comm…

17:23-46 Penalty for delay in filing disclosure. 9. Any insurer failing, without just cause, to timely file the disclosure as required in this act shall be required, after notice and hearing, to pay a penalty of up to $5,000 for each day's delay, to be recovered by the commission…

17:23-47 Regulations. 10. The commissioner may promulgate regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) and issue such orders as shall be necessary to carry out the provisions of this act. L.2019, c.350, s.10.

17:23-48 Severability. 11. If any provision of this act, other than section 7, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect the provisions or applications of this act which can be given effect without the invalid p…

17:23-49 Effective date. 12. The requirements of this act shall become effective immediately upon enactment. The first filing of the disclosure shall be in 2020. L.2019, c.350, s.12.

17:23-8. Short title This act shall be known and may be cited as the "Motor Vehicle Theft and Motor Vehicle Insurance Fraud Reporting--Immunity Act." L.1983, c. 214, s. 1, eff. June 15, 1983.

17:23-9. Definitions As used in this act: a. "Authorized governmental agency" means the Department of Insurance, any law enforcement agency, or any agency or instrumentality of the State, county or municipality or of the Federal Government which is charged with the responsibility…