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

17:30B-13. Annual reports of commissioner In addition to the annual reports of the commissioner required by R.S. 17:1-9, the commissioner shall submit to the Legislature an annual report embracing the activities, affairs and condition of any association. Said report may contain s…

17:30B-14. Powers of commissioner The commissioner may: a. Promulgate reasonable rules and regulations to carry out the purposes of this act; b. Suspend or revoke, after notice and hearing, the certificate or authority to transact insurance in the State of any member insurer whic…

17:30B-15. Severability If any provision of this act or the application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of this act which can be given effect without the invalid provision or application, and …

17:30B-16. Construction; supersedure of inconsistent laws a. This act shall be liberally construed to effectuate the purposes set forth in section 2 a. b. All laws and parts of laws of this State inconsistent with this act are hereby deemed superseded to the extent of such incons…

17:30B-2. Purpose; types of insurance, annuities and surety bonds to which act applicable a. The purpose of this act is to avoid financial loss to and to reduce financial burdens on claimants and policyholders because of the insolvency of insurers, to authorize the creation of sp…

17:30B-3. Definitions As used in this act: a. "Commissioner" means the Commissioner of Insurance of this State; b. "Guaranty Association" means the New Jersey Property-Liability Insurance Guaranty Association, created under P.L.1974, c. 17 (C. 17:30A-1 et seq.); c. "Association" …

17:30B-4. Establishment; membership; immunity from liability for execution of powers and duties The commissioner shall have authority to establish, as he shall deem necessary, one or more associations to assume the unexpired policy obligations of insolvent insurance companies fro…

17:30B-5. Powers An association shall, pursuant to the provisions of this act and the plan of operation, have the power: a. To assume the unexpired policy obligations of insolvent insurance companies: b. To assess each of its members and to reimburse them for such assessments, at…

17:30B-6. Board of directors; treasurer; bonds a. The board of directors of an association shall consist of not less than five nor more than nine members serving terms as established in the plan of operation hereinafter described. All directors of the board shall be appointed by …

17:30B-7. Plan of operation; submission by directors; certification of approval; enactment by commissioner; amendments a. The directors of the association shall submit to the commissioner, within such time as he sets forth by regulation, for his review and approval, a proposed pl…

17:30B-8. Joint underwriting association fund; assessment of members; exemption from fees and taxes a. There shall be created within each association a fund to be known as the Joint Underwriting Association Fund for the purpose of providing the finances necessary for the plan of …

17:30B-9. Custodian; disbursements The treasurer of each association shall be the custodian of the Joint Underwriting Association Fund. All disbursements from said fund shall be made by the treasurer according to the plan of operation and any rules and regulations promulgated by …