Title 17B, Title 17B: INSURANCE

17B:19-1. Expenses of investigation, analyses, and valuation of securities a. The purpose of this section is to provide a means of making funds not in excess of $250,000 in any one year available to the Subcommittee on Valuation of Securities of the National Association of Insura…

17B:19-1.1 Definitions. 58. For the purposes of chapter 19 of Title 17B of the New Jersey Statutes, N.J.S.17B:25-19, and sections 58, 60, 63, 64, 65 and 66 of P.L.2014, c.81 (C.17B:19-1.1, C.17B:19-2.1, C.17B:19-11, C.17B:19-12, C.17B:19-13 and C.17B:19-14) the following definiti…

17B:19-10 Reserves, related actuarial items; annual opinion of qualified actuary. 2. a. For years ending prior to the operative date of the valuation manual, every insurer authorized to transact life, health or annuity business and every fraternal benefit society doing business i…

17B:19-11 Standards for policies issued on or after operative date of valuation manual. 63. a. For policies issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under section 6…

17B:19-12 Establishment of reserves using principle-based valuation. 64. a. A company shall establish reserves using a principle-based valuation that meets the following conditions for policies or contracts as specified in the valuation manual: (1) Quantify the benefits and guara…

17B:19-13 Submission of certain data. 65. A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual. L.2014, c.81, s.65.

17B:19-14 "Confidential information." 66. a. For purposes of this section "confidential information" means: (1) A memorandum in support of an opinion submitted under section 2 of P.L.1995, c.339 (C.17B:19-10) and any other documents, materials and other information, including, bu…

17B:19-2 Annual valuation of reserve liabilities for outstanding policies; foreign and alien insurers. 17B:19-2. The commissioner shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance policies and ann…

17B:19-2.1 Annual valuation of reserve liabilities. 60. The commissioner shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health cont…

17B:19-3. Additional reserves Subject to the approval of the commissioner, any life insurer of this State may set up, in addition to the reserve liabilities required pursuant to section 17B:19-2, reserves to provide for any additional liability at maturity, on the basis of rates …

17B:19-4. Preliminary term insurance; amount of reserve This section applies to life insurance policies, other than policies for which the reserve liabilities are valued on the basis of the provisions of the standard valuation law contained in section 17B:19-8, which were previou…

17B:19-5. Calculations of policy and loss reserves for accident and health insurance. 17B:19-5. The commissioner shall annually make or cause to be made or shall annually require the insurer to make calculations of policy and loss reserves for accident and health insurance writte…

17B:19-7. Abandonment of standard of valuation adopted Except in accordance with the provisions of section 17B:19-2, a life insurer shall not abandon the standard of valuation adopted for any outstanding policies if the reserve, calculated by the proposed standard, is less than t…

17B:19-8. Standard valuation law 17B:19-8. This section shall be known as the standard valuation law and shall apply to all the life insurance policies, pure endowment contracts and annuity contracts issued by every life insurer on or after January 1, 1948 or such earlier date as…

17B:20-1 Investments of domestic insurers. 17B:20-1. Any domestic insurer may invest its capital, surplus and other funds, or any part thereof, in: a. Bonds, notes, or other evidences of indebtedness or public stock issued, created, insured or guaranteed by the United States, any…

17B:20-2 Limitation of investments. 17B:20-2. The amount (excluding amounts invested in the common stock of any corporation pursuant to N.J.S.17B:20-3 and N.J.S.17B:20-4) invested by a domestic insurer (a) in the common stock of any one corporation shall not exceed 2% of the tota…

17B:20-3. Incidental acquisition of corporate stock or securities, construction of chapter Nothing contained in this chapter shall be construed to prohibit an insurer from accepting or acquiring corporate stock or evidences of indebtedness or other securities or property: a. purs…

17B:20-4. Stock of subsidiary or alien corporations 17B:20-4. In addition to the authority expressly contained in this chapter and notwithstanding any limitation contained in this title, any domestic insurer may invest in the voting stock of one or more subsidiaries, as provided …

17B:20-5. Securities of foreign country or property therein Any domestic insurer lawfully doing business, directly or through any subsidiary, in any foreign country other than Canada, may also invest its funds, or permit such subsidiary to invest its funds, to an amount not excee…

17B:20-6. Reasonable and temporary additional restrictions Notwithstanding any of the provisions of this chapter, if it shall appear to the commissioner that by reason of investment conditions generally or the financial condition or investment portfolio content of any particular …

17B:20-7. Securities of domestic insurers 17B:20-7. All securities of domestic insurers shall be held for safekeeping within the geographical limits of this State, except: a. Securities deposited with public officials of other states, the District of Columbia, the United States G…

17B:20-8. Valuation of securities; violations; penalties 17B:20-8. Except as otherwise required by the commissioner, securities held by insurers authorized to do business in this State shall be valued in accordance with the published valuation standards of the Securities Valuatio…

17B:21-1. Annual statement; forms 17B:21-1. a. Every insurer transacting business in this State shall annually, on or before March 1, file with the commissioner a statement subscribed and sworn to by its president or the chairman of the board if he is the chief executive officer …

17B:21-2. Penalty for not filing annual statement; penalty for other violations Any insurer neglecting to make and file its annual statement in the form and within the time provided by section 17B:21-1 of this Code shall forfeit $100.00 for each day's neglect, and, in addition th…

17B:21-7. Fees a. On filing any certificate, executed by an insurer of this State, in the department, there shall be paid to the commissioner, for the use of the State, fees as follows: (1) Certificate of incorporation, for each thousand dollars ($1,000.00) of the total amount of…

17B:23-1. Translation of business by foreign and alien insurers 17B:23-1. Any foreign insurer which by its charter or by the laws of the state in which it was incorporated, or any alien insurer which under the laws of the country or other jurisdiction in which it is organized, is…

17B:23-10. Enforcement Whenever it shall appear to the commissioner that any insurer, or any employee, agent, promotional medium, or other representative thereof, has violated, is violating, or is about to violate the provisions of this act, the Attorney General, upon the request…

17B:23-11. Excluded actions The provisions of this act shall not be construed to apply to: a. The investigation, settlement or litigation of claims under any policy of insurance of any kind lawful when written in this State, or the liquidation of the assets and liabilities of an …

17B:23-2. Prerequisites to admission No foreign or alien insurer shall be admitted until it: a. Files with the commissioner a certified copy of its charter or certificate of authority, and a statement of its financial condition and business, in the form and detail the commissione…

17B:23-3. Deposit by alien insurers No alien insurer shall be admitted until, in addition to complying with the foregoing conditions, it has made a deposit or deposits with the insurance commissioner or other officer of a State or States of the United States, designated by the la…

17B:23-4. Revocation of authority to do business The authority of a foreign or alien insurer may be revoked, after notice and hearing, pursuant to the Administrative Procedure Act (P.L.1968, c. 410) and any rules adopted thereunder if it fails to comply with any provision of law …

17B:23-5 Retaliatory provision. 17B:23-5. a. When by or pursuant to the laws of any other state or a province of Canada any taxes, licenses and other fees, in the aggregate, and any fines, penalties, deposit requirements or other obligations, prohibitions or restrictions are or w…

17B:23-6. Purpose Sections 17B:23-6 through 17B:23-11 are deemed and declared to be remedial legislation for the protection of the health and welfare of persons resident in this State by subjecting nonadmitted insurers which solicit, insure, or cause to be solicited such resident…

17B:23-7. Definitions Whenever used or referred to in sections 17B:23-6 to 17B:23-11 the term "commissioner" shall mean the Commissioner of Insurance. L.1971, c. 144, s. 17B:23-7. Amended by L.1973, c. 22, s. 13, eff. Feb. 8, 1973.

17B:23-8. Conditions precedent to doing business in State No insurer organized or existing under the law of another State, or of a foreign country, or any employee, agent or other representative thereof including, without limitation, promotional media, shall by mail or otherwise,…

17B:23-9. Actions deemed doing business in the State Without limiting the generality of the foregoing, an insurer which performs, causes or suffers to be performed within this State any of the following acts with reference to persons located or resident in the State of New Jersey…

17B:24-1.1. Insurable interests 1. a. For the purpose of life insurance, health insurance or annuities: (1) An individual has an insurable interest in his own life, health and bodily safety. (2) An individual has an insurable interest in the life, health and bodily safety of anot…

17B:24-10. Policy settlements Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of cre…

17B:24-11. Participating and nonparticipating policies--right to issue; payment of commissions thereon A stock or mutual life insurer may issue policies on both the participating and nonparticipating basis, provided that the right or absence of right of participation is reasonabl…

17B:24-12. Separate risks and premiums When a policy shall insure against more than one hazard or peril, the insurance against any specific hazard or peril shall not be separately cancelable unless the policy shall specify a separate premium for any such insurance so cancelable. …

17B:24-2. Minors a. Any minor not less than 15 years of age may, notwithstanding such minority, contract for annuities or for insurance, or affirm by novation or otherwise pre-existing contracts for annuities or insurance, upon his own life, body or health, or upon the life, body…

17B:24-3. Application as evidence a. No application for any life or health insurance policy or annuity contract shall be admissible in evidence in any action relative to such policy or contract, unless a copy of the application was attached to or endorsed upon the policy or contr…

17B:24-4. Assignments a. Nothing in this Title shall prohibit any person insured under an insurance policy or annuity contract, other than group, from assigning or not assigning, as provided by its terms. Subject to its terms relating to assignability, any life or health insuranc…

17B:24-5. Payment discharges insurer Whenever the proceeds of or payments under a life or health insurance policy or annuity contract heretofore or hereafter issued become payable in accordance with the terms of such policy or contract, or the exercise of any right or privilege t…

17B:24-6. Exemption of proceeds--life insurance a. If a policy of insurance, whether heretofore or hereafter issued, is affected by any person on his own life, or on another life, in favor of a person other than himself, or, except in cases of transfer with intent to defraud cred…

17B:24-7. Exemption of proceeds--annuity contracts a. The benefits, rights, privileges, powers and options which under any annuity contract heretofore or hereafter issued are due or prospectively due the annuitant, shall not be subject to execution, garnishment, attachment, seque…