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

17:16ZZ-17 Rules, regulations. 18. The Commissioner of Banking and Insurance shall, in accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), adopt the rules and regulations necessary to implement the provisions of this act. L.2019, c.200, s.18.…

17:16ZZ-18 Severability. 19. If any provision of this act or the application thereof to any person or circumstance is held invalid for any reason in a court of competent jurisdiction, the invalidity shall not affect other provisions or any other application of this act which can …

17:16ZZ-2 Student Loan Ombudsman. 2. a. The commissioner shall designate a Student Loan Ombudsman within the Department of Banking and Insurance to carry out the duties and activities set forth in section 3 of this act. Contingent on the availability of funding, the department ma…

17:16ZZ-3 Duties of the ombudsman; education course; reports. 3. a. The commissioner shall ensure that the ombudsman: (1) receive, review, and attempt to resolve any complaints from student loan borrowers, including, but not limited to, attempts to resolve those complaints in col…

17:16ZZ-4 Licensure for student loan servicers. 4. a. (1) No person shall act as a student loan servicer, directly or indirectly, without first obtaining a license from the commissioner under subsection b. of this section, unless that person is exempt from licensure pursuant to p…

17:16ZZ-5 Issuance of license. 5. The commissioner shall automatically issue a limited, irrevocable license to any person servicing a student loan under contract with the United States Department of Education as follows: a. Any person seeking to act within this State as a student…

17:16ZZ-6 Student loan servicer to use name, location on license; surety bond. 6. a. No person licensed to act within this State as a student loan servicer shall do so under any other name or at any other place of business than that named in the license. Any change of location of…

17:16ZZ-7 Maintenance, availability of records. 7. a. Except as otherwise required pursuant to federal law, a federal student education loan agreement, or a contract between the federal government and a licensee, each student loan servicer licensee and persons exempt from licensu…

17:16ZZ-8 Response to borrower; payments; transfer of loan. 8. Except as otherwise provided pursuant to federal law, federal student education loan agreements, or a contract between the federal government and a student loan servicer, a student loan servicer shall: a. Upon receipt…

17:16ZZ-9 Prohibited actions. 9. No student loan servicer shall: a. directly or indirectly employ any scheme, device or artifice to defraud or mislead student loan borrowers; b. engage in any unfair or deceptive practice toward any person or misrepresent or omit any material info…

17:17-1. Kinds of insurance 17:17-1. Ten or more persons may form a corporation for the purpose of making of any kinds of insurance, as follows: a. Against direct or indirect loss or damage to property, including loss of use or occupancy by fire, smoke; smudge; lightning; tempest…

17:17-10 Certificates authorizing company to commence business; issuance, surrender; replacement carrier. 17:17-10. a. When satisfied that a company has complied with all the requirements of this subtitle to entitle it to engage in business and that the proposed methods of operat…

17:17-11. Transacting business before authority given; liability of directors and corporators The directors and corporators of any company organized under chapters 17 to 33 of this title (s. 17:17-1 et seq.), shall be jointly and severally liable for all obligations incurred by t…

17:17-12. Misdemeanor to do business unless authorized No person by himself, or by his brokers, agents, solicitors, surveyors, canvassers or other representatives of whatever designation, nor any such broker, agent, solicitor, surveyor, canvasser, or other representative, shall s…

17:17-13. Application of subtitle limited The provisions of this subtitle, other than those specifically made applicable thereto, shall not apply to corporations authorized to transact business in this state under the provisions of chapter 35 (17:35-1 et seq.), or chapters 39 to …

17:17-14. Assessments required when liabilities of mutual company, other than fire or life, exceed assets When the liabilities of any mutual insurance company, other than fire or life, organized under the laws of this State and now doing business, shall exceed its assets, or here…

17:17-15. Rules, regulations on solvency standards 5. The commissioner may promulgate rules and regulations with respect to solvency standards and tests, including, but not limited to: the ratio of policyholder surplus to net premiums; the ratio of policyholder surplus to net cla…

17:17-16. Increase in amount of required capital, surplus 6. The commissioner may increase the amount of capital or surplus required of any insurer pursuant to R.S.17:17-6 or R.S.17:17-7, or subsequently revise or redetermine such increase, using appropriate methods and procedure…

17:17-17. Factors for determining increase, revision, redetermination of capital, surplus 7. In determining any increase, revision or redetermination in the capital or surplus of an insurer pursuant to the provisions of section 6 of P.L.1993, c.234 (C.17:17-16), the commissioner …

17:17-18. Maintenance of reserves 8. Every insurance company transacting the business of insurance in this State shall, at all times, maintain reserves in an amount estimated in the aggregate to provide for the payment of all losses and claims incurred, whether reported or unrepo…

17:17-19. Suspension, revocation of authority to do business 9. The commissioner may suspend or revoke the authority to do business in this State of any insurer that does not comply with the provisions of R.S.17:17-1, R.S.17:17-6, R.S.17:17-7, R.S.17:17-9 and sections 5 through 8…

17:17-2. Stock or mutual plan Companies may be formed upon the stock or mutual plan to transact any kind of insurance authorized by section 17:17-1 of this Title, subject to the limitations specified in section 17:17-3 of this Title. Amended by L.1945, c. 224, p. 729, s. 1.

17:17-20 Change of domicile for insurers 1. a. An insurer that is formed under the laws of another state and is admitted to transact the business of insurance in this State may become a domestic insurer upon the commissioner's determination that the company has complied with all …

17:17-3. Purposes permitted A company may be formed: a. For the purposes specified in any or all of the paragraphs of section 17:17-1 of this Title except paragraph "c" ; or b. For the purposes specified in paragraph "c" and for the purpose of making insurances against bodily inj…

17:17-4. Certificate of incorporation The persons so proposing to incorporate shall sign a certificate stating their intention to form a corporation under chapters 17 to 33 of this Title (17:17-1 et seq.), and setting forth: a. The name of the company, which shall contain the wor…

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

17:17-6. Capital and surplus required for stock company; temporary waiver 17:17-6. No stock insurance company organized under chapters 17 to 33 of Title 17 of the Revised Statutes (17:17-1 et seq.), shall commence or continue business unless it has a capital stock of at least the…

17:17-7. Assets required for mutual company; temporary waiver 17:17-7. No mutual insurance company organized under chapters 17 to 33 of Title 17 of the Revised Statutes ( s.17:17-1 et seq.), shall commence business until bona fide applications have been made for insurance with th…

17:17-8. Examination before commencing business Before granting authority to a company to issue policies or make contracts of insurance, 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 …

17:17-9. Deposit prerequisite to authorization No company organized under chapters 17 to 33 of this title (s. 17:17-1 et seq.), other than a mutual company organized to make insurance solely against loss or damage to property belonging to the insured member, shall be authorized t…

17:17A-1. Insurer may acquire stock of or have common management with other insurers; restrictions Any domestic insurer may retain, invest in or acquire the whole or any part of the capital stock of any other insurer or insurers, or have a common management with any other insurer…

17:17A-2. Interlocking directorate Any person otherwise qualified may be a director of two or more insurers having a common management but no such interlocking directorate shall be used as a means of substantially lessening competition generally in the business or of creating a m…

17:17A-3. Violations; notice of hearing; cease and desist order Whenever the Commissioner of Banking and Insurance has reason to believe that there is a violation of this act, he shall serve upon the insurer or insurers and the director or directors, as the case may be, a notice …

17:17A-4. Abridgement of rights or remedies Nothing contained in this section shall be deemed to alter or abridge any rights or remedies which may otherwise be available to any person under law of this State. L.1948, c. 157, p. 894, s. 4.

17:17B-1. Statement of beneficial owner, director or officer; amount of securities; change in ownership Every person who is directly or indirectly the beneficial owner of more than 10% of any class of any equity security of a domestic stock insurance company, or who is a director…

17:17B-2. Profits from purchase and sale, etc., of security within period less than 6 months to inure to company; recovery; exemptions For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director or officer by reason …

17:17B-3. Unlawful sales of equity securities; defense It shall be unlawful for any such beneficial owner, director or officer, directly or indirectly, to sell any equity security of such company if the person selling the security or his principal (i) does not own the security so…

17:17B-4. Securities held in investment account; transactions made in ordinary course of business; exemption The provisions of section 2 of this act shall not apply to any purchase and sale, or sale and purchase, and the provisions of section 3 of this act shall not apply to any …

17:17B-5. Foreign or domestic arbitrage transactions; exemption The provisions of sections 1, 2, and 3 of this act shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules and regulations as the commissioner may adopt in order to ca…

17:17B-6. "Equity security" defined The term "equity security" when used in this act means any stock or similar security; or any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security…

17:17B-7. Exemption of certain equity securities The provisions of sections 1, 2, and 3 of this act shall not apply to equity securities of a domestic stock insurance company if (a) such securities shall be registered, or shall be required to be registered, pursuant to section 12…

17:17B-8. Rules and regulations The commissioner shall have the power to make such rules and regulations as may be necessary for the execution of the functions vested in him by sections 1 through 7 of this act, and may for such purpose classify domestic stock insurance companies,…

17:17C-1 Definitions regarding domestic mutual life insurers. 1. As used in this act: "Adoption date" means the date as of which the board of directors of the mutual insurer initially approves and adopts the plan of reorganization; "Closed block" means a block of participating bu…

17:17C-10 Status of stock insurer after reorganization. 10. Upon the effective date, the mutual insurer shall immediately become a stock insurer, all membership interests shall be extinguished, and the reorganized insurer will act in good faith to convey consideration to policyho…

17:17C-11 Reorganization plan amendments. 11. The mutual insurer may, by action of not less than three-fourths of its board of directors, abandon or amend the plan of reorganization at any time before the effective date. No amendment made after the public hearing required by subs…

17:17C-12 Commissioner's rules, regulations. 12. The commissioner may, in his discretion, promulgate rules and regulations to implement this act. L.1998,c.46,s.12.