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

17:17C-4 Application for reorganization approval. 4. a. Upon the affirmative vote of not less than three-fourths of the members of the entire board of directors of the mutual insurer, the mutual insurer shall file with the commissioner an application for approval of, and permissi…

17:17C-5 Approval of reorganization. 5. a. Subject to the provisions of subsection b. of this section, the plan of reorganization shall be approved by a vote of not less than two-thirds of the votes of the mutual insurer's qualified voters voting thereon in person or by attorney …

17:17C-6 Limits on acquisition of beneficial ownership; exceptions. 6. Except as otherwise specifically provided in the plan of reorganization, prior to and for a period of three years following the effective date of the reorganization, no person or persons acting in concert, oth…

17:17C-7 Financial compensation restricted 7. No director, officer, agent or employee of the mutual insurer shall receive any fee, commission or other valuable consideration, other than his usual regular salary and compensation, whatsoever, that is contingent upon the plan of reo…

17:17C-8 Compliance; nonimpairment. 8. If the mutual insurer complies substantially and in good faith with the requirements of this act with respect to any required notice to policyholders, its failure in any case to give the notice to any person or persons entitled thereto shall…

17:17C-9 Effective date of reorganization. 9. The reorganization shall be effective upon the date when the specified requirements within the plan of reorganization are satisfied. On or prior to the effective date of the reorganization, the mutual insurer shall file with the commi…

17:18-1. Powers and duties generally Any company organized under chapters 17 to 33 of this title (s. 17:17-1 et seq.), and its stockholders, members and directors, shall have all the powers granted and be subject to all the duties and obligations imposed by Title 14, Corporations…

17:18-10. Advertisement of assets to include liabilities When an insurance company 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…

17:18-12. Disability benefits not liable to execution, attachment, garnishment, etc.; rights of creditors No money or other benefit paid, provided or allowed to be paid, provided or allowed by any stock or mutual life, health or casualty insurance corporation on account of the di…

17:18-13. Title insurance companies; reserve of gross fees and premiums; charges against reserve Every title insurance company of this State or of another State or foreign country doing business in this State under paragraph "h" of section 17:17-1 of this Title shall set up, accu…

17:18-14. Title insurance companies; loss reserve In addition to the reserves hereinabove required by section six of this act, every such company shall set up and maintain a loss reserve at least equal to the aggregate estimated amounts due or to become due on account of all unpa…

17:18-15. Allocation of reserve of fees and premiums In cases where a title insurance company of this State or of another State or foreign country doing business in this State under paragraph "h" of s. 17:17-1 of this Title issues its title insurance policy upon the examination a…

17:18-16. Payment of taxes, charges and fees authorized unless laws imposing them have been held invalid The directors or trustees of any corporation organized or existing under any general or special law of this State for the purpose of transacting the business of insurance of a…

17:18-17. Furnishing accounting record of compensation to or on behalf of holder of policy to holder The provisions of any other law to the contrary notwithstanding, every insurance company when making compensation to or on behalf of the holder of any insurance policy issued by s…

17:18-18. Violations; penalty Any insurance company violating any provision of this act shall be liable to a penalty of $200.00 for each violation which shall be collected pursuant to the penalty enforcement law (N.J.S. 2A:58-1 et seq.). L.1975, c. 274, s. 2, eff. Jan. 12, 1976.

17:18-19 Definitions relative to vehicle protection product warranties. 1. As used in this act: "Administrator" means a third party, other than the warrantor, who is designated by the warrantor to be responsible for the administration of vehicle protection product warranties. "In…

17:18-2. Membership in federal home loan bank An insurance company incorporated under the laws of this state may become a member of the federal home loan bank organized in the district in which the insurance company is located under the provisions of the act of congress known as …

17:18-20 Requirements for issuance of vehicle protection product warranty. 2. A vehicle protection product warranty offered or issued in this State shall: a. Identify the warrantor, the seller, the warranty holder and the terms of the sale; b. Conspicuously and in plain English s…

17:18-21 Registration for warrantor required. 3. a. A person may not operate as a warrantor or represent to the public that the person is a warrantor unless the person is registered with the Director of the Division of Consumer Affairs, in such manner as the director deems approp…

17:18-22 Conditions for express warranty. 5. A vehicle protection product warranty issued by the warrantor of a vehicle protection product does not constitute a contract substantially amounting to insurance or its issuance the business of insurance under Title 17 of the Revised S…

17:18-23 Registration not required for nonwarrantor. 6. An administrator or person who sells or solicits a sale of a vehicle protection product, but who is not a warrantor, shall not be required to register as a warrantor or be licensed under the insurance laws of this State to s…

17:18-24 Vehicle protection product not required for sale, financing. 7. A warrantor or seller of vehicle protection products shall not require, as a condition of sale or financing, a retail purchaser of a motor vehicle to purchase a vehicle protection product that is not install…

17:18-25 Noncompliance prior to effective date. 8. The failure of a warrantor or other person to comply with P.L.2007, c.166 (C.17:18-19 et al.), or otherwise to administer a vehicle protection product in the manner required by P.L.2007, c.166 (C.17:18-19 et al.), before its effe…

17:18-26 Violation, unlawful practice. 9. A violation of the provisions of P.L.2007, c.166 (C.17:18-19 et al.) shall be an unlawful practice and a violation of P.L.1960, c.39 (C.56:8-1 et seq.). L.2007, c.166, s.9.

17:18-3. Dealing in real estate; disposition of unnecessary real estate Any insurance company of this State may purchase, hold and convey, such real estate as may be: (a) Requisite for its accommodation in the transaction of its business; (b) Conveyed to it in satisfaction of deb…

17:18-4. Purchase of stock of other companies Any insurance company, other than a life insurance company, organized under the laws of this state and authorized to transact business, may purchase or acquire, hold, sell or transfer all or a part of the capital stock of any other in…

17:18-5. Reinsurance Any insurance company of this state may make reinsurance of any risks taken by it, but no life insurance company shall reinsure any of its risks except as provided in section 17:34-13 of this title.

17:18-6. Loan for defraying expenses A mutual company organized under chapters 17 to 33 of this title (s. 17:17-1 et seq.), may borrow or assume a liability for the repayment of a sum of money sufficient to defray the reasonable expenses of its organization, or to enable it to co…

17:18-8. Engaging in other business No company formed hereunder shall transact any other business than that specified in its original or amended certificate of incorporation.

17:18-9. Maximum amounts of individual risks 17:18-9. No insurance company transacting business in this State shall expose itself to any loss on any one risk or hazard in an amount exceeding ten per centum (10%) of its net assets as of December 31 next preceding, except that for …

17:19-1. Insanitary housing conditions; necessity for remedy It is hereby declared that congested, insanitary and dangerous housing conditions which exist in portions of the cities of the first class in this state are a menace to the health, safety, morals and welfare of the publ…

17:19-10. Procedure after approval of application When the application has been approved by the governing body, the company may thereupon proceed to improve the real estate already acquired, and to acquire and improve any additional real estate which may be necessary for the comp…

17:19-11. Maximum rental fixed When new housing facilities, as provided in this chapter, have been completed, the governing body shall fix the maximum rental per room that may be charged by the applicant to the tenants of the new housing facilities, upon such a scale that the net…

17:19-12. Construction period When an insurance company has invested its funds in real estate pursuant to the authority granted by this article, it shall, within five years from the date upon which it has acquired the real estate, sell and dispose of the same unless within that p…

17:19-2. Application for approval of project to remedy conditions Any insurance company of this state authorized to hold, purchase and convey real estate may present to the governing body of any city of the first class in this state an application for approval of a project for th…

17:19-3. Application; examination into; approval Upon filing the application the governing body shall examine it and any amendments and supplements thereto, and within three months of its filing, or of the last amendment or supplement thereto, by resolution, determine whether the…

17:19-4. Acquiring property; condemnation When the application has been approved by the governing body, the applicant may thereupon undertake and proceed to acquire the real estate required for the completion of the project set forth in the application. If the applicant is unable…

17:19-5. Conveyance of property to applicant Upon the acquisition by the city of the property, and payment to the city by the applicant of the sum expended by it, the governing body shall convey the property to the applicant, subject only to the public duties and obligations impo…

17:19-6. Completion of project When the property or any part necessary to the completion of the project has been acquired by condemnation and conveyed to the applicant, the applicant shall thereupon be charged with the public duty of immediately commencing and within a reasonable…

17:19-7. Disposal of property No applicant that has acquired any property by the exercise of the power of eminent domain by a city and by subsequent conveyance from the city, as herein provided, shall sell, assign or convey the property except upon notice to and consent by the go…

17:19-8. Investment in project authorized Any insurance company of this state, in addition to other investments allowed by law, may invest its funds, to an aggregate amount not exceeding five per cent of its total admitted assets, in the purchase of real estate in any city of thi…

17:19-9. Application for approval of project; proceedings thereon The insurance company, prior to the acquisition of the real estate or within one year after its acquisition, or within such further period as may be permitted and prescribed in writing by the commissioner, shall pr…

17:20-1. Definitions 17:20-1. a. As used in this chapter: (1) "Bank" means a State or federally chartered bank, savings bank, or savings and loan association which has trust powers and which has its principal office in New Jersey. (2) "Custodian" means a bank which performs fiduc…

17:20-1.1. Procedure for holding of deposits Whenever the commissioner is required or authorized by a law of this or any other state or country to receive and hold a deposit, he may utilize the procedures for the holding of those deposits which are found in R.S.17:20-1. L.1989, c…

17:20-2. Deposits; interest on; substitution of 17:20-2. The commissioner shall hold the securities deposited as aforesaid, for the benefit and security of all the policyholders of the company depositing them, but shall, so long as the company continues solvent and complies with …

17:20-3. Delivery of securities on dissolution, liquidation, reorganization or merger; action to obtain delivery; claims of policyholders 17:20-3. Whenever any insurance company of this State shall voluntarily dissolve, or a receiver or trustee thereof shall be appointed by the S…