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

17:22B-10 License renewal. 10. Every adjuster's license issued pursuant to this act may be renewed for a two-year period upon the filing of an application in conformity with section 6 of this act, which shall include proof of completion of continuing education requirements as est…

17:22B-11. Issuance of supplemental, temporary licenses 11. a. Any firm, association, or corporation licensed as an adjuster under this act may at any time apply to the commissioner for the issuance of a supplemental license authorizing additional officers or directors of the cor…

17:22B-12. Bond required for licensure 12. No adjuster's license or renewal license shall be issued to an applicant unless there shall be on file with the commissioner a bond, executed by the applicant and by approved sureties, in the penal sum of $10,000 applicable to the licens…

17:22B-13 Prohibited practices. 13. No individual, firm, association or corporation licensed under P.L.1993, c.66 (C.17:22B-1 et al.) shall: a. solicit the adjustment of a loss or damage occurring in this State from an insured, whether by personal interview, by telephone, or by a…

17:22B-13.1 Public adjusters, written contract, right to cancel, terminate, notice. 2. a. A public adjuster shall not, directly or indirectly, act within this State as a public adjuster without having first entered into a contract, in writing, and executed in duplicate by the pub…

17:22B-14. Refusal to issue or renew license, revocation; conditions 14. a. The commissioner may refuse to issue or renew a license, or suspend or revoke any adjuster's license if, after notice and opportunity for a hearing pursuant to the "Administrative Procedure Act," P.L.1968…

17:22B-15. One-year waiting period after revocation 15. No individual, firm, association or corporation whose license has been so revoked, and no firm or association of which the individual is a member, and no corporation of which the individual is an officer or director, shall b…

17:22B-16. Notice to applicant of rejection, suspension or revocation 16. If an application for a license under this act is rejected, or if any license is suspended or revoked by the commissioner, he shall forthwith give notice to the applicant, or to the licensee or sublicensee,…

17:22B-17. Violations; civil penalties 17. Any person violating any provision of this act shall, in addition to any other sanctions provided by law, be liable to a civil penalty of not more than $2,500 for the first offense and not more than $5,000 for the second and each subsequ…

17:22B-18. Additional fees 18. a. The commissioner shall set reasonable, necessary and appropriate fees, other than licensure fees under section 9 of this act, to effectuate the purposes of this act. b. Applicants may be charged a fee for any licensing examination conducted pursu…

17:22B-19. Licenses remain property of State 19. a. All licenses shall at all times be the property of the State of New Jersey and upon any suspension, revocation, refusal to renew, expiration or other termination shall no longer be in force and effect. Upon any suspension, revoc…

17:22B-2. Definitions 2. As used in this act: "Commissioner" means the Commissioner of Insurance. "Department" means the Department of Insurance. "Public adjuster" or "adjuster" means any individual, firm, association or corporation who, or which, for money, commission or any oth…

17:22B-20. Rules, regulations 20. The commissioner may promulgate any rules and regulations as may be necessary to effectuate the purposes of this act pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.). L.1993,c.66,s.20.

17:22B-3. License required for adjuster 3. a. No individual, firm, association or corporation shall act as an adjuster in this State unless authorized to do so by virtue of a license issued or renewed pursuant to this act. b. No adjuster shall act on behalf of an insured unless l…

17:22B-4. Nonapplicability of act 4. a. Nothing contained in this act applicable to public adjusters shall apply to any employee, agent, or other representative of any authorized insurer who acts in that capacity in the adjustment of claims, nor to any licensed insurance producer…

17:22B-5. Issuance of license 5. The commissioner may issue a public adjuster's license to any individual, firm, association or corporation, hereinafter designated as the licensee, who, or which, is trustworthy and competent to act as an adjuster in a manner as to safeguard the i…

17:22B-6. Application requirements 6. a. Before any license or any renewal thereof shall be issued by the commissioner, there shall be filed in his office a written application therefor. The application shall be in the form prescribed by the commissioner and shall contain informa…

17:22B-7. Written examination 7. a. The commissioner shall require every individual applicant and each sublicensee to take and pass a written examination to his satisfaction, except in the case of a renewal license, in order to determine the competency of the applicant or sublice…

17:22B-8. License granted without examination, prior experience 8. a. Upon payment of the prescribed fee as provided in this act, a person who has been employed as or acted as a public adjuster as his principal business for a period of five years immediately prior to the effectiv…

17:22B-9 License fees. 9. For applications made during the first year of operation of this act, there shall be paid to the commissioner by each individual applicant and by each proposed sublicensee a fee of $300 for an initial license term of four years. Thereafter, the commissio…

17:22C-1. Definitions 1. For the purposes of this act: "Commissioner" means the Commissioner of Insurance. "Insurer" means: a. Any corporation, association, partnership, reciprocal exchange, interinsurer, Lloyd's insurer, fraternal benefit society or other person engaged in the b…

17:22C-10. Rules, regulations 10. The commissioner may promulgate rules and regulations as are necessary to effectuate the purposes of this act. L.1993,c.237,s.10.

17:22C-2. Licensing for domestic risks as insurance producer required 2. No person, firm, association or corporation shall act in the capacity of a managing general agent with respect to risks located in this State for an insurer licensed in this State unless such person is licen…

17:22C-3. Licensing for foreign risks 3. No person, firm, association or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in this State with respect to risks located outside of this State unless such person is licensed as a produ…

17:22C-4. Bond required 4. The commissioner may require a bond in an amount acceptable to him for the protection of the insurer. L.1993,c.237,s.4.

17:22C-5. Errors, omissions policy 5. The commissioner may require the managing general agent to maintain an errors and omissions policy in a form and amount acceptable to the commissioner. L.1993,c.237,s.5.

17:22C-6. Contract requirements for managing general agents 6. No person, firm, association, or corporation acting in the capacity of a managing general agent shall place business with an insurer unless there is in force a written contract between the parties which sets forth the…

17:22C-7. Audit; loss reserve opinion, on-site procedural audit 7. a. The insurer shall conduct and have on file an independent audit in a form acceptable to the commissioner of each managing general agent with which it has done business. b. If a managing general agent establishe…

17:22C-8. Acts of managing general agent considered acts of insurer 8. The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer. L.1993,c.237,s.8.

17:22C-9. Violations; penalties; summary proceedings 9. a. If the commissioner finds after notice and opportunity for a hearing that any person has violated any provision of this act, the commissioner may refuse to issue or renew the insurance producer's license, or may revoke or…

17:22D-1. Definitions 1. For purposes of this act: "Accredited state" means a state in which the insurance department or other regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Assoc…

17:22D-2. Application of act 2. a. This act shall apply to licensed insurers which are domiciled in this State or domiciled in a state that is not an accredited state having in effect a substantially similar law. b. The provisions of P.L.1970, c.22 (C.17:27A-1 et seq.), to the ex…

17:22D-3. Application of provisions of section; controlled business, regulated 3. a. The provisions of this section shall apply if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer by a controlling producer is equal …

17:22D-4. Written notice of relationship between controlling producer, controlled insurer; exception 4. The controlling producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the controlling…

17:22D-5. Noncompliance; penalties 5. a. (1) Upon a finding that the controlling producer or any other person has not complied with this act, or any regulation or order promulgated hereunder, the commissioner, after notice and opportunity to be heard, may order the controlling pr…

17:22D-6. Rules, regulations 6. The commissioner may, pursuant to the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), promulgate rules and regulations as are necessary to effectuate the purposes of this act. L.1993,c.239,s.6.

17:22E-1. Definitions 1. As used in this act: "Commissioner" means the Commissioner of Insurance. "Controlling person" means a person which directly or indirectly has the power to direct, or cause to be directed, the management, control or activities of the reinsurance intermedia…

17:22E-10. Employment restrictions 10. An insurer shall not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business, unless the reinsurance intermediary-broker is under common control with the insurer and subject to P.L.1970, c.2…

17:22E-11. Annual statement of financial condition to insurer 11. A reinsurance intermediary-broker shall annually send a copy of statements of its financial condition to each insurer with which it transacts business. L.1993,c.244,s.11.

17:22E-12. Written contract required for transactions between reinsurance intermediary-manager and reinsurer 12. Transactions between a reinsurance intermediary-manager and the reinsurer it represents in that capacity shall only be entered into pursuant to a written contract, spe…

17:22E-13. Prohibitions for reinsurance intermediary-manager 13. The reinsurance intermediary-manager shall not: a. Cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may cede facultative retrocessions pursuant to obligatory faculative…

17:22E-14. Authorization as reinsurance intermediary-manager required 14. A reinsurer shall not engage the services of any person to act as a reinsurance intermediary-manager on its behalf unless such person is authorized pursuant to section 4 of this act. L.1993,c.244,s.14.

17:22E-15. Annual statement of financial condition to reinsurer 15. A reinsurance intermediary-manager shall annually send a copy of statements of its financial condition to each reinsurer with which it transacts business. Such statements shall be prepared by an independent certi…

17:22E-16. Adequacy of loss reserves 16. If a reinsurance intermediary-manager establishes loss reserves, the reinsurer shall annually, or more frequently at the commissioner's discretion, obtain the opinion of an actuary attesting to the adequacy of loss reserves established for…

17:22E-17. Binding authority for retrocessional contracts, reinsurance syndicates 17. Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the reinsurance interme…

17:22E-18. Written notice of contract termination 18. Within 15 days of termination of a contract with a reinsurance intermediary-manager, the reinsurer shall provide written notification of that termination to the commissioner. Notice of termination shall be on a form prescribed…