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

17:22E-22. Rights not restricted, limited 22. Nothing contained in this act is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights to such persons. L.1993,c.244,s.22.

17:22E-23. Rules, regulations 23. The commissioner may promulgate rules and regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), as may be necessary to effectuate the purposes of this act. L.1993,c.244,s.23.

17:22E-3. Requirements for intermediary-manager 3. The commissioner may require a reinsurance intermediary-manager to: a. File a bond in an amount and from an insurer acceptable to the commissioner for the protection of the reinsurer; and b. Maintain an errors and omissions polic…

17:22E-4. Authorization to act as reinsurance intermediary 4. a. The commissioner shall authorize a person to act as a reinsurance intermediary if that person has complied with the requirements of this act. Such authorization to a firm or association shall authorize all the membe…

17:22E-5. Refusal of authorization 5. The commissioner may refuse to authorize a person to act as a reinsurance intermediary if, in his judgment, the person, anyone named on the application, or any member, principal, officer or director of the applicant, is not trustworthy, or th…

17:22E-6. Written contract required for transactions between reinsurance intermediary-broker, insurer 6. Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity shall only be entered into pursuant to a written contract, specifying the…

17:22E-7. Records of transactions 7. For at least 10 years after the expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing: a. The type of contrac…

17:22E-8. Access to intermediary-broker records by insurer 8. The insurer shall have access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to its business in a form usable by the insurer. L.1993,c.244,s.8.

17:22E-9. Authorization as reinsurance intermediary-broker required 9. An insurer shall not engage the services of any person to act as a reinsurance intermediary-broker on its behalf unless that person is authorized pursuant to section 4 of this act. L.1993,c.244,s.9.

17:23-1. Statements; format; preparation 17:23-1. Every insurance company transacting business in this State shall annually, on or before March 1, file in the department a statement, subscribed and sworn to by its president and secretary, or, in their absence, be two of its princ…

17:23-10. Release of information by insurer to governmental agency Upon written request by an authorized governmental agency, an insurer or its authorized agent shall release to the requesting authorized governmental agency relevant information deemed important to the authorized …

17:23-11. Knowledge of theft or insurance fraud; notification to governmental agency a. When an insurer knows or has reason to know the identity of a person whom it has reason to believe committed a criminal or fraudulent act relating to a motor vehicle theft or motor vehicle ins…

17:23-12. Release of information between governmental agencies An authorized governmental agency provided with information pursuant to section 3 or 4 of this act may release or provide that information to any other authorized governmental agency. L.1983, c. 214, s. 5, eff. June 1…

17:23-13. Request by insurer for information from governmental agency; civil actions An insurer providing information to an authorized governmental agency pursuant to section 3 or 4 of this act shall, with respect to a civil action, have the right to request relevant information …

17:23-14. Privileged nature of furnished information Information furnished pursuant to this act shall be privileged and not a part of any public record. Except as may be required by law other than P.L.1963, c. 73 (C. 47:1A-1 et seq.), an authorized governmental agency or insurer …

17:23-15. Civil liability No insurer or its authorized agent, authorized governmental agency or their respective employees shall be subject to any civil liability in a cause of action of any kind for releasing or receiving any information pursuant to sections 3, 4, 5, 6 or 7 of t…

17:23-16. Alcohol related claims; statistics a. Insurers authorized to do business in this State, who issue policies covering liquor law liability for insureds in this State, shall maintain separately statistics on their New Jersey loss experience due to alcohol related claims wi…

17:23-17. Report Annually, on or before the anniversary of the effective date of this act, the insurers to which section 1 applies shall report that statistical information to the Commissioner of Insurance in the manner which the commissioner may prescribe. L.1983, c. 472, s. 2.

17:23-18. Examination of reports; report; recommendations a. The Commissioner of Insurance shall examine the reports required by this act and determine whether the loss experience due to alcohol related claims indicates that liquor law liability coverage is appropriate for rating…

17:23-19. National Automobile Theft Bureau a. Any insurer transacting automobile insurance in this State shall: (1) report the theft or salvage of a motor vehicle to the National Automobile Theft Bureau (hereinafter referred to as the NATB) in accordance with the constitution and…

17:23-2. Penalty for not filing annual statement A company neglecting to make and file its annual statement in the form and within the time provided by section 17:23-1 of this Title shall forfeit one hundred dollars ($100.00) for each day's neglect, to be recovered in a civil act…

17:23-20. Purpose of act 1. The purpose of this act is to provide an effective and efficient system for examining the activities, operations, financial condition and affairs of all persons transacting the business of insurance in this State and all persons otherwise subject to th…

17:23-21. Definitions 2. As used in this act: "Commissioner" means the Commissioner of Insurance. "Company" means any insurer or other person engaging in or proposing or attempting to engage in any transaction or kind of insurance or surety business and any person or group of per…

17:23-22. Examination by commissioner 3. a. The commissioner or any of his examiners may conduct an examination of the assets and liabilities, method of conducting business and all other affairs of any company as often as the commissioner in his sole discretion deems appropriate …

17:23-23. Examination procedures, regulations 4. a. Upon determining that an examination should be conducted, the commissioner or the commissioner's designee shall issue an examination warrant appointing one or more examiners to perform the examination and instructing them as to …

17:23-24. Examination reports 5. a. All examination reports shall be comprised of only facts appearing upon the books, records, or other documents of the company, its officers, directors, employees or agents or other persons examined, or as ascertained from the testimony of its o…

17:23-25. Conflicts of interest for examiner 6. No examiner shall be appointed by the commissioner if such examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination…

17:23-26. Immunity from liability; awards 7. a. No cause of action shall arise nor shall any liability be imposed against the commissioner, the commissioner's authorized representatives or any examiner appointed by the commissioner for any statements made or conduct performed in …

17:23-27 Purpose of sections C.17:23-27 through C.17:23-37. 46. a. The purpose of sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37) is to provide the requirements for maintaining a risk management framework and completing an Own Risk and Solvency Assessment…

17:23-28 Definitions. 47. For the purposes of sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37): "Commissioner" means the Commissioner of Banking and Insurance. "Insurance group" for the purpose of conducting an ORSA, means those insurers and affiliates inc…

17:23-29 Maintenance of risk management framework. 48. An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on its material and relevant risks. This requirement may be satisfied if the insuranc…

17:23-30 ORSA conducted, process. 49. Except as provided in section 51 of P.L.2014, c.81 (C.17:23-32), an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA s…

17:23-31 Submission of ORSA Summary Report. 50. a. Upon the commissioner's request, and no more than once each year, an insurer shall submit to the commissioner an ORSA Summary Report or any combination of reports that together contain the information described in the ORSA Guidan…

17:23-32 Exemptions. 51. a. An insurer shall be exempt from the requirements of sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37), if: (1) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed pre…

17:23-33 Preparation, review of ORSA Summary Report. 52. a. The ORSA Summary Report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of subsection b. of this section. Documentation and supporting information shall be maintained and made avai…

17:23-34 Documents, materials deemed proprietary and containing trade secrets. 53. a. Documents, materials or other information, including the ORSA Summary Report, in the possession of or control of the Department of Banking and Insurance that are obtained by, created by or discl…

17:23-35 Failure to file ORSA Summary Report; penalty. 54. Any insurer failing, without just cause, to timely file the ORSA Summary Report as required in sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37) shall be required, after notice and opportunity for a…

17:23-36 Severability. 55. If any provision of sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37), or the application thereof to any person or circumstance, is held invalid, such determination shall not affect the provisions or applications of sections 46 th…

17:23-37 First filing of ORSA Summary Report in 2015. 56. The first filing of the ORSA Summary Report shall be in 2015 pursuant to section 50 of P.L.2014, c.81 (C.17:23-31). L.2014, c.81, s.56.

17:23-38 Purpose of act. 1. The purpose of this act is to: a. Provide the Commissioner of Banking and Insurance a summary of an insurer's or insurance group's corporate governance structure, policies and practices to permit the commissioner to gain and maintain an understanding o…

17:23-39 Construction of act. 2. Nothing in this act shall be construed to prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable State corporate law. Notwithstanding the foregoing, nothing in this act shall be co…

17:23-40 Applicability of act. 3. The requirements of this act shall apply to all insurers domiciled in this State, including licensed organized delivery systems and reciprocal insurance exchanges. L.2019, c.350, s.3.

17:23-41 Definitions relative to the corporate governance of insurers. 4. As used in this act: "Commissioner" means the Commissioner of Banking and Insurance. "Corporate governance annual disclosure" or "disclosure" means a confidential report filed by the insurer or insurance gr…

17:23-42 Corporate governance annual disclosure. 5. a. An insurer, or the insurance group of which the insurer is a member, shall, no later than June 1 of each calendar year, submit to the commissioner a corporate governance annual disclosure that contains the information describ…

17:23-43 Discretion over responses. 6. a. The insurer or insurance group shall have discretion over the responses to the disclosure inquiries, provided the disclosure shall contain the material information necessary to permit the commissioner to gain an understanding of the insur…

17:23-44 Documents, materials, other information deemed proprietary and containing trade secrets. 7. a. Documents, materials or other information including the disclosure, in the possession or control of the department that are obtained by, created by or disclosed to the commissi…