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

17:44B-36. Violations, penalties 36. a. Any person who: (1) makes a false or fraudulent statement to the commissioner, or the department, in any report or declaration required or authorized by this act, or (2) solicits membership for, or in any manner, assists in procuring member…

17:44B-37. Decisions, findings subject to review 37. All decisions and findings of the commissioner made under the provisions of this act shall be subject to review by proper proceedings in any court of competent jurisdiction in this State. L.1997,c.322,s.37.

17:44B-4. Representative form of government for society 4. A society has a representative form of government when: a. It has a supreme governing body constituted in one of the following ways: (1) Assembly. The supreme governing body is an assembly composed of delegates elected di…

17:44B-5. Purposes of society 5. a. A society shall operate for the benefit of members and their beneficiaries by: (1) providing benefits as specified in section 16 of this act; and (2) operating for one or more social, intellectual, educational, charitable, benevolent, moral, fr…

17:44B-6 Specification of eligibility, admission, rights, etc. 6. a. A society shall specify in its laws or rules: (1) eligibility standards for each and every class of membership, provided that if benefits are provided on the lives of minors, the minimum age for adult membership…

17:44B-7. Location of principal office; reports 7. a. The principal office of any domestic society shall be located in this State. The meetings of its supreme governing body may be held in any state, district, province or territory wherein such society has at least one subordinat…

17:44B-8. Immunity of officers, members from personal liability 8. a. The officers and members of the supreme governing body or any subordinate body of a society shall not be personally liable for any benefits provided by a society. b. Any person may be indemnified and reimbursed…

17:44B-9. Waiver of society's laws by subordinates prohibited 9. The laws of the society may provide that no subordinate body, nor any of its subordinate officers or members, shall have the power or authority to waive any of the provisions of the laws of the society. This provisi…

17:45-1. Mutual benefit association defined For the purpose of this chapter a mutual benefit association is hereby declared to be a corporation, society or voluntary association, other than a fraternal beneficiary society, order, or association and other than an insurance corpora…

17:45-10. Reserve fund; increases; amount annually certified to commissioner Every such association shall maintain a reserve fund which shall consist of the net reserve on all death benefit certificates issued after January second, one thousand nine hundred and thirty-seven, acco…

17:45-11. Expense fund; contracts for payment of fees; certain contracts prohibited; investments Any such association may maintain expense funds or surplus funds out of which the expenses of the association shall be defrayed, but no assessment on the members for the purpose of pr…

17:45-12. Annual statement; time for filing; extension; inquiries by commissioner Every such association transacting business in this state shall annually on or before March first file in the department a statement, subscribed and sworn to by its president and secretary, or in th…

17:45-13. Failure to file annual statement or answer inquiries; penalty; authority to cease on notice Any such association which neglects to make and file its annual statement in the form and within the time provided by section 17:45-12 of this Title or to reply in writing to inq…

17:45-14. Examination of companies; expenses; expenses when association insolvent; gifts to authorities prohibited The commissioner may, whenever he deems it expedient, make or cause to be made an examination of the assets and liabilities, method of conducting business and all ot…

17:45-16. Fees to be paid by association Every association to which this chapter shall be applicable shall pay the following fee to the commissioner for enforcement of the provisions of this chapter, viz.: for filing its application and charter, ten dollars; for filing each annua…

17:45-17. Penalty for violation; recovery; misrepresentation by employee or agent a misdemeanor Any mutual benefit association of this or any other State, country or province which shall have violated any of the provisions of, or shall have neglected, failed or refused to comply …

17:45-18. Chapter inapplicable to certain associations and companies The provisions of this chapter shall not apply to any corporation, society, or association carrying on the business of life, health or accident insurance for profit or gain or to fraternal beneficiary associatio…

17:45-19. Certificates issued under prior law continued; conditions All certificates of authority issued by the commissioner pursuant to the provisions of the act entitled "A supplement to an act entitled "An act to incorporate associations not for pecuniary profit,' approved Apr…

17:45-2. Certificate of authority prerequisite to transacting business No mutual benefit association shall hereafter undertake to provide any specified benefit in the event of disablement by accident or sickness to any member, or to any other person, or contract with any of its m…

17:45-20. Partial unconstitutionality; chapter void if section 17:45-18 invalid If section 17:45-18 of this title shall be held unconstitutional or invalid in whole or in part this entire chapter shall be null and void and of no further force or effect, but if any other section, …

17:45-21. Chapter inapplicable to certain associations The provisions of chapter forty-five of Title 17 of the Revised Statutes shall not apply to any mutual benefit association incorporated under the laws of this State, which admits to membership only persons living in this Stat…

17:45-22. Death benefits payable notwithstanding section 17:45-21 or other laws Any mutual benefit association incorporated under the laws of this State and to which the provisions of chapter forty-five of Title 17 of the Revised Statutes do not, or shall not, apply pursuant to t…

17:45-23. Minimum assets Every such mutual benefit association shall have, and maintain, assets of a market value, in the opinion of the Commissioner of Banking and Insurance of this State, of not less than three hundred thousand dollars ($300,000.00). L.1948, c. 467, p. 1913, s.…

17:45-3. Prerequisites to issuance of certificate; time for qualifying The commissioner may issue such certificate of authority to any such incorporated association of this state when it shall have filed in the department a certified copy of its charter or certificate of incorpor…

17:45-4. Certificates; limitations; age limits; exceptions Every mutual benefit association to which a certificate of authority has been issued under the provisions of this chapter shall issue to each of its members a certificate setting forth the benefits to which he is entitled…

17:45-5. Provisions required in death benefit certificates No certificate, contracting to pay a death benefit, other than a cash benefit on accidental death only, shall be issued, by any association authorized to transact business under the provisions of this chapter unless the s…

17:45-6. Provisions required in accident and sick benefit certificates No certificate providing for specified benefits in the event of sickness or accident disability, or for a cash benefit on accidental death only, shall hereafter be issued to any member by any such association …

17:45-7. Certain provisions prohibited; fees No certificate contracting to pay a death benefit or providing sickness or accident benefits which contain any of the following provisions shall be issued by any association authorized under this chapter: a. A provision which limits th…

17:45-8. Minimum guarantee fund; investment or deposit; replenishment Every such association shall establish a minimum guarantee fund of twelve thousand dollars ($12,000.00). Such fund, if not accumulated prior to January second, one thousand nine hundred and thirty-seven, shall …

17:45-9. Benefit fund; use; additions; transfer of excess Every such association shall establish a benefit fund into which shall be placed a specified percentage, not less than fifty per centum (50%), of all dues and contributions collected by the association or by an agent there…

17:45A-1. Mutual benefit association defined As used herein, "mutual benefit association" means a mutual benefit association heretofore or hereafter organized under any law of this State which (a) has transacted business in this State for not less than 10 years; (b) is subject to…

17:45A-2. Authorization to convert Any mutual benefit association may become and be a mutual life insurance company upon complying with the provisions of this act. L.1955, c. 230, p. 889, s. 2.

17:45A-3. Method of conversion; contents of resolution Any such mutual benefit association may effect its conversion into a mutual life insurance company as follows: Its board of directors or board of trustees shall approve a plan for the conversion of the association into a mutu…

17:45A-4. Vote percentage required for approval; certificate to Commissioner of Banking and Insurance If, at the meeting held pursuant to the notice required by section 3 of this act, or at any adjournment thereof, 2/3 of the members present vote in favor of the plan and resoluti…

17:45A-5. Issuance of certificate of authority upon certain findings by commissioner If the commissioner shall find (a) that the association is possessed of unencumbered assets of at least $100,000.00 over and above all required reserves and other liabilities including the minimu…

17:45A-6. Date of existence as mutual life insurance company; effect From and after the date of the issuance of the certificate of authority, the association shall be a mutual life insurance company, vested with all the powers and privileges of a mutual life insurance company, an…

17:45A-7. Rights against association not affected by conversion; exception The conversion of an association into a mutual life insurance company shall not affect the right of any creditor or member of any such association, but all rights of all persons against such association be…

17:46A-1. Short title This act may be cited as the Mortgage Guaranty Insurance Act. L.1968, c. 248, s. 1, eff. Aug. 12, 1968.

17:46A-10. Advertising No bank, savings and loan association or insurance company, any of whose authorized real estate securities are insured by mortgage guaranty insurance pursuant to this act may state in any brochure, pamphlet, report or any form of advertising that the real e…

17:46A-11. Repeal Chapter 46 of Title 17 of the Revised Statutes is repealed. L.1968, c. 248, s. 11, eff. Aug. 12, 1968.

17:46A-2 Definitions. 2. Definitions. The definitions set forth in this section shall govern the construction of the terms used in this act. (a) "Mortgage guaranty insurance" means: (1) Insurance against financial loss by reason of nonpayment of principal, interest and other sums…

17:46A-3 Capital, surplus and contingency reserve requirements. 3. Capital, surplus and contingency reserve requirements. (a) An insurance company shall not transact the business of mortgage guaranty insurance unless it has paid-in capital of at least $1,000,000.00 and paid-in su…

17:46A-4 Limitations and restrictions for transacting business. 4. Limitations and restrictions for transacting business. (a) Mortgage guaranty insurance may be transacted in this State only by a stock insurance company holding a certificate of authority for the transaction of su…

17:46A-5. Rebates and commissions (a) Every mortgage guaranty insurance company shall adopt, print and make available a schedule of premium charges for mortgage guaranty insurance policies. Premium charges made in conformity with the provisions of this act shall not be deemed to …

17:46A-7. Financial statements (a) The provisions of chapter 23 of Title 17 shall apply to mortgage guaranty insurance companies. (b) The unearned premium reserve shall be computed as required by the annual statement form, except that on all policies covering a risk period of mor…

17:46A-8. Applicability of other laws All the applicable provisions of Title 17 and Title 54 of the Revised Statutes, chapter 227 (C. 54:16A-1 et seq.) of the laws of 1952, and chapter 132 (C. 54:18A-1 et seq.) of the laws of 1945, except as may be in conflict with this act, shal…