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

17:46E-5 Travel insurer, premium tax. 5. a. A travel insurer shall pay a premium tax, as provided pursuant to section 2 of P.L.1945, c.132 (C.54:18A-2), on travel insurance premiums paid by any of the following: (1) an individual primary policyholder who is a resident of this Sta…

17:46E-6 Travel protection plans, one price for combined features, conditions. 6. Travel protection plans may be offered for one price for the combined features that the travel protection plan offers in this State if: a. the travel protection plan clearly discloses to the consume…

17:46E-7 Persons offering travel insurance subject to prohibition of unfair, deceptive practices. 7. a. All persons offering travel insurance to residents of this State are subject to section 3 of P.L.1947, c.379 (C.17:29B-3), except as otherwise provided in this section. In the …

17:46E-8 Prohibition against representing, acting as travel administrator for travel insurance without licensure. 8. a. Notwithstanding any other provisions of Title 17 of the Revised Statutes or Title 17B of the New Jersey Statutes, no person shall act or represent itself as a t…

17:46E-9 Travel insurance classified, filed under certain lines of insurance. 9. a. Notwithstanding any other provision of Title 17 of the Revised Statutes or Title 17B of the New Jersey Statutes, travel insurance shall be classified and filed for purposes of rates and forms unde…

17:47-1. Insurance on Lloyds plan authorized Individuals, partnerships or associations of individuals, hereinafter designated "underwriters" , may engage in the business of insurance in this state as insurers on the Lloyds plan, whereby each associate underwriter becomes liable f…

17:47-10. Certain information furnished commissioner Any association of underwriters authorized hereunder shall from time to time furnish to the commissioner, under oath of their attorney or attorneys in fact, such information as the commissioner requires respecting the conduct o…

17:47-11. Revocation or suspension of certificate of authority The certificate of authority issued hereunder to any association of underwriters may be revoked or suspended if it violates or neglects to comply with any provision of law obligatory upon it, or when its net cash or i…

17:47-12. Penalty for violations Any person who as principal, attorney, agent, broker or other representative, engages in the business contemplated by this chapter, or any variety or portion thereof, without complying with the requirements hereof, or who violates any provisions o…

17:47-13. Exception to application of chapter Nothing contained in this chapter shall apply to interinsurers or reciprocal underwriters.

17:47-2. Classes of risks The underwriters when authorized as hereinafter provided may insure classes of risks as follows: a. Against loss or damage to property by fire, lightning or tempest on land. b. Upon vessels, freight, goods, money, effects, bottomry and respondentia inter…

17:47-3. Declaration filed with commissioner The underwriters shall file with the commissioner a declaration, signed and sworn to by their duly authorized attorney or attorneys in fact, setting forth: a. The name or title under which the business is to be conducted, which shall n…

17:47-4. Certificate of authority; examination of underwriters; renewal Upon the filing of the declaration, the commissioner shall examine it, and if it appears to him that all the statements made therein are true and that the rights of the policyholders will be protected thereun…

17:47-5. Additional or substituted underwriters The underwriters applying for a certificate of authority hereunder may, after the issuance of the certificate, be joined by other underwriters, additional or substituted. The other underwriters shall comply with the provisions of th…

17:47-6. Deposit by alien underwriters; exceptions If any of the underwriters applying for the certificate of authority hereunder is not a citizen of the United States, each such alien underwriter shall at the time of the making of the application for a certificate of authority, …

17:47-7. Return of deposits After the conditions of any deposits made under this chapter have been fulfilled and the certificate of authority granted to the underwriters has been canceled or they have voluntarily withdrawn from and have ceased doing business in this state, the co…

17:47-8. Exposure to loss limited No association of underwriters authorized hereunder to do business in this state shall expose themselves to loss on any one risk in excess of ten per cent of their net cash and invested assets and of the underwriting liability of the individual u…

17:47-9. Certain other laws applicable All associations of underwriters authorized hereunder and their representatives and agents shall be subject to the same supervision, required to make the same reports and pay the same taxes and fees, and in other respects subject to the same…

17:47A-1. Short title 1. This act shall be known and may be cited as the "New Jersey Risk Retention Act." L.1993,c.240,s.1.

17:47A-10. License as insurance producer required 10. a. No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating, procuring or effecting liability insurance in this State from a risk retention group unless that person, firm, associati…

17:47A-11. Fines, penalties 11. a. Each risk retention group, whether chartered in this State or otherwise, is subject to the same fines and penalties to which insurers licensed in this State are subject for any violation of this act or any other applicable law. b. Failure of a p…

17:47A-12. Rules, regulations 12. The commissioner may, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), promulgate rules and regulations necessary to effectuate the purposes of this act. L.1993,c.240,s.12.

17:47A-2 Definitions. 2. As used in this act: "Commissioner" means the Commissioner of Banking and Insurance. "Completed operations liability" means liability arising out of the installation, maintenance or repair of any product at a site which is not owned or controlled by any p…

17:47A-3. Requirements for establishment of risk retention group 3. a. Any person wishing to establish a risk retention group chartered and licensed to write only liability insurance in this State shall, in addition to meeting the requirements pursuant to R.S.17:17-1 et seq., sub…

17:47A-4. Required submissions by foreign risk retention group 4. a. Each risk retention group which is licensed under the laws of any other state and which seeks to do business as a risk retention group in this State shall, before doing business in this State, submit to the comm…

17:47A-5. Prohibitions for risk retention groups; taxation of premiums 5. a. No risk retention group, whether chartered in this State or another state, shall: (1) Solicit the sale of or sell insurance to any person who is not eligible for membership in the group; (2) Solicit the …

17:47A-6. Additional information required 6. In addition to complying with the applicable provisions of this act, any risk retention group doing business in this State prior to the effective date of this act shall, within 90 days of that date, submit to the commissioner the infor…

17:47A-7. Formation of purchasing group 7. a. Only a group of persons with similar exposure to risk may form a purchasing group for the purpose of purchasing liability insurance. A purchasing group and its insurer or insurers shall be subject to all applicable laws of this State,…

17:47A-8. Prohibitions for purchasing group; taxation of premiums 8. a. No purchasing group doing business in this State shall purchase or maintain insurance covering its members located in this State from a risk retention group that is not chartered in this State, or from an ins…

17:47A-9. Noneligibility for membership 9. No risk retention group, whether domiciled in this State or otherwise, shall be eligible to become a member of, contribute to, or derive any benefit from, the New Jersey Property-Liability Insurance Guaranty Association established pursu…

17:47B-1 Definitions relative to captive insurers. 1. As used in this act: "Affiliated company" means a company in the same corporate system as a parent, an industrial insured or a member organization by virtue of common ownership, control, operation or management. "Alien captive…

17:47B-10 Provision of reinsurance on risks ceded by other insurers. 10. a. A captive insurance company may provide reinsurance on risks ceded by any other insurer. b. A captive insurance company may take credit for the reinsurance of risks or portions of risks ceded to reinsurer…

17:47B-11 Regulations relative to captive insurance company. 11. a. A captive insurance company shall not be required to join a rating organization. b. A captive insurance company shall not be permitted to join or contribute financially to a plan, pool, association, or guaranty o…

17:47B-12 Taxes paid by captive insurance company. 12. a. Each captive insurance company that is not a combinable captive insurance company as defined by section 18 of P.L.2018, c.48 (C.54:10A-4.6) shall pay to the Director of the Division of Taxation in the Department of the Tre…

17:47B-13 "Captive Insurance Regulation and Supervision Fund." 13. There is created within the Department of Banking and Insurance a fund to be known as the "Captive Insurance Regulation and Supervision Fund," for the purpose of providing the financial means for the commissioner …

17:47B-14 Applicability of C.17:30C-1 et seq. 14. Except as otherwise provided in this act, the terms and conditions set forth in P.L.1975, c.113 (C.17:30C-1 et seq.), pertaining to insurance reorganizations, receiverships and injunctions, shall apply to captive insurance compani…

17:47B-15 Rules. 15. The commissioner may adopt rules establishing standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by a pure captive insurance company, except…

17:47B-16 Conversion, merger into reciprocal insurer. 16. a. An association captive insurance company or industrial insured captive insurance company formed as a stock or mutual corporation may be converted to or merged with and into a reciprocal insurer in accordance with a plan…

17:47B-17 Sponsored captive insurance company. 17. a. One or more sponsors may form a sponsored captive insurance company as prescribed in this act. b. A sponsored captive insurance company may establish and maintain one or more protected cells to insure the risks of one or more …

17:47B-18 Regulations relative to risk retention group. 18. a. A risk retention group shall not be either a sponsor or participant in a sponsored captive insurance company. b. An association, corporation, limited liability company, partnership, trust or any another business entit…

17:47B-19 No cause of action, imposition of liability against the commissioner. 19. a. No cause of action shall arise nor shall any liability be imposed against the commissioner, the commissioner's authorized agent or any examiner appointed by the commissioner for any statements …

17:47B-2 Application by captive insurance company for license. 2. a. A captive insurance company, if permitted by its articles of association, charter or other organizational document, may apply to the commissioner for a license to do business in any of the lines of insurance in …

17:47B-3 Conditions for issuance of license. 3. a. A captive insurance company shall not be issued a license unless it maintains unimpaired paid-in capital and surplus of: (1) in the case of a pure captive insurance company, not less than $250,000; (2) in the case of an associati…

17:47B-4 Approval required for payment of dividend. 4. A captive insurance company shall not pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the commissioner. Approval of an ongoing plan for the payment of dividends o…

17:47B-5 Incorporation, organization of captive insurance company. 5. a. A pure captive insurance company may be incorporated or organized as: (1) a stock insurer with its capital divided into shares and held by the stockholders; (2) a nonprofit corporation with one or more membe…

17:47B-6 Report of financial condition of captive insurance company. 6. a. Prior to March 1 of each year, a captive insurance company shall submit to the commissioner a report of its financial condition, verified by oath of two of its executive officers. A captive insurance compa…