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New Jersey Corporations And Institutions For Finance And Insurance Laws Section 17:1-24. Department of Banking and Insurance Study Commission.Legal Research Home > New Jersey Lawyer > Corporations and Institutions for Finance and Insurance > New Jersey Corporations And Institutions For Finance And Insurance Laws Section 17:1-24. Department of Banking and Insurance Study Commission. 16. a. There shall be established the Department of Banking and Insurance Study Commission whose purpose shall be to examine the effects of the merger of the Department of Banking and the Department of Insurance into the Department of Banking and Insurance. b. The study commission shall consist of the following members: (1) the Commissioner of Banking and Insurance, or the commissioner's designee, who shall serve ex officio; (2) Two members of the Senate appointed by the Senate President and two members of the General Assembly appointed by the Speaker of the General Assembly, with no more than one of either group of two being of the same political party; (3) Five representatives of the financial services industry, one to be appointed by the Senate President, one to be appointed by the Speaker of the General Assembly and three to be appointed by the Governor; (4) Five representatives of insurers doing business in this State, one to be appointed by the Senate President, one to be appointed by the Speaker of the General Assembly, and three to be appointed by the Governor; (5) Three representatives of the real estate industry, one to be appointed by the Senate President, one to be appointed by the Speaker of the General Assembly, and one to be appointed by the Governor; (6) Three public members, one to be appointed by the Senate President, one to be appointed by the Speaker of the General Assembly, and one to be appointed by the Governor. c. The commissioner shall convene the study commission no later than January 2, 2001, and the commission shall report its findings and recommendations to the Governor and the Legislature no later than 12 months after January 2, 2001. L.1996,c.45,s.16. 17:1-25 Findings, declarations relative to enforcement powers of Department of Banking and Insurance. 1. The Legislature finds and declares that: a. Financial institutions increasingly influence and affect the lives and livelihood of consumers in this State to such a degree that the actions, and the potential adverse consequences of any possible abuse by those institutions, need to be diligently monitored and, when appropriate, adequately constrained. b. Expanding and strengthening the enforcement powers of the Division of Banking within the Department of Banking and Insurance is needed in order to permit the division to maintain and fulfill its duty of responsible oversight of those financial institutions chartered or operating under New Jersey law. c. Modeling these enhanced enforcement powers on those powers currently provided to and utilized by federal financial regulatory agencies will facilitate a uniform approach to regulatory oversight of all financial institutions and promote consistency in efficient and effective regulatory enforcement. L.2005,c.195,s.1. Last modified: October 21, 2006 |