17:22-6.61. Suspension, revocation, refusal to renew license of surplus lines agents
27. The commissioner may suspend, revoke, or refuse to renew the license of a surplus lines agent and all other licenses and permits held by the licensee under this Title, upon any one or more of the following grounds:
(a)(Deleted by amendment, P.L.2001, c.210);
(b)Removal of the accounts and records of his surplus lines business during the period when such accounts and records are required to be maintained under section 23 of P.L.1960, c.32 (C.17:22-6.57);
(c)Closure of the licensee's office for a period of more than 30 consecutive days, unless granted permission by the commissioner upon showing circumstances warranting such closure for a longer period;
(d)Failure to make and file his quarterly reports when due as required by section 24 of P.L.1960, c.32 (C.17:22-6.58);
(e)Failure to pay the tax on surplus lines premiums, as provided for in this surplus lines law;
(f)(Deleted by amendment, P.L.2001, c.210);
(g)Suspension, revocation or refusal to renew any other license issued by the commissioner;
(h)Lack of qualifications as for an original surplus lines agent's license;
(i)Violation of any provision of this surplus lines law;
(j)For any other cause for which a license could be denied, revoked, suspended or renewal refused under section 15 of P.L.2001, c.210 (C.17:22A-40).
In addition to the foregoing penalties set forth in this section, any person, persons or corporation violating any of the provisions of this act shall be liable to a penalty not exceeding $2,500 for the first offense and not exceeding $5,000 for each succeeding offense to be recovered in a summary proceeding as provided in R.S.17:33-2.
L.1960,c.32,s.27; amended 1996, c.69, s.9; 2001, c.210, s.25.
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Last modified: October 11, 2016