New Jersey Revised Statutes § 17:47b-8 - Suspension, Revocation Of License.

17:47B-8 Suspension, revocation of license.

8. a. Pursuant to subsection b. of this section, the commissioner may suspend or revoke the license of a captive insurance company for any of the following reasons:

(1)Insolvency or impairment of capital or surplus;

(2)Failure to meet the capital surplus requirements of section 3 of this act;

(3)Refusal or failure to submit an annual report, as required by this act, or any other report or statement required by law or by lawful order of the commissioner;

(4)Failure to comply with the provisions of its own charter, bylaws or other organizational document;

(5)Failure to submit to or pay the cost of examination or any legal obligation relative to an examination, as required by this act;

(6)Use methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders; or

(7)Failure to otherwise comply with the laws of this State.

b.If the commissioner finds, upon examination, hearing or other evidence, that a captive insurance company has violated any provision of subsection a. of this section, the commissioner may suspend or revoke the company's license if the commissioner deems it in the best interest of the public and the policyholders of the captive insurance company, notwithstanding any other provision of this act.

L.2011, c.25, s.8.

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Last modified: October 11, 2016