N.J.S.A 17:33B-19. Suspension of obligation to issue policies due to unsafe, unsound financial condition

17:33B-19. Suspension of obligation to issue policies due to unsafe, unsound financial condition

a. The commissioner shall suspend, after hearing, an insurer’s obligation to issue policies in compliance with the provisions of section 27 of this act if the insurer is in an unsafe or unsound financial condition.

b. If an insurer requests suspension and avers that there is an immediate need to cease issuance of policies in compliance with section 27 of this act because compliance would result in the insurer being in an unsafe or unsound financial condition, the insurer’s obligation to issue policies in compliance with section 27 of this act shall be suspended beginning on the 10th business day after the insurer has filed the request and supporting documentation with the commissioner, unless within that time, the commissioner finds that continued compliance with section 27 of this act will not result in the insurer being in an unsafe or unsound financial condition.

C.Any suspension pursuant to subsection a. or b. of this section shall continue until the commissioner, upon the commissioner’s own motion or upon request by the insurer or any other interested party, after providing opportunity for a hearing, orders its revocation.

d. For the purposes of this section, an insurer shall be deemed to be in an unsafe or unsound financial condition if the commissioner finds the insurer to have a ratio of annual net premiums written to surplus as to policyholders that threatens the financial health of the insurer.

L.1990,c.8,s.31.

Case(s):

Look up case for New Jersey Statute 17:33B-19. Suspension of obligation to issue policies due to unsafe, unsound financial condition

Original Text maintained by the State of New Jersey:

NJ Maintained Unanotated Statutes References to 17:33B-19. Suspension of obligation to issue policies due to unsafe, unsound financial condition

Previous: 17:33B-18 Conditions of licensure. Next: 17:33B-20. Suspension of obligation because of danger of future unsafe, unsound financial condition

Disclaimer: Always check for the most up to date language of a statute. Every time a new law is enacted it has a possibility of changing the wording of a statute or override case law. These pages were created to assist in looking up and migrating between statutes easily. No accuracy is guaranteed. If you need help with researching law, contact an attorney.

Related Posts

Leave a Reply