N.J.S.A 17:47B-4 Approval required for payment of dividend.

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 or other distributions shall be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the commissioner. Notwithstanding any provisions of the “New Jersey Nonprofit Corporation Act,” N.J.S.15A:1-1 et seq. to the contrary, a captive insurance company organized under the provisions of the “New Jersey Nonprofit Corporation Act,” N.J.S.15A:1-1 et seq. may make distributions as are in conformity with its purposes and approved by the commissioner.

L.2011, C. 25, S.4.

Case(s):

Look up case for New Jersey Statute 17:47B-4 Approval required for payment of dividend.

Original Text maintained by the State of New Jersey:

NJ Maintained Unanotated Statutes References to 17:47B-4 Approval required for payment of dividend.

Previous: 17:47B-3 Conditions for issuance of license. Next: 17:47B-5 Incorporation, organization of captive insurance company.

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