N.J.S.A 17:48E-4. Certificate of authority

17:48E-4. Certificate of authority

a. A health service corporation, other than a health service corporation which is formed as the result of a merger of a medical service corporation and a hospital service corporation, which seeks a certificate of authority shall file in the Department of Insurance a certified copy of its certificate of incorporation, a copy of its bylaws and a statement of its financial condition in the form and detail required by the commissioner, signed and sworn to by its president and secretary or other proper officers.The certificate of authority shall be issued if the commissioner is satisfied, on the basis of examination or otherwise, that the health service corporation has complied with the requirements of this act, that its condition or methods of operation are not such as would render its operations hazardous to the public or to its subscribers, and that the issuance of the certificate of authority would not be contrary to the public interest. No change in, amendment to, alteration in, addition to, or substitution for any document, instrument, or other paper so filed shall become operative or effective until it shall also have been filed in the manner required by this section. No certificate of authority shall be issued to any health service corporation not incorporated under the laws of this State.

b. No certificate of authority shall be issued to any health service corporation except on receipt of evidence by the commissioner that the corporation is in possession of unencumbered funds of not less than $1,250,000.00 to be held in cash or in a federally insured depository institution to the credit of the corporation.

C.No certificate of authority shall be issued to any health service corporation and no health service corporation which is established as a result of a merger of a hospital service corporation and a medical service corporation shall commence business unless the board of directors of the corporation is constituted in accordance with the provisions of this act.

L. 1985, C.236, s.4, eff. July 15, 1985.


Look up case for New Jersey Statute 17:48E-4. Certificate of authority

Original Text maintained by the State of New Jersey:

NJ Maintained Unanotated Statutes References to 17:48E-4. Certificate of authority

Previous: 17:48E-3 Health service corporations. Next: 17:48E-5. Merger procedure

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

This site uses Akismet to reduce spam. Learn how your comment data is processed.