N.J.S.A 17:48F-18 Suspension, revocation of certificate of authority.

17:48F-18 Suspension, revocation of certificate of authority.

18. The commissioner may suspend or revoke the certificate of authority issued to a prepaid prescription service organization pursuant to this act upon his determination that:

a. The organization is operating significantly in contravention of its basic organizational document;

b. The organization issues an evidence of coverage or uses rates or charges which do not comply with the requirements of this act;

C. The organization is unable to fulfill its obligations to enrollees or prospective enrollees;

d. The tangible net equity of the organization is less than that required by this act, or the organization has failed to correct any deficiency in its tangible net equity as required by the commissioner;

e. The organization has failed to implement in a reasonable manner the complaint system required to be established by this act;

f. The continued operation of the organization would be hazardous to the health and welfare of its enrollees;

g. The organization has failed to file any report required pursuant to this act; or

h. The organization has otherwise failed to comply with this act.

L.1997,C. 380,S.18.

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