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17:51A-3. Administrative supervision of insurer |
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New Jersey Statutes (Unannotated) / NEW JERSEY GENERAL AND PERMANENT STATUTES (UPDATED THROUGH P.L.2023, c.228, and J.R.15) / TITLE 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE |
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17: 51A-3. Administrative supervision of insurer 17: 51A-3. Administrative supervision of insurer 3. a. An insurer may be subject to administrative supervision by the commissioner if upon examination or at any other time it appears in the commissioner's discretion that: (1) The insurer's condition renders the continuance...
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of its business hazardous to the public or to its insureds; (2) The insurer has or appears to have exceeded its powers; (3) The insurer has failed to comply with the applicable provisions of the insurance statutes of this State, any administrative rules promulgated thereunder or any order of the commissioner; (4) The business of the insurer is being conducted fraudulently; or (5) The insurer has consented to administrative supervision. b. If the commissioner determines that any of the conditions set forth...
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