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17B:18-3. Mutual insurer defined |
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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 17B INSURANCE |
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17B: 18-3. Mutual insurer defined 17B: 18-3. Mutual insurer defined A domestic mutual insurer is an insurer incorporated in accordance with the laws of this State without permanent capital stock, the governing body of which, except while temporary capital stock is outstanding...
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as provided in section 17B:18-9 and except as provided in section 17B:18-20, is elected by its policyholders. L.1971, c. 144, s. 17B: 18-3....
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17B:32-41. Petition for authority to rehabilitate 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 17B INSURANCE |
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17B:32-41. Petition for authority to rehabilitate insurer 17B:32-41. Petition for authority to rehabilitate insurer 11. The commissioner may petition the Superior Court for an order authorizing him to rehabilitate a domestic insurer or an alien insurer domiciled in this State on any one or more of the following grounds: a. The insurer is in such condition that the further transaction of business would be hazardous financially to its policyholders, creditors or the public. b. There is reasonable...
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cause to believe that there has been embezzlement from the insurer, wrongful sequestration or diversion of the insurer's assets, forgery or fraud affecting the insurer, or other illegal conduct in, by, or with respect to, the insurer that if established would endanger assets in an amount threatening the solvency of the insurer. c. The insurer has failed to remove any person who in fact has executive authority in the insurer, whether an officer, manager, general agent, employee or other person, if the person has been found after notice and hearing by the commissioner to be...
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