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17B:18-64. Prerequisites to reinsurance |
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New Jersey Statutes (Unannotated) / NEW JERSEY GENERAL AND PERMANENT STATUTES (UPDATED THROUGH P.L.2023, c.256, and J.R.18) / TITLE 17B INSURANCE |
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17B: 18-64. Prerequisites to reinsurance 17B: 18-64. Prerequisites to reinsurance a. No domestic insurer may become a ceding insurer with respect to all or any substantial part of its outstanding insurance risks or become an...
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assuming insurer with respect to all or any substantial part of the outstanding insurance risks of another insurer until the contract of reinsurance between the ceding insurer and the assuming insurer shall have been submitted to the commissioner together with satisfactory evidence that the interests of the policyholders...
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of each of such insurers which is authorized to do an insurance business in this State are fully protected and until such contract of reinsurance shall have been approved by him; provided however, that this section shall not be applicable to contracts of reinsurance heretofore or hereafter entered into providing for the reinsuring of single risks or policies, in whole or in part, or risks covered by any group...
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