Terms Used In New Jersey Statutes 45:21-8

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Owner: means any and every person engaged in the business of renting or leasing motor vehicles, without a driver, to be operated by the lessee or bailee, his agent or servant, for purposes other than the transportation of passengers for hire. See New Jersey Statutes 45:21-1
  • State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
Such owner, if a corporation of this state with a paid-up cash capital of not less than two hundred thousand dollars, may carry its own liability insurance, as required by the provisions of this chapter, if it can reasonably satisfy the commissioner of banking and insurance as to the permanence and financial standing of its business. Any owner desiring to be exempt from obtaining or filing an insurance policy as required by this chapter shall make application to said commissioner, showing its financial ability to pay such damages, whereupon the commissioner, if reasonably satisfied of the applicant’s financial ability, shall by written order make such exemption and deliver a certified copy thereof to said clerk, which certified copy shall remain with him in lieu of such policy or policies of insurance so long as the paid-up cash capital of said corporation remains at not less than two hundred thousand dollars, and the order of the commissioner remains in force. The clerk shall issue to a corporation so exempted a certificate showing such exemption in lieu of the certificate required to be issued by section 45:21-6 of this title. The commissioner may from time to time require further statements of the financial ability of such corporation, and if, at any time in his opinion, the corporation appears no longer able to pay damages, he shall revoke his order granting exemption and notify the clerk of such revocation; whereupon the clerk shall revoke the certificate showing exemption issued by the commissioner, and the corporation shall immediately insure its liability as required by the provisions of this chapter.
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