2023 New Jersey Statutes 17:1-2. Commissioner of Banking and Insurance, appointment, salary; interests prohibited to commissioner, officers, employees
The commissioner shall receive such salary as shall be provided by law.
The commissioner shall devote full time to the performance of the duties of commissioner.
b. Neither the commissioner nor any officer or employee of the department shall have any ownership of, interest in, or any dealings or transactions in any capacity with any financial institution, insurance company or other entity chartered, licensed or regulated by the department, except in the strict performance of the commissioner’s, officer’s or employee’s duties. This prohibition shall not preclude the commissioner, or officers or employees of the department from continuing routine banking services with financial institutions, including but not limited to, mortgages, checking and savings accounts, and personal loans, entered into prior to their employment, or from establishing banking accounts and from obtaining loans and other services normally obtained by members of the general public, or from obtaining insurance or making claims involving their person, property or affairs, under the same terms and conditions as are available to members of the general public. This prohibition shall not apply to investments in mutual funds, deferred compensation plans, blind trusts, or similar investments, in which the commissioner, officer or employee does not make or influence the selection of individual investments.
No department examiner shall examine any entity with which the examiner conducts personal or family banking or insurance activities.
Any violation of this section shall be cause for dismissal of the violator by the appointing authority.
Amended 1942, c.195, s.1; 1945, c.87; 1948, c.88, s.2; 1996, c.45, s.3.