New Jersey Statutes 17:22-6.77. Declaration of insolvency, actions of commissioner
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 17:22-6.77
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
8. a. An insolvent insurer shall forward to the commissioner and to the association a copy of the declaration of insolvency within three business days of the date of the determination of the insolvency. A surplus lines insurer shall forward to the fund and commissioner a copy of any complaint seeking an order of liquidation with a finding of insolvency against the insurer at the same time that such complaint is filed with a court of competent jurisdiction.
b. The commissioner shall:
(1) Order the termination of all in-force policies of an insolvent insurer within 30 days of the date of determination of the insolvency;
(2) Upon request, provide the fund with a statement of the net direct written premiums of each member insurer; and
(3) Require surplus lines agents or the fund to notify the policyholders of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this act. Notification shall be by publication in newspapers of general circulation as the commissioner shall direct.
L.1984,c.101,s.8; amended 1984, c.207, s.7; 2004, c.165, s.4.