New Jersey Statutes 17:27B-1. Definitions
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Terms Used In New Jersey Statutes 17:27B-1
- 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.
- 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.
- 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
As used in this act,
(1) “Domestic insurer” means a stock insurance company organized under the laws of this State;
(2) “Parent corporation” means a corporation organized for any purpose under any law of this State or any other jurisdiction, which owns directly or indirectly at least 95% of the aggregate issued and outstanding shares of all classes of voting stock of a domestic insurer;
(3) “Subsidiary insurer” means a domestic insurer so owned by a parent corporation; and
(4) “Commissioner” means the Commissioner of Insurance of New Jersey.
L.1971, c. 132, s. 1, eff. May 6, 1971.