New Jersey Statutes 17:47B-18. Regulations relative to risk retention group
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Terms Used In New Jersey Statutes 17:47B-18
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
18. a. A risk retention group shall not be either a sponsor or participant in a sponsored captive insurance company.
b. An association, corporation, limited liability company, partnership, trust or any another business entity may be a participant in any sponsored captive insurance company formed or licensed under this act.
c. A sponsor may be a participant in a sponsored captive insurance company.
d. A participant need not be a shareholder of a sponsored captive insurance company or any affiliate of a sponsored captive insurance company.
e. A participant shall insure only its own risks through a sponsored captive insurance company.
L.2011, c.25, s.18.