New Jersey Statutes 17:47B-3. Conditions for issuance of license
Terms Used In New Jersey Statutes 17:47B-3
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- 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
(1) in the case of a pure captive insurance company, not less than $250,000;
(2) in the case of an association captive insurance company, not less than $750,000;
(3) in the case of an industrial insured captive insurance company, not less than $500,000; and
(4) in the case of a sponsored captive insurance company, not less than $500,000.
b. The commissioner may prescribe additional capital and surplus requirements based upon the type, volume and nature of insurance business transacted.
c. Capital and surplus may be in the form of cash or an irrevocable letter of credit issued by a bank chartered by the State of New Jersey or a member bank of the Federal Reserve System located in this State and approved by the commissioner.
L.2011, c.25, s.3.