New Jersey Statutes 17:48E-52. Approval of plan, certificate of authority
Terms Used In New Jersey Statutes 17:48E-52
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- 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.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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) The plan of conversion meets the requirements of sections 2 and 3 of this act.
(2) Upon conversion, the converted insurer will meet the applicable standards and conditions under this section, including applicable minimum capital and surplus requirements.
(3) The plan of conversion adequately protects the existing contractual rights of subscribers.
(4) The plan of conversion will promote the best interests of the health service corporation.
(5) The health service corporation has complied with all requirements of sections 2 and 3 of this act.
(6) The plan of conversion is fair and equitable.
(7) The plan provides for the enhancement of the operations of the converted insurer.
(8) The plan provides for the transfer at or before the effective time of the entire fair market value of the health service corporation to the foundation in accordance with section 6 of this act.
(9) The plan is consistent with the foundation plan.
(10) The plan does not adversely affect the distribution of the health service corporation’s value to the foundation.
(11) The plan is not contrary to law.
(12) The plan promotes the public interest.
(13) The Attorney General has concurred:
(a) with any findings of the commissioner pursuant to paragraph (8) of this subsection and section 6 of this act; and
(b) with the actions of the commissioner under subsection c. of section 3 of this act.
b. The commissioner’s order approving or disapproving a plan of conversion under this section shall be a final agency decision subject to appeal in accordance with, and within the time periods specified by, the Rules Governing the Courts of the State of New Jersey.
L.2001,c.131,s.4.