New Jersey Statutes 17:48E-56. Conversion of policies
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Terms Used In New Jersey Statutes 17:48E-56
- 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.
8. a. The policies of the health service corporation shall be converted to policies of the converted insurer without any further action on the part of the converted insurer.
b. Policies of the health service corporation that were issued and remain in force prior to the effective time shall be deemed to comply with laws and regulations applicable to a domestic stock insurer.
c. Policies of the converted insurer issued on or after the effective time shall comply with all laws and regulations that apply to a domestic stock insurer; provided, however, that policies issued on and after the effective time shall, for a period not to exceed six months from the effective time, be deemed to comply with all laws and regulations applicable to a domestic stock insurer if the policies comply with the laws and regulations applicable to a health service corporation.
L.2001,c.131,s.8.