Terms Used In New Jersey Statutes 17:51A-1

  • Contract: A legal written agreement that becomes binding when signed.
  • person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
  • 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. For the purposes of this act:

“Commissioner” means the Commissioner of Insurance.

“Department” means the Department of Insurance.

“Insurer” means every person engaged as indemnitor, surety or contractor in the business of entering into contracts of insurance or of annuities, and authorized to do business in this State pursuant to Title 17 of the Revised Statutes or Title 17B of the New Jersey Statutes. Insurer shall also include any other entity subject to rehabilitation, liquidation, reorganization or conservation by the commissioner under the laws of this State.

“Exceeded its powers” means any of the following conditions:

a. The insurer has refused to permit examination of its books, papers, accounts or affairs by the commissioner, his deputies, employees or duly commissioned examiners;

b. A domestic insurer has unlawfully or willfully removed from this State books, papers, accounts or records necessary for an examination of the insurer;

c. The insurer has failed to promptly comply with the applicable financial reporting statutes or rules and departmental requests relating thereto;

d. The insurer has failed to comply with an order of the commissioner to remedy a prohibited deficiency in its capital, capital stock or surplus;

e. The insurer is continuing to transact insurance or write business after its license has been revoked or suspended by the commissioner;

f. The insurer, by contract or otherwise, has unlawfully:

(1) Totally reinsured its entire outstanding business; or

(2) Merged or consolidated substantially its entire property or business with another insurer;

g. The insurer engaged in any transaction in which it is not authorized to engage under the laws of this State; or

h. The insurer has refused to comply with an order of the commissioner.

L.1993,c.245,s.1.