New Jersey Statutes 40A:10-38.13. Insurance producers
Terms Used In New Jersey Statutes 40A:10-38.13
- Contract: A legal written agreement that becomes binding when signed.
- local unit: means a county or municipality. See New Jersey Statutes 40A:1-1
The commissioners of a joint insurance fund shall file with the commissioner a description of any producer arrangement plan by which producers, who shall be licensed pursuant to P.L.1987, c.293 (C. 17:22A-1 et seq.), represent member local units in their dealings with the joint insurance fund. The description shall include, but not be limited to, copies of all producer contracts, which shall include a description of the producers’ obligations, responsibilities and compensation; duration of contracts; and an indication whether the contracts are subject to renewal.
Whenever a joint insurance fund or member local unit employs a producer to perform risk assessment or risk management, the commissioners of the joint insurance fund shall file with the Commissioner of Insurance a copy of the producer contract for review by the commissioner.
L.1993,c.269, s.15.