17:22-6.77 Declaration of insolvency, actions of commissioner.
181 words·~1 min read·
/nj/title-17/chapter-22/17-22-6-77·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
8. a. An insolvent insurer shall forward to the commissioner and to the association a copy of the declaration of insolvency within three business days of the date of the determination of the insolvency. A surplus lines insurer shall forward to the fund and commissioner a copy of any complaint seeking an order of liquidation with a finding of insolvency against the insurer at the same time that such complaint is filed with a court of competent jurisdiction.
b. The commissioner shall:
(1)Order the termination of all in-force policies of an insolvent insurer within 30 days of the date of determination of the insolvency;
(2)Upon request, provide the fund with a statement of the net direct written premiums of each member insurer; and
(3)Require surplus lines agents or the fund to notify the policyholders of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this act. Notification shall be by publication in newspapers of general circulation as the commissioner shall direct.
L.1984,c.101,s.8; amended 1984, c.207, s.7; 2004, c.165, s.4.