17:27B-1. Definitions
98 words·~1 min read·
/nj/title-17/chapter-27b/17-27b-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this act,
(1)"Domestic insurer" means a stock insurance company organized under the laws of this State;
(2)"Parent corporation" means a corporation organized for any purpose under any law of this State or any other jurisdiction, which owns directly or indirectly at least 95% of the aggregate issued and outstanding shares of all classes of voting stock of a domestic insurer;
(3)"Subsidiary insurer" means a domestic insurer so owned by a parent corporation; and
(4)"Commissioner" means the Commissioner of Insurance of New Jersey.
L.1971, c. 132, s. 1, eff. May 6, 1971.