17:29A-2. License required; application; fee

349 words·~2 min read·/nj/title-17/chapter-29a/17-29a-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

No rating organization shall do business in this State until it shall have been licensed to do so by the commissioner. Application for such license shall be made on such forms as the commissioner shall prepare for that purpose. Upon applying for such license, every rating organization shall file with the commissioner

(1)a copy of its constitution, its articles of agreement or association, or its certificate of incorporation, and of its by-laws or rules governing the conduct of its business, or such of the foregoing, if any, as such rating organization may have;

(2)a list of insurers who are or who have agreed to become members of or subscribers to such rating organization;

(3)the name and address of a person or persons in this State upon whom notices, or orders of the commissioner affecting such rating organization may be served; and

(4)such other information as the commissioner may require. If the commissioner finds that the applicant for license

(a)has complied with the provisions of this act;

(b)is equipped with an adequate staff of experts and clerks qualified in rate-making; and

(c)is otherwise qualified to function as a rating organization, he shall issue a license to such rating organization authorizing it to engage in rate-making for the kinds of insurance specified in such license. If the commissioner shall determine that the applicant is not entitled to a license, he shall make an order denying its application, specifying his reasons for such denial. Licenses issued pursuant to this section shall remain in effect until suspended in the manner provided by this act. Every rating organization doing business in this State on the effective date of this act, may continue to transact such business thereafter, subject to the provisions of this act, pending its application to the commissioner, to be made within thirty days after the effective date of this act, for a license to do business as required by this section. A fee of twenty-five dollars ($25.00) shall be paid for each license issued under this section.

L.1944, c. 27, p. 70, s. 2.