17:30B-14. Powers of commissioner
222 words·~1 min read·
/nj/title-17/chapter-30b/17-30b-14·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The commissioner may:
a. Promulgate reasonable rules and regulations to carry out the purposes of this act;
b. Suspend or revoke, after notice and hearing, the certificate or authority to transact insurance in the State of any member insurer which fails to comply with the provisions of this act, rules or regulations promulgated thereunder or any plan of operation. In addition to any other sanctions herein or otherwise provided by law, the commissioner may levy a penalty on any member insurer which fails to pay or delays in paying an assessment when due. For each month that an insurer fails to pay or delays in paying the assessment on a timely basis, the penalty shall not exceed 5% of the unpaid assessment then outstanding.
For all other violations, the penalty shall not exceed $5,000.00 per violation.
c. Revoke the designation of any servicing carrier if he finds claims are being handled unsatisfactorily;
d. Terminate any association when he deems its existence no longer necessary to effectuate the purposes of this act.
e. Require upon the termination of any association, a report of its activities which shall set forth a complete operating and financial statement; make inspections of any association's books, accounts and records including its receipts and disbursements, as he shall deem necessary.
L.1974, c. 106, s. 14, eff. Sept. 19, 1974.