17:30B-3. Definitions

143 words·~1 min read·/nj/title-17/chapter-30b/17-30b-3

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

As used in this act:

a. "Commissioner" means the Commissioner of Insurance of this State;

b. "Guaranty Association" means the New Jersey Property-Liability Insurance Guaranty Association, created under P.L.1974, c. 17 (C. 17:30A-1 et seq.);

c. "Association" means a Special Joint Underwriting Association created pursuant to section 4;

d. "Insolvent insurance company" means

(1)an insurer admitted or authorized to transact the business of insurance in this State either at the time the policy was issued or when the insured event occurred, and

(2)who is determined to be insolvent by a court of any competent jurisdiction;

e. "Servicing carrier" means a carrier licensed to provide insurance of the kind specified in section 2 B. and designated by an association, with the approval of the commissioner, to assist an association in fulfilling its obligations.

L.1974, c. 106, s. 3, eff. Sept. 19, 1974.