17:30D-13. Emergency powers of commissioner upon activation of association; duration
229 words·~1 min read·
/nj/title-17/chapter-30d/17-30d-13A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Upon finding that immediate activation of the association for any category or subcategory of insureds is required because medical malpractice liability insurance is or will be unavailable for such category or subcategory, the commissioner shall have the following emergency powers:
a. To appoint a temporary board of directors or operate the association without such board.
b. To adopt a temporary plan of operation to meet the immediate needs of the association.
c. To perform on behalf of the association on a temporary basis all functions necessary for the operation of the association otherwise delegated to the board of directors or the members of the association.
d. To charge the association for reasonable expenses incurred on its behalf in the emergency operation of the association pursuant to this section.
e. Subject to the same standards applicable for the approval of rates and rating-systems pursuant to P.L.1944, c. 27 (C. 17:29A-1 et seq.), to promulgate rates, rules, policy forms and rating plans for such category or subcategory of insureds for limits up to $3,000,000.00 over primary limits to be used by any company qualifying or designated as a provider for such coverage which does not have rates, rules, policy forms and rating plans in effect for such coverage.
These emergency powers shall terminate 60 days after the effective date of this act.
L.1975, c. 301, s. 13, eff. Jan. 30, 1976.