17:32-14. Revocation of authority to do business
111 words·~1 min read·
/nj/title-17/chapter-32/17-32-14A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The authority of an insurance company of another state or foreign country may be revoked, after notice and hearing, if it fails to comply with any provision of law obligatory upon it, or for any reason for which the commissioner may refuse to issue or renew its certificate of authority under section 17:32-2 of this Title, or when in the opinion the commissioner its condition is unsound, or its assets above its liabilities, exclusive of capital and inclusive of unearned premiums or reinsurance reserve, are less than the minimum amount of capital and surplus or net assets required by this subtitle for admission to transact business in this State.
Amended 1958,c.14,s.1.