17:45A-5. Issuance of certificate of authority upon certain findings by commissioner

208 words·~1 min read·/nj/title-17/chapter-45a/17-45a-5

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If the commissioner shall find

(a)that the association is possessed of unencumbered assets of at least $100,000.00 over and above all required reserves and other liabilities including the minimum guarantee fund and the benefit fund required to be established pursuant to chapter 45 of Title 17 of the Revised Statutes as amended and supplemented; and

(b)that in the next fiscal year preceding the submission of the application for charter, the association's income from dues and contributions of its members as payments on certificates theretofore issued by the association amounted to not less than $100,000.00; and

(c)that the plan of conversion is not contrary to the best interest of the members, certificate holders and policyholders of the association; and

(d)that the association has complied with all the requirements of this act to entitle it to convert into a mutual life insurance company, and that the proposed methods of operation of the association after its conversion are not such as would render its operation hazardous to the public or its policyholders, the commissioner shall file the certificate in the department, and shall issue a certificate of authority to the association to conduct business as a mutual life insurance company.

L.1955, c. 230, p. 891, s. 5.