17:47-6. Deposit by alien underwriters; exceptions
193 words·~1 min read·
/nj/title-17/chapter-47/17-47-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If any of the underwriters applying for the certificate of authority hereunder is not a citizen of the United States, each such alien underwriter shall at the time of the making of the application for a certificate of authority, deposit with the commissioner the sum of five thousand dollars in cash or in such securities as are required by law for the investment of the capital of insurance companies authorized to do similar kinds of insurance business in this state, or in the kinds of securities the commissioner approves. The provisions of this section as to deposits shall not apply if the alien underwriter is one of an association of underwriters
(1)having on deposit with an insurance department of any state of the United States or in the hands of a bank or trust company therein as trustee, cash or approved securities worth not less than one hundred thousand dollars, held in trust for the benefit of all their policyholders in the United States; or
(2)nine-tenths of the association of underwriters are at all times citizens of the United States and who have complied with all other provisions of this chapter.