17:48E-46.7. Investments; supplier program; mutualization; reorganization plans
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/nj/title-17/chapter-48e/17-48e-46-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
7. a. A mutual holding company or a non-insurance subsidiary may, alone or together, make any lawful investments including directly or indirectly acquiring or otherwise holding the stock or other ownership interests of any nonprofit or for-profit entities.
b. Insurance company subsidiaries and the reorganized insurer may make investments, including investments in non-insurance entities subject to investment and asset limitations pursuant to applicable laws and rules relating to insurance companies.
c. The mutual holding company and its non-insurance and insurance company subsidiaries shall continue to operate a diverse supplier program that promotes and invests in the utilization of minority-owned and women-owned businesses in the procurement of goods and services, including professional services. The mutual holding company shall include in its annual filing pursuant to subsection b. of section 11 of P.L.2020, c.145 (C.17:48E-46.11) information on this subsection.
L.2020, c.145, s.7.