17B:20-6. Reasonable and temporary additional restrictions
124 words·~1 min read·
/nj/title-17b/chapter-20/17b-20-6·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding any of the provisions of this chapter, if it shall appear to the commissioner that by reason of investment conditions generally or the financial condition or investment portfolio content of any particular insurer or insurers (giving due regard to policyholders' protection afforded by its capital, surplus and reserves), the safety of the public or policyholders so warrants, he may, upon written notice, impose reasonable and temporary additional restrictions upon the type, class or permissible extent of investments which may be made by any domestic insurer or insurers subject to this chapter.
Any insurer or insurers affected shall be entitled, upon application, to a departmental hearing for the purpose of determining whether such restriction should be modified or withdrawn.
L.1971, c. 144, s. 17B:20-6.