17B:20-8. Valuation of securities; violations; penalties
132 words·~1 min read·
/nj/title-17b/chapter-20/17b-20-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as otherwise required by the commissioner, securities held by insurers authorized to do business in this State shall be valued in accordance with the published valuation standards of the Securities Valuation Office of the National Association of Insurance Commissioners. Every insurer licensed to transact business in this State shall comply with the filing and valuation requirements of the Securities Valuation Office of the National Association of Insurance Commissioners or requirements established by the commissioner, as applicable, with respect to the valuation of securities.
Any insurer that fails to comply with the provisions of this section shall be subject to a penalty of not less than $1,000 nor more than $5,000 for a first violation, and not less than $2,000 nor more than $10,000 for each subsequent violation.
L.1971, c.144; amended 1993,c.242,s.1.