17B:32A-10. Additional duties, powers of commissioner
369 words·~2 min read·
/nj/title-17b/chapter-32a/17b-32a-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
10. a. In addition to the duties and powers enumerated elsewhere in P.L.1991, c.208 (C.17B:32A-1 et seq.), the commissioner shall:
(1)upon request of the board of directors, provide the association with a statement of the premiums in this State and any other appropriate states for each member insurer;
(2)when an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer shall constitute notice to its shareholders, if any. The failure of the impaired insurer to promptly comply with a demand shall not excuse the association from the performance of its powers and duties under P.L.1991, c.208 (C.17B:32A-1 et seq.);
(3)in any liquidation or rehabilitation proceeding involving a domestic member insurer, be appointed as the liquidator or rehabilitator.
b. The commissioner may suspend or revoke, after notice and hearing, the certificate of authority to transact business in this State of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a penalty on any member insurer which fails to pay an assessment when due. That penalty shall not exceed five percent of the unpaid assessment per month, but no penalty shall be less than $100 per month.
c. Any action of the board of directors or the association may be appealed to the commissioner by any member insurer if that appeal is taken within 60 days of its receipt of notice of the final action being appealed. If a member insurer is appealing an assessment, the amount assessed shall be paid to the association and made available to meet association obligations during the pendency of an appeal. If the appeal of an assessment is upheld, the amount paid in error or excess shall be returned to the member insurer. Any final action or order of the commissioner shall be subject to judicial review in a court of competent jurisdiction.
d. The liquidator, rehabilitator, or conservator of any impaired insurer may notify all interested persons of the effect of P.L.1991, c.208 (C.17B:32A-1 et seq.).
L.1991,c.208.s.10; amended 2022, c.98, s.9.