17B:32A-2 Purpose; protection from hardship.
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/nj/title-17b/chapter-32a/17b-32a-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
2. a. The purpose of P.L.1991, c.208 (C.17B:32A-1 et seq.) is to protect, subject to certain limitations, those persons specified in subsection a. of section 3 of P.L.1991, c.208 (C.17B:32A-1 et seq.) from hardship because of the impairment or insolvency of any member insurer that issued the life, health, and annuity policies, plans or contracts specified in subsection b. of section 3 of P.L.1991, c.208 (C.17B:32A-1 et seq.).
b. To provide this protection, an association of member insurers is created to pay benefits and to continue coverages, as limited by P.L.1991, c.208 (C.17B:32A-1 et seq.), and members of the association are subject to assessment to provide funds to carry out the purposes of P.L.1991, c.208 (C.17B:32A-1 et seq.).
L.1991,c.208,s.2; amended 2022, c.98, s.1.