48:16A-7. Authority of corporation to carry own insurance; exemption order; statement by corporate officers; filing

187 words·~1 min read·/nj/title-48/chapter-16a/48-16a-7

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any corporation organized under the laws of this State having a paid up cash capital of not less than $300,000.00 may carry its own liability insurance, if it can reasonably satisfy the Commissioner of Banking and Insurance as to the permanence and financial standing of its business.

If the commissioner shall by written order make such an exemption, the company in lieu of the insurance policy or bond provided for by sections 2 and 3 of this act, may file a copy of the order with a statement sworn to by its president, vice-president, treasurer or assistant treasurer that the corporation is the owner of vehicles and that the copy of the order attached to the affidavit and filed therewith is a true copy of the original order and that the same has not been revoked.

The copy of the order of exemption and statement shall remain in lieu of an insurance policy or bond so long as the paid up cash capital of the corporation shall be not less than $300,000.00 and the order of the commissioner shall remain in force.

L.1965, c. 40, s. 7.