 |
 |
| Title 01 Acts, Laws And Statutes | | Title 02a Administration Of Civil And Criminal Justice | | Title 03a Administration Of Estates--decedents And Others | | Title 04 Agriculture And Domestic Animals | | Title 05 Amusements, Public Exhibitions And Meetings | | Title 06 Aviation | | Title 07 Bills, Notes And Checks | | Title 09 Children--juvenile And Domestic Relations Courts | | Title 10 Civil Rights | | Title 11a Civil Service | | Title 12 Commerce And Navigation | | Title 12a Commercial Transactions | | Title 13 Conservation And Development--parks And Reservations | | Title 14 Acts Saved From Repeal | | Title 14a Corporations, General | | Title 15 Corporations And Associations Not For Profit | | Title 15a Corporations, Nonprofit | | Title 16 Corporations And Associations, Religious | | Title 17 Corporations And Institutions For Finance And Insurance | | Title 17b Insurance | | Title 18a Education | | Title 19 Elections | | Title 20 Eminent Domain | | Title 21 Explosives And Fireworks | | Title 22a Fees And Costs | | Title 23 Fish And Game, Wild Birds And Animals | | Title 24 Food And Drugs | | Title 25 Frauds And Fraudulent Conveyances | | Title 26 Health And Vital Statistics | | Title 27 Highways | | Title 28 Historic Memorials, Monuments And Sites | | Title 29 Hotels | | Title 2b Court Organization And Civil Code | | Title 2c The New Jersey Code Of Criminal Justice | | Title 30 Institutions And Agencies | | Title 31 Interest And Usury | | Title 32 Interstate And Port Authorities And Commissions | | Title 33 Intoxicating Liquors | | Title 34 Labor And Workmens Compensation | | Title 35 Legal Advertisements | | Title 36 Legal Holidays | | Title 37 Marriages And Married Persons | | Title 38 Militia--soldiers, Sailors And Marines | | Title 38a Military And Veterans Law | | Title 39 Motor Vehicles And Traffic Regulation | | Title 3b Administration Of Estates--decedents And Others | | Title 40 Municipalities And Counties | | Title 40a Municipalities And Counties | | Title 41 Oaths And Affidavits | | Title 42 Partnerships And Partnership Associations | | Title 43 Pensions And Retirement And Unemployment Compensation | | Title 44 Poor | | Title 45 Professions And Occupations | | Title 46 Property | | Title 47 Public Records | | Title 48 Public Utilities | | Title 49 Sale Of Securities | | Title 50 Shellfish | | Title 51 Standards, Weights, Measures And Containers | | Title 52 State Government, Departments And Officers | | Title 53 State Police | | Title 54 Taxation | | Title 54a New Jersey Gross Income Tax Act | | Title 55 Tenement Houses And Public Housing | | Title 56 Trade Names, Trade-marks And Unfair Trade Practices | | Title 58 Waters And Water Supply | | Title 59 Claims Against Public Entities |
|
|
|
|
| search a lawyer |
|
|
| ACTS, STATUTES |
|
|
|
|
|
|
|
|
|
|
|
|
| Home > Statutes > USA New Jersey |
|
USA Statutes : new_jersey
Title : TITLE 17B INSURANCE
Chapter : 17B:17-13.
|
|
|
17B:17-13. Misdemeanor to do business unless authorized
a. No person shall act as an insurer in this State without complying with the applicable provisions of this Code.
b. No person by himself, or by his brokers, agents, solicitors, surveyors, canvassers or other representatives of whatever designation, nor any such broker, agent, solicitor, surveyor, canvasser, or other representative, shall solicit, negotiate or effect any contract of insurance of any kind or sign, deliver or transmit, by mail or otherwise, any policy or annuity contract or receive any premium, commission, fee or other payment thereon, or maintain or operate any office in this State for the transaction of the business of insurance, or in any manner, directly or indirectly, transact the business of insurance of any kind whatsoever, within this State, unless specifically authorized under the laws of this State.
c. Specific authorization under the laws of this State shall not be required with respect to the following:
(1) Investigation, settlement, or litigation of claims under an insurer@s policies lawfully written in this State, or liquidation of such insurer@s assets and liabilities (other than the collection of new premiums) all as resulting from its former authorized operation in this State.
(2) Transactions involving a policy subsequent to issuance thereof lawfully solicited, written, or delivered outside this State.
(3) Reinsurance when transacted as authorized under section 17B:18-62.
(4) The continuation and servicing of life or health insurance policies or annuity contracts remaining in force as to residents of this State when the insurer is not transacting new insurance therein.
(5) Group life or health insurance or annuity contracts covering residents of this State under a group policy or contract lawfully issued in another State.
d. Any person violating any of the provisions of this section shall be guilty of a misdemeanor.
L.1971, c. 144, s. 17B:17-13.
17B:17-13.1 Charitable annuities.
17B:17-13.1. a. The commissioner may, in his discretion, issue a special permit to a qualified nonprofit domestic or foreign corporation or association organized without capital stock or not for profit, engaged solely in bona fide charitable, religious, missionary, educational or philanthropic activities and which shall have been in active operation for at least ten years authorizing any such corporation or association to enter into annuity agreements with donors. Before issuing any such special permit the commissioner shall promulgate rules and regulations governing such annuity agreements and permit holders with respect to such annuity agreements. Such rules and regulations shall, in addition to such other provisions as the commissioner may determine to be necessary or desirable to protect the public, provide that each applicant for a special permit shall submit to the commissioner copies of its form of agreements with donors, and a schedule of its maximum annuity rates, which rates shall be so computed, on the basis of the standard valuation law, as to return to the special permit holder, upon the death of the annuitant, a residue at least equal to one-half of the original gift or other consideration for such annuity.
b. Each such special permit holder shall have and maintain segregated assets at least equal to the sum of the reserves on its outstanding agreements calculated in accordance with the provisions of Chapter 19 of this Code, and a surplus of ten per centum of such reserves or the amount of $100,000, whichever is higher, and such assets shall be segregated as separate and distinct funds, independent of all other funds of such special permit holder and shall not be applied for the payment of the debts and obligations of the special permit holder other than with respect to annuity agreements. In determining the reserves of any such special permit holder, a deduction shall be made for all or any portion of an annuity risk which is lawfully reinsured by an authorized insurer. Segregated assets herein required to be maintained shall be invested in accordance with the provisions of the ~Prudent Investor Act,~ P.L.1997, c.26 (C.3B:20-11.1 et seq.).
c. Any corporation or association defined in subsection a. hereof which, prior to the effective date of this Code, has entered into annuity agreements shall obtain a special permit as herein provided prior to entering into any new or additional annuity agreements provided, however, that the commissioner shall by regulation allow a period of time, which shall not be more than five years following the effective date of this Code for any such corporation or association to comply with the provisions of subsection b. of this section with respect to any annuity agreement entered into prior to the effective date of this Code. The commissioner, in his discretion may extend such time for a reasonable period.
d. If the commissioner finds that any special permit holder has failed to comply with the requirements of this section or of any rule or regulation of the commissioner issued hereunder, he may by appropriate order, subject to the provisions of the Administrative Procedure Act (P.L.1968, c.410), Chapter 34 of this Code and any rules adopted thereunder suspend or revoke any such special permit and he may take such other action to restrain or enjoin any such violation as may be otherwise provided by law. In addition the commissioner may make such orders as he deems desirable and necessary to afford appropriate financial security to the annuitants. The commissioner may require that special permit holders submit periodically such reports as he may deem desirable or necessary to ascertain compliance with requirements of this section and the commissioner may, whenever he deems it expedient, make or cause to be made an examination of the assets and liabilities and other affairs of any such special permit holder as the same pertains to annuity agreements entered into pursuant to this section. The reasonable expenses of any such examination shall be fixed and determined by the commissioner, and he shall collect them from the special permit holder examined, who shall pay them on presentation of a detailed account of the expenses.
e. No special permit holder shall be deemed an insurer as defined in this Code.
Amended 2003, c.230.
|
|
|
|
