 |
 |
| 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:23-11.
|
|
|
17B:23-11. Excluded actions
The provisions of this act shall not be construed to apply to:
a. The investigation, settlement or litigation of claims under any policy of insurance of any kind lawful when written in this State, or the liquidation of the assets and liabilities of an insurer (other than the collection of new premiums) resulting from the operations of an insurer within this State which were lawful when conducted;
b. Transactions involving any policy of insurance of any kind, which occur subsequent to the issuance thereof, provided, however, such policy of insurance does not cover a subject of insurance resident in this State, or located in this State, or expressly requiring the performance in this State at the time of issuance; and provided further, that such policy was lawfully solicited, written and delivered outside this State, at the time of issue;
c. The continuation and servicing of life insurance or accident or health insurance policies or annuity contracts remaining in force as to residents of this State when the insurer has withdrawn from this State and is not collecting new premiums within or from this State;
d. The lawful transaction of contracts of reinsurance by insurers;
e. Transactions involving group life insurance, group or blanket accident and health insurance, and group annuities where the master policy for such groups was lawfully issued and delivered in a State in which the insurer is duly admitted, and such policy conforms to the laws of the State in which it is delivered.
f. Any life insurance company organized and operated without profit to any private shareholder or individual and exclusively for the purpose of aiding educational or scientific institutions organized and operated without profit to any private shareholder or individual, which issues to residents of this State directly from its home office without agents, representatives or other field operations in this State, contracts of insurance and annuity contracts only to or for the benefit of such institutions and to individuals engaged in the service of such institutions; nor shall this subsection apply to any life, accident and health or annuity contracts issued by such life insurance company, provided that any such life insurance company shall: (1) furnish to the commissioner a copy of any policy or contract form issued to residents of this State; (2) furnish to the commissioner a copy of its annual statement prepared pursuant to the laws of the State of domicile of such life insurance company, as well as such other reports, documents and financial material as may be requested by the commissioner; and (3) designate the commissioner as its true and lawful attorney upon whom may be served all lawful process in any action or proceeding against such life insurance company arising under any contract of insurance or annuity contract it has issued to, or which is held by, a resident of this State, and process so served against such life insurance company shall have the same force and validity as if served upon said life insurance company; and provided further that the commissioner may, if in his judgment the interest of the public so requires, promulgate regulations affecting the contracts, investments, or other aspects of the operations of companies covered by this subparagraph f., which shall be not more restrictive than the laws and regulations applicable to admitted life insurance companies.
L.1971, c. 144, s. 17B:23-11.
17B:24-1.1. Insurable interests
1. a. For the purpose of life insurance, health insurance or annuities:
(1) An individual has an insurable interest in his own life, health and bodily safety.
(2) An individual has an insurable interest in the life, health and bodily safety of another individual if he has an expectation of pecuniary advantage through the continued life, health and bodily safety of that individual and consequent loss by reason of his death or disability.
(3) An individual has an insurable interest in the life, health and bodily safety of another individual to whom he is closely related by blood or by law and in whom he has a substantial interest engendered by love and affection. An individual liable for the support of a child or former wife or husband may procure a policy of insurance on that child or former wife or husband.
(4) A corporation has an insurable interest: (a) in the life or physical or mental ability of any of its directors, officers, or employees, or the directors, officers, or employees of any of its subsidiaries or any other person whose death or physical or mental disability might cause financial loss to the corporation; (b) pursuant to any contractual arrangement with any shareholder concerning the reacquisition of shares owned by him at the time of his death or disability, in the life or physical or mental ability of that shareholder for the purpose of carrying out that contractual arrangement; (c) pursuant to any contract obligating the corporation as part of compensation arrangements, in the life of the individual for whom compensation is to be provided; or (d) pursuant to a contract obligating the corporation as guarantor or surety, in the life of the principal obligor. The trustee of a trust established and fully funded by a corporation providing solely life, health, disability, retirement, or similar benefits to employees of the corporation or its affiliates and acting in a fiduciary capacity with respect to those employees, retired employees, or their dependents or beneficiaries, has an insurable interest in the lives of employees for whom such benefits are to be provided.
(5) A nonprofit or charitable entity qualified pursuant to section 501 (c) (3) of the Internal Revenue Code of 1986 (26 U.S.C. s.501(c)(3)), or a government entity has an insurable interest in the life or physical or mental ability of its directors, officers, employees, supporters or their designees or others to whom it may look for counsel, guidance, fundraising or assistance in the execution of its legally established purpose, who either: (a) join with the entity in signing the application for insurance, which application names the entity as the owner and irrevocable beneficiary of the policy; or (b) after having been listed as owner, subsequently transfer ownership of the insurance to the entity and name the entity as the irrevocable beneficiary of the policy. The trustee of a trust established and fully funded by a nonprofit or charitable entity qualified pursuant to section 501 (c) (3) of the Internal Revenue Code of 1986 (26 U.S.C. s.501(c)(3)), or a government entity providing solely life, health, disability, retirement, or similar benefits to employees of the entity or its affiliates and acting in a fiduciary capacity with respect to those employees, retired employees, or their dependents or beneficiaries, has an insurable interest in the lives of employees for whom such benefits are to be provided.
b. No person shall procure or cause to be procured any insurance contract upon the life, health or bodily safety of another individual unless the benefits under that contract are payable to the individual insured or his personal representative, or to a person having, at the time when that contract was made, an insurable interest in the individual insured.
c. If the beneficiary, assignee, or other payee under any contract made in violation of this section receives from the insurer any benefits thereunder accruing upon the death, disablement, or injury of the individual insured, the individual insured, or his executor or administrator, as the case may be, may maintain an action to recover those benefits from the person so receiving them.
d. An insurer shall be entitled to rely upon all statements, declarations and representations made by an applicant for insurance relating to the insurable interest of the applicant in the insured and no insurer shall incur legal liability, except as set forth in the policy, by virtue of any untrue statements, declarations or representations so relied upon in good faith by the insurer.
e. This section shall not apply to group life insurance, group health insurance, blanket insurance or group annuities.
L.1991,c.369,s.1; amended 1992,c.190.
|
|
|
|
