N.J. Admin. Code § 11:1-31.6

Current through Register Vol. 56, No. 11, June 3, 2024

Section 11:1-31.6 - Withdrawal of eligibility

(a) The Commissioner may withdraw the eligibility of an insurer to insure surplus lines risks in this State if the Commissioner has reason to believe that the eligible surplus lines insurer is no longer in compliance with this subchapter.

(b) The Commissioner shall notify all licensed surplus lines agents in this State of withdrawals of eligibility made pursuant to this section. Such notification may be made by posting such information on the Department's website, www.state.nj.us/dobi/index.html.

(c) Except as otherwise specified by the Commissioner, an insurer whose eligibility has been withdrawn pursuant to (a) above shall be prohibited from writing any new business or renewing existing business, but shall continue to service existing business through expiration of each policy.

N.J. Admin. Code § 11:1-31.6

Amended by 51 N.J.R. 765(a), effective 5/20/2019