N.J. Admin. Code § 11:1-41.4
Current through Register Vol. 56, No. 12, June 17, 2024
Section 11:1-41.4 - Treasury listed surety companies and alternative requirements to Treasury listing(a) A surety company which is Treasury listed seeking to provide payment or performance bonds as required by P.L. 1995, c.384 may request to be listed by the Department as an acceptable surety for provision of bonds on public works contracts by filing a certification to that effect in the format of Appendix B to this subchapter incorporated herein by reference.(b) A surety company that is not Treasury listed which seeks to provide payment or performance bonds as required pursuant to P.L. 1995, c.384 may request to be listed by the Department as an acceptable surety for provision of bonds on public works contracts by filing a certification in the format of Appendix B to this subchapter incorporated herein by reference, that the surety satisfies the following requirements: 1. The surety shall be authorized or admitted to transact fidelity and surety in this State pursuant to 17:17-10 or 17:32-1 et seq., as applicable;2. The surety shall not have been found to be in a hazardous financial condition by the Commissioner, its domiciliary jurisdiction, and all jurisdictions in which it is licensed, as determined pursuant to N.J.A.C. 11:2-27 or such equivalent requirements in other jurisdictions in which the surety is domicile and admitted;3. The surety's net premium written to surplus as to policyholders shall not exceed a 3:1 premium to surplus ratio, and loss and loss adjustment expense reserve liability to surplus shall not exceed a 4:1 ratio as of the date of its most recently filed annual statement;4. The surety shall satisfy, at a minimum, the statutorily prescribed minimum capital and surplus or net cash asset requirements for all lines of insurance that it is authorized to write pursuant to the certificate of authority issued by its domiciliary jurisdiction and all states in which it is licensed to transact business; and5. The surety shall not have failed four or more Insurance Regulatory Information System (IRIS) tests, unless the applicant demonstrates to the Commissioner and its domiciliary jurisdiction that these IRIS test results are not indicative of the applicant being in a hazardous financial condition.(c) The Department shall publish in the New Jersey Register a list of surety companies that satisfy the requirements set forth in (a) and (b) above in or about September of each year.(d) A surety seeking to continue to be listed by the Department as having satisfied the requirements set forth in (b) above shall file with the Department a certification in the format of Appendix B to this subchapter no later than August 1 of each year.(e) Applications and renewal applications to be listed by the Department shall be sent to: New Jersey Department of Banking and Insurance
Division of Insurance
Office of Solvency Regulation
Attention: Surety Company List
20 West State Street
PO Box 325
Trenton, NJ 08625-0325
N.J. Admin. Code § 11:1-41.4
Public Notice: List of surety companies acceptable to provide payment or performance bonds.
See: 29 N.J.R. 4199(a) 29 N.J.R. 4574(a).
Public Notice: List of surety companies acceptable to provide payment or performance bonds.
See: 30 N.J.R. 3554(a).
Public Notice: List of surety companies acceptable to provide payment or performance bonds.
See: 32 N.J.R. 121(a).
Public Notice: List of surety companies acceptable to provide payment or performance bonds.
See: 32 N.J.R. 3343(a).
Amended by R.2001 d.75, effective 3/5/2001.
See: 32 N.J.R. 4184(a), 33 N.J.R. 794(a).
Amended by R.2001 d.99, effective 3/19/2001.
See: 32 N.J.R. 4194(a), 33 N.J.R. 1004(a).
Deleted former (b)5 and (b)6 and recodified (b)7 as (b)5.
Public Notice: List of surety companies acceptable to provide payment or performance bonds.
See: 33 N.J.R. 3376(b).
Public Notice: List of surety companies acceptable to provide payment or performance bonds.
See: 34 N.J.R. 3653(a).
Public Notice: List of surety companies acceptable to provide payment or performance bonds.
See: 35 N.J.R. 4142(a).
Public Notice: List of surety companies acceptable to provide payment or performance bonds.
See: 36 N.J.R. 4331(a).
Public Notice: List of surety companies acceptable to provide payment or performance bonds.
See: 38 N.J.R. 345(a), 38 N.J.R. 3679(a).
Amended by R.2006 d.307, effective 9/5/2006.
See: 37 N.J.R. 4156(a), 38 N.J.R. 3586(a).
In address in (e), substituted "Solvency Regulation" for "Financial Exams".
Public Notice: List of surety companies acceptable to provide payment or performance bonds.
See: 40 N.J.R. 815(a).