N.J. Admin. Code § 11:12-1.2

Current through Register Vol. 57, No. 1, January 6, 2025

Section 11:12-1.2 - Authorization of insurers

(a) An insurer defined in N.J.S.A. 17:46C-3.b may transact the business of legal insurance in New Jersey after satisfying the following conditions:

1. Notify the Commissioner of the intent to write legal insurance, submit satisfactory evidence of authorization to transact the business of legal insurance, and, for insurers not already entitled to transact the business of insurance under Subtitle 3 of Title 17 of the Revised Statutes or Subtitle 3 of Title 17B of the Revised Statutes, pay the required fee of $ 250.00. Such evidence shall include proof of the necessary corporate power to transact the business of legal insurance.

2. Submit to and have approved by the Commissioner a copy of the policy and certificate forms to be used.

3. Submit to and have approved by the Commissioner the rating system upon which the legal insurance rates will be based. The Commissioner has determined not to allow a file and use rating procedure at this time.

N.J. Admin. Code § 11:12-1.2

Amended by 46 N.J.R. 1884(a), effective 9/2/2014.