N.J. Admin. Code § 11:17-2.15

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

Section 11:17-2.15 - Surrender and cancellation of license; reinstatement after surrender

(a) A licensee may surrender a current producer license by returning the license document to the Department for cancellation at any time before expiration. The Department may refuse to accept a request for cancellation of a business entity license unless all current licensed officers or partners consent to the request.

(b) A producer license may be reinstated after surrender during the same license period by completing an application in accordance with the provisions of N.J.A.C. 11:17-2.3. No additional license fee for that period shall be required but the processing fee provided in N.J.A.C. 11:17-2.13 shall be paid.

(c) Submitting a license for cancellation or allowing a license to expire shall not void or terminate any disciplinary proceedings against the licensee, nor prevent imposition of any penalty, ordered restitution or costs.

(d) In the event a license is lost or destroyed, a replacement may be printed using the NAIC-SBS license system accessed from the Department's website at www.dobi.nj.gov.

(e) Nothing in these rules shall authorize any person whose license has been revoked, suspended, cancelled or surrendered to continue to transact insurance business after the date of revocation, suspension, cancellation or surrender.

N.J. Admin. Code § 11:17-2.15

Recodified from 11:17-2.14 by 47 N.J.R. 1872(a), effective 7/20/2015

Amended by 48 N.J.R. 2152(a), effective 10/17/2016