N.J. Admin. Code § 11:17C-1.2
The following words and terms, when used in this chapter, shall have the following meanings unless the context clearly indicates otherwise.
"Business day" means all days except Saturdays, Sundays and State and Federal holidays.
"Commissioner" means the Commissioner of the Department of Banking and Insurance of the State of New Jersey.
"Department" means the New Jersey Department of Banking and Insurance.
"Financial institution" means a Federal or State chartered bank, savings bank, or savings and loan institution which is a member of the Federal Deposit Insurance Corporation (FDIC) or the Federal Savings and Loan Insurance Corporation (FSLIC).
"Insurance producer" means a person required to be licensed under the laws of the State to sell, solicit or negotiate insurance.
"Insured" means an applicant for insurance or a policyholder.
"Trust account" means a special fiduciary account established and maintained by an insurance producer pursuant to the requirements of this chapter.
"Voluntary deposit" means a deposit in a trust account in excess of aggregate net premium, premiums due the insured and deposits, received but not remitted, made to maintain a minimum balance or to guarantee the adequacy of the account(s).
N.J. Admin. Code § 11:17C-1.2
See: 31 New Jersey Register 3583(a), 32 New Jersey Register 499(a).
Inserted "Commissioner" and "Department".
Amended by R.2002 d.354, effective 11/4/2002.
See: 34 New Jersey Register 2286(a), 34 New Jersey Register 2549(b), 34 New Jersey Register 3839(a).
Rewrote "Insurance producer".