N.J. Admin. Code § 11:2-27.1

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

Section 11:2-27.1 - Purpose and scope

(a) The purpose of this subchapter is to set forth the factors which the Commissioner shall consider in determining whether an insurer is in such condition as defined herein as to render the continuation of its business hazardous to its policyholders, creditors, or the general public. A determination of hazardous financial condition provides one of the grounds upon which the Commissioner may seek an order from the Superior Court to rehabilitate, liquidate the business, or conserve the assets within this State of domestic, foreign, or alien insurers pursuant to N.J.S.A. 17:30C-1 et seq. and 17B:32-31 et seq., or upon which an insurer may become subject to administrative supervision pursuant to N.J.S.A. 17:51A-1 et seq., and provides one of the grounds upon which the Commissioner may take action to revoke or nonrenew an insurer's authority to transact insurance in this State, pursuant to law, including, but not limited to, N.J.S.A. 17:32-2 and 17B:23-2.

(b) This subchapter shall apply to all domestic, foreign, and alien insurers and all other entities subject to N.J.S.A. 17:30C-1 et seq., 17B:32-31 et seq., or N.J.S.A. 17:51A-1 et seq.

Emergency Amendment, R.1993 d.447, effective 8/16/1993 (expired October 15, 1993).
See: 25 N.J.R. 4286(a).
Adopted Concurrent Proposal, R.1993 d.556, effective 10/15/1993.
See: 25 N.J.R. 4286(a), 25 N.J.R. 5182(a).
Amended by R.1996 d.3, effective 1/2/1996.
See: 27 N.J.R. 3278(b), 28 N.J.R. 152(b).
Amended by R.2014 d.041, effective 3/17/2014.
See: 45 N.J.R. 1883(a), 46 N.J.R. 543(a).
Rewrote (a); and in (b), deleted "; and to all eligible surplus lines insurers" from the end.