N.J. Admin. Code § 11:2-28.13

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

Section 11:2-28.13 - Suspension or revocation of accreditation or certification

(a) If an accredited or certified reinsurer ceases to meet the requirements for accreditation or certification, the Commissioner may, after notice and opportunity for hearing pursuant to the Administrative Procedure Act, N.J.S.A. 52:14B-1 et seq. and 52:14F-1 et seq., and the Uniform Administrative Procedure Rules, N.J.A.C. 1:1, suspend or revoke the reinsurer's accreditation or certification.

(b) While a reinsurer's accreditation or certification is suspended, no reinsurance contract issued or renewed after the effective date of the suspension qualifies for credit except to the extent that the reinsurer's obligations under the contract are secured in accordance with N.J.A.C. 11:2-28.7. If a reinsurer's accreditation or certification is revoked, no credit for reinsurance may be granted after the effective date of the revocation except to the extent that the reinsurer's obligations under the contract are secured in accordance with N.J.A.C. 11:2-28.7 or 28.7A.

Repeal and New Rule, R.2012 d.154, effective 9/4/2012.
See: 44 N.J.R. 360(a), 44 N.J.R. 2169(a).
Section was "Contracts affected".