N.J. Admin. Code § 11:2-39.12

Current through Register Vol. 56, No. 21, November 4, 2024

Section 11:2-39.12 - Foreign insurers

(a) Any foreign insurer shall, upon the written request of the Commissioner, submit to the Commissioner an RBC Report as of the end of the calendar year just ended the later of the filing date or within 15 days after the request is received by the foreign insurer.

(b) Any foreign insurer admitted or eligible to transact business pursuant to Title 17 or Title 17B of the New Jersey Statutes shall promptly submit to the Commissioner a copy of any RBC Plan or Revised RBC Plan that is filed with the insurance commissioner of any other state.

(c) In the event of a company action level event, regulatory action level event or authorized control level event with respect to any foreign insurer under the RBC requirements applicable in the state of domicile of the insurer, or if there are no such requirements, under this subchapter, if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file an RBC Plan in a manner substantially similar to that specified under 11:2-39.4, the Commissioner may require the foreign insurer to file an RBC Plan with the Commissioner. In such event, the failure of the foreign insurer to file an RBC Plan with the Commissioner shall be grounds to order the insurer to cease and desist from writing new business in this State.

(d) In the event of an authorized control level event or a mandatory control level event with respect to any foreign insurer, if no domiciliary receiver has been appointed with respect to the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the Commissioner may make application to the Superior Court pursuant to 17:30C-1 et seq., or 17B:32-31 et seq., as applicable, with respect to the liquidation of property of foreign insurers found in this State, and the occurrence of the authorized control level event or mandatory control level event shall be considered adequate grounds for the application.

N.J. Admin. Code § 11:2-39.12

Amended by R.1993 d.561, effective 11/15/1993.
See: 25 New Jersey Register 4309(a), 25 New Jersey Register 5208(a).
Amended by R.1997 d.186, effective 5/5/1997.
See: 29 New Jersey Register 404(a), 29 New Jersey Register 2175(b).
In (b) inserted reference to eligible insurers and substituted "pursuant to Title 17 or Title 17B of the New Jersey Statutes" for "in this State"; in (c), inserted reference to authorized control event and inserted "under the RBC requirements ... under this subchapter,"; and in (d), inserted additional N.J.S.A. reference.