N.J. Admin. Code § 11:28-1.17

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

Section 11:28-1.17 - Conflict of interest

(a) Each captive licensed in this State is required to adopt a conflict of interest statement to be completed and signed by all officers, directors, and principals as referenced in N.J.A.C. 11:28-1.3(a) and 1.4(a) and key employees. The statement shall disclose whether the individual has any other commitments or involvements, personal or otherwise, that would divert him or her from his or her fiduciary duty to advance and further the interests of the captive he or she represents and, if so, the nature and extent of that commitment. This shall not necessarily preclude the individual, upon full disclosure, from being a director, officer or principal in more than one insurance company.

(b) Each officer, director, and key employee shall file such disclosure with the board of directors annually.