N.J. Admin. Code § 11:28-1.18

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

Section 11:28-1.18 - Suspension or revocation of captive license

(a) The Commissioner may, subject to the provisions of this section, by order suspend or revoke the license of the captive:

1. If the captive has not commenced business according to its plan of operation within two years of being licensed;

2. If the captive ceases to carry on insurance business in or from within New Jersey;

3. At the request of the captive; or

4. For any reason provided in N.J.S.A. 17:47B-1 et seq.

(b) If the Commissioner finds, after notice and opportunity for a hearing pursuant to the provisions of the Administrative Procedure Act, N.J.S.A. 52:14B-1 et seq. and 52:14F-1 et seq., as implemented by the Uniform Administrative Procedure Rules, N.J.A.C. 1:1, that any captive insurance company has violated any provisions of N.J.S.A. 17:47B-1 et seq. or this subchapter, or pursuant to (a) above, the Commissioner may refuse to issue or renew the captive insurance company's license or may revoke or suspend the captive insurance company's license.

N.J. Admin. Code § 11:28-1.18