reglab/housing_qa huggingface dataset:
NJ Rev Stat § 17:23-25 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-25 - Conflicts of interest for examiner

17:23-25. Conflicts of interest for examiner  6. No examiner shall be appointed by the commissioner if such examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this act. This section shall not be construed to automatically preclude an examiner from being:  a. A policyholder or claimant under an insurance policy; b. A grantor of a mortgage or similar instrument on the examiner's residence to a regulated entity if done under customary terms and in the ordinary course of business;  c. An investment owner in shares of regulated diversified investment companies; or  d. A settlor or beneficiary of a "blind trust" into which any otherwise impermissible holdings have been placed. Notwithstanding the requirements of this section to the contrary, the commissioner may retain from time to time, on an individual basis, qualified actuaries, certified public accountants, or other similar individuals who are independently practicing their professions, even though said persons may from time to time be similarly employed or retained by persons subject to examination under this act.  L.1993,c.236,s.6.
NJ Rev Stat § 17:23-26 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-26 - Immunity from liability; awards

17:23-26. Immunity from liability; awards  7. a. No cause of action shall arise nor shall any liability be imposed against the commissioner, the commissioner's authorized representatives or any examiner appointed by the commissioner for any statements made or conduct performed in good faith while carrying out the provisions of this act.  b. No cause of action shall arise, nor shall any liability be imposed against any person for the act of communicating or delivering information or data to the commissioner or the commissioner's authorized representative or examiner pursuant to an examination made under this act, if such act of communication or delivery was performed in good faith and without fraudulent intent or the intent to deceive.  c. This section does not abrogate or modify in any way any common law or statutory privilege or immunity heretofore enjoyed by any person identified in subsection a. of this section.  d. A person identified in subsection a. of this section shall be entitled to an award of attorney's fees and costs if he is the prevailing party in a civil cause of action for libel, slander or any other relevant tort arising out of activities in carrying out the provisions of this act and the party bringing the action was not substantially justified in doing so. For purposes of this section, a proceeding is "substantially justified" if it had a reasonable basis in law or fact at the time that it was initiated.  L.1993,c.236,s.7.
NJ Rev Stat § 17:23-27 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-27 - Purpose of sections C.17:23-27 through C.17:23-37.

17:23-27 Purpose of sections C.17:23-27 through C.17:23-37.  46. a. The purpose of sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37) is to provide the requirements for maintaining a risk management framework and completing an Own Risk and Solvency Assessment (ORSA) and provide guidance and instructions for filing an ORSA Summary Report with the Commissioner of Banking and Insurance. b. The requirements of sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37) shall apply to all insurers domiciled in this State unless exempt pursuant to section 51 of P.L.2014, c.81 (C.17:23-32). c. The Legislature finds and declares that the ORSA Summary Report shall contain confidential and sensitive information related to an insurer or insurance group's identification of risks material and relevant to the insurer or insurance group filing the report. This information will include proprietary and trade secret information that has the potential for harm and competitive disadvantage to the insurer or insurance group if the information is made public. It is the intent of this Legislature that, notwithstanding any other law to the contrary, the ORSA Summary Report shall be a confidential document filed with the commissioner, that the ORSA Summary Report shall be shared only as stated herein and to assist the commissioner in the performance of his or her duties, and that in no event shall the ORSA Summary Report be subject to public disclosure. L.2014, c.81, s.46.
NJ Rev Stat § 17:23-28 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-28 - Definitions.

17:23-28 Definitions.  47. For the purposes of sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37):  "Commissioner" means the Commissioner of Banking and Insurance. "Insurance group" for the purpose of conducting an ORSA, means those insurers and affiliates included within an insurance holding company system as defined in P.L.1970, c.22 (C.17:27A-1 et seq.). "Insurer" shall have the same meaning as set forth in section 2 of P.L.1993, c.236 (C.17:23-21), except that it shall not include agencies, authorities or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state. "Own Risk and Solvency Assessment" or "ORSA" means a confidential internal assessment, appropriate to the nature, scale and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer or insurance group's current business plan, and the sufficiency of capital resources to support those risks.  "ORSA Guidance Manual" means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners (NAIC) and as amended from time to time. A change in the ORSA Guidance Manual shall be effective on the January 1 following the calendar year in which the changes have been adopted by the NAIC. "ORSA Summary Report" means a confidential high-level summary of an insurer or insurance group's ORSA. L.2014, c.81, s.47.
NJ Rev Stat § 17:23-29 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-29 - Maintenance of risk management framework.

17:23-29 Maintenance of risk management framework.  48. An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer. L.2014, c.81, s.48.
NJ Rev Stat § 17:23-30 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-30 - ORSA conducted, process.

17:23-30 ORSA conducted, process.  49. Except as provided in section 51 of P.L.2014, c.81 (C.17:23-32), an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member. L.2014, c.81, s.49.
NJ Rev Stat § 17:23-31 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-31 - Submission of ORSA Summary Report.

17:23-31 Submission of ORSA Summary Report.  50. a. Upon the commissioner's request, and no more than once each year, an insurer shall submit to the commissioner an ORSA Summary Report or any combination of reports that together contain the information described in the ORSA Guidance Manual applicable to the insurer or the insurance group of which it is a member. Notwithstanding any request from the commissioner, if the insurer is a member of an insurance group, the insurer shall submit the report or reports required by this subsection if the commissioner is the lead state commissioner of the insurance group as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners. b. The report or reports shall include a signature of the insurer or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process attesting to the best of the individual's belief and knowledge that the insurer applies the enterprise risk management process described in the ORSA Summary Report and that a copy of the report has been provided to the insurer's board of directors or the appropriate committee thereof. c. An insurer may comply with subsection a. of this section by providing the most recent and substantially similar report or reports provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction, if that report provides information that is comparable to the information described in the ORSA Guidance Manual. Any such report in a language other than English must be accompanied by a translation of that report into the English language. L.2014, c.81, s.50.
NJ Rev Stat § 17:23-33 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-33 - Preparation, review of ORSA Summary Report.

17:23-33 Preparation, review of ORSA Summary Report.  52. a. The ORSA Summary Report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of subsection b. of this section. Documentation and supporting information shall be maintained and made available upon examination or upon request of the commissioner. b. The review of the ORSA Summary Report, and any additional requests for information, shall be made using similar procedures currently used in the analysis and examination of multi-state or global insurers and insurance groups. L.2014, c.81, s.52.
NJ Rev Stat § 17:23-35 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-35 - Failure to file ORSA Summary Report; penalty.

17:23-35 Failure to file ORSA Summary Report; penalty.  54. Any insurer failing, without just cause, to timely file the ORSA Summary Report as required in sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37) shall be required, after notice and opportunity for a hearing, to pay a penalty of up to $5,000 for each day's delay, to be recovered by the commissioner and the penalty so recovered shall be paid into the General Fund of this State. L.2014, c.81, s.54.
NJ Rev Stat § 17:23-36 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-36 - Severability.

17:23-36 Severability.  55. If any provision of sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37), or the application thereof to any person or circumstance, is held invalid, such determination shall not affect the provisions or applications of sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37) which can be given effect without the invalid provision or application, and to that end the provisions of sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through C.17:23-37) are severable. L.2014, c.81, s.55.
NJ Rev Stat § 17:23-37 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-37 - First filing of ORSA Summary Report in 2015.

17:23-37 First filing of ORSA Summary Report in 2015.  56. The first filing of the ORSA Summary Report shall be in 2015 pursuant to section 50 of P.L.2014, c.81 (C.17:23-31). L.2014, c.81, s.56.
NJ Rev Stat § 17:23-38 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-38 - Purpose of act.

17:23-38 Purpose of act.  1. The purpose of this act is to: a. Provide the Commissioner of Banking and Insurance a summary of an insurer's or insurance group's corporate governance structure, policies and practices to permit the commissioner to gain and maintain an understanding of the insurer's corporate governance framework. b. Outline the requirements for completing a corporate governance annual disclosure with the commissioner. c. Provide for the confidential treatment of the Corporate Governance Annual Disclosure and related information that will contain confidential and sensitive information related to an insurer's or insurance group's internal operations and proprietary and trade secret information which, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage. L.2019, c.350, s.1.
NJ Rev Stat § 17:23-39 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-39 - Construction of act.

17:23-39 Construction of act.  2. Nothing in this act shall be construed to prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable State corporate law. Notwithstanding the foregoing, nothing in this act shall be construed to limit the commissioner's authority, or the rights or obligations of third parties, under applicable law, including, but not limited to, the authority under P.L.1993, c.236 (C.17:23-20 et seq.), section 5 of P.L.1970, c.22 (C.17:27A-5), and sections 7 and 8 of P.L.2014, c.81 (C.17:27A-5.1 and C.17:27A-5.2).  L.2019, c.350, s.2.
NJ Rev Stat § 17:23-40 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-40 - Applicability of act.

17:23-40 Applicability of act.  3. The requirements of this act shall apply to all insurers domiciled in this State, including licensed organized delivery systems and reciprocal insurance exchanges. L.2019, c.350, s.3.
NJ Rev Stat § 17:23-41 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-41 - Definitions relative to the corporate governance of insurers.

17:23-41 Definitions relative to the corporate governance of insurers.  4. As used in this act: "Commissioner" means the Commissioner of Banking and Insurance. "Corporate governance annual disclosure" or "disclosure" means a confidential report filed by the insurer or insurance group made in accordance with the requirements of this act. "Department" means the Department of Banking and Insurance. "Insurance group" means those insurers and affiliates included within an insurance holding company system as defined in section 1 of P.L.1970, c.22 (C.17:27A-1). "Insurer" shall have the same meaning as set forth in section 1 of P.L.1970, c.22 (C.17:27A-1), and shall include any insurer or entity subject to rehabilitation or liquidation pursuant to P.L.1975, c.113 (C.17:30C-1 et seq.) and P.L.1992, c.65 (C.17B:32-31 et seq.), including licensed organized delivery systems and reciprocal insurance exchanges.  "NAIC" means the National Association of Insurance Commissioners. "ORSA Summary Report" means the report filed in accordance with sections 46 through 56 of P.L.2014, c.81 (C.17:23-27 through 37). L.2019, c.350, s.4.
NJ Rev Stat § 17:23-43 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-43 - Discretion over responses.

17:23-43 Discretion over responses.  6. a. The insurer or insurance group shall have discretion over the responses to the disclosure inquiries, provided the disclosure shall contain the material information necessary to permit the commissioner to gain an understanding of the insurer's or group's corporate governance structure, policies, and practices. The commissioner may request additional information that the commissioner deems material and necessary to provide the commissioner with a clear understanding of the corporate governance policies, the reporting or information system or controls implementing those policies. b. Notwithstanding subsection a. of this section, the disclosure shall be prepared consistent with rules promulgated by the commissioner. Documentation and supporting information shall be maintained and made available upon examination or upon request of the commissioner.  L.2019, c.350, s.6.
NJ Rev Stat § 17:23-45 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-45 - Third-party consultants.

17:23-45 Third-party consultants.  8. a. The commissioner may retain, at the insurer's expense, third-party consultants, including attorneys, actuaries, accountants and other experts not otherwise a part of the commissioner's staff as may be reasonably necessary to assist the commissioner in reviewing the disclosure and related information or the insurer's compliance with this act. b. Any persons retained under subsection a. of this section shall be under the direction and control of the commissioner and shall act in a purely advisory capacity. c. The NAIC and third-party consultants shall be subject to the same confidentiality standards and requirements as the commissioner. d. As part of the retention process, a third-party consultant shall verify to the commissioner, with notice to the insurer, that it is free of a conflict of interest and that it has internal procedures in place to monitor compliance with a conflict and to comply with the confidentiality standards and requirements of this act. e. A written agreement with the NAIC or a third-party consultant governing sharing and use of information provided pursuant to this act shall contain the following provisions and expressly require the written consent of the insurer prior to making public information provided under this act: (1) Specific procedures and protocols for maintaining the confidentiality and security of disclosure-related information shared with the NAIC or a third-party consultant pursuant to this act; (2) Procedures and protocols for sharing by the NAIC only with other state regulators from states in which the insurance group has domiciled insurers. The agreement shall provide that the recipient agrees in writing to maintain the confidentiality and privileged status of the disclosure-related documents, materials or other information and has verified in writing the legal authority to maintain confidentiality; (3) A provision specifying that ownership of the disclosure-related information shared with the NAIC or a third-party consultant remains with the department and the NAIC's or third-party consultant's use of the information is subject to the direction of the commissioner;  (4) A provision that prohibits the NAIC or a third-party consultant from storing the information shared pursuant to this act in a permanent database after the underlying analysis is completed; (5) A provision requiring the NAIC or third-party consultant to provide prompt notice to the commissioner and to the insurer or insurance group regarding any subpoena, request for disclosure, or request for production of the insurer's disclosure-related information; and (6) A requirement that the NAIC or a third-party consultant to consent to intervention by an insurer in any judicial or administrative action in which the NAIC or a third-party consultant may be required to disclose confidential information about the insurer shared with the NAIC or a third-party consultant pursuant to this act. L.2019, c.350, s.8.
NJ Rev Stat § 17:23-46 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-46 - Penalty for delay in filing disclosure.

17:23-46 Penalty for delay in filing disclosure.  9. Any insurer failing, without just cause, to timely file the disclosure as required in this act shall be required, after notice and hearing, to pay a penalty of up to $5,000 for each day's delay, to be recovered by the commissioner.  L.2019, c.350, s.9.
NJ Rev Stat § 17:23-47 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-47 - Regulations.

17:23-47 Regulations.  10. The commissioner may promulgate regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) and issue such orders as shall be necessary to carry out the provisions of this act. L.2019, c.350, s.10.
NJ Rev Stat § 17:23-48 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-48 - Severability.

17:23-48 Severability.  11. If any provision of this act, other than section 7, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect the provisions or applications of this act which can be given effect without the invalid provision or application, and to that end the provisions of this act, with the exception of section 7, are severable. L.2019, c.350, s.11.
NJ Rev Stat § 17:23-49 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:23-49 - Effective date.

17:23-49 Effective date.  12. The requirements of this act shall become effective immediately upon enactment. The first filing of the disclosure shall be in 2020. L.2019, c.350, s.12.