reglab/housing_qa huggingface dataset:
NJ Rev Stat § 17:22C-5 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22C-5 - Errors, omissions policy

17:22C-5. Errors, omissions policy  5. The commissioner may require the managing general agent to maintain an errors and omissions policy in a form and amount acceptable to the commissioner.  L.1993,c.237,s.5.
NJ Rev Stat § 17:22C-7 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22C-7 - Audit; loss reserve opinion, on-site procedural audit

17:22C-7. Audit; loss reserve opinion, on-site procedural audit  7. a. The insurer shall conduct and have on file an independent audit in a form acceptable to the commissioner of each managing general agent with which it has done business.  b. If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the managing general agent. Such loss reserve opinion shall be in the format of and otherwise satisfy all requirements established by the commissioner for loss reserve opinions required to be submitted by licensed insurers in this State.  c. The insurer shall at least biannually conduct an on-site procedural audit of the underwriting and claims processing operations of the managing general agent.  d. The managing general agent may negotiate reinsurance contracts or participation in insurance or reinsurance syndicates on behalf of the insurer. However, binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with an officer of the insurer, who shall not be affiliated with the managing general agent.  e. Within 30 days of entering into, or within 15 days of termination of, a contract with a managing general agent, the insurer shall provide written notification of that appointment or termination to the commissioner. Notices of appointment of a managing general agent shall include a statement of duties which the managing general agent is expected to perform on behalf of the insurer, the lines of insurance for which the managing general agent is to be authorized to act, and any other information the commissioner may request.  f. An insurer shall review each quarter its books and records to determine if any insurance producer has become a managing general agent as defined in section 1 of this act. If the insurer determines that an insurance producer has become a managing general agent, the insurer shall promptly notify the insurance producer and the commissioner of such determination and the insurer and insurance producer shall fully comply with the provisions of this act within 30 days.  g. An insurer shall not appoint to its board of directors an officer, director, employee or controlling shareholder of its managing general agents. This subsection shall not apply to relationships governed by P.L.1970, c.22 (C.17:27A-1 et seq.) or, if applicable, any laws governing business transacted by producer-controlled property and casualty insurers in this State.  L.1993,c.237,s.7.
NJ Rev Stat § 17:22C-8 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22C-8 - Acts of managing general agent considered acts of insurer

17:22C-8. Acts of managing general agent considered acts of insurer  8. The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer.  L.1993,c.237,s.8.
NJ Rev Stat § 17:22C-9 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22C-9 - Violations; penalties; summary proceedings

17:22C-9. Violations; penalties; summary proceedings  9. a. If the commissioner finds after notice and opportunity for a hearing that any person has violated any provision of this act, the commissioner may refuse to issue or renew the insurance producer's license, or may revoke or suspend the insurance producer's license.  b. In addition, or as an alternative to any other penalty, the commissioner may:  (1) Impose a fine of up to $5,000 for the first violation, and not exceeding $10,000 for each subsequent violation, and in appropriate circumstances order restitution of moneys owed to any person and reimbursement of the costs of investigation and prosecution;  (2) Order the managing general agent to reimburse the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer caused by a violation of this act committed by the managing general agent.  c. If the commissioner finds that the interests of the public require that immediate action be taken prior to completion of the hearing, the making of a determination and the entry of a final order, he may enter an appropriate order to be effective pending completion of the hearing and entry of a final order. These orders may be entered on ex parte proofs if the proofs indicate that the commissioner's withholding of any action until completion of a full hearing will be harmful to the public interest. Orders issued pursuant to this subsection shall be subject to an application to vacate upon 10 days' notice, and a preliminary hearing on the ex parte order shall be held in any event within 20 days after it is entered. In the alternative, or in addition, the commissioner is authorized to institute a proceeding in the Superior Court, to be conducted in a summary manner, for an injunction against specified acts or conduct in aid of the proceedings pending before him, including temporary injunctions and interim restraints.  d. Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for by the laws of this State.  e. Nothing contained in this act is intended to or shall in any manner limit or restrict the rights of policyholders, claimants and auditors.  L.1993,c.237,s.9.
NJ Rev Stat § 17:22C-10 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22C-10 - Rules, regulations

17:22C-10. Rules, regulations  10. The commissioner may promulgate rules and regulations as are necessary to effectuate the purposes of this act.  L.1993,c.237,s.10.
NJ Rev Stat § 17:22D-1 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22D-1 - Definitions

17:22D-1. Definitions  1. For purposes of this act: "Accredited state" means a state in which the insurance department or other regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners.  "Captive insurer" means an insurance company owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks to member organizations or group members and their affiliates.  "Commissioner" means the Commissioner of Insurance. "Control" or "controlled" has the same meaning as defined in section 1 of P.L.1970, c.22 (C.17:27A-1).  "Controlled insurer" means a licensed insurer which is controlled, directly or indirectly, by a producer.  "Controlling producer" means a producer who, directly or indirectly, controls an insurer.  "Licensed insurer" or "insurer" means any corporation, association, partnership, reciprocal exchange, interinsurer, Lloyd's insurer, or other person engaged in the business of insurance pursuant to Subtitle 3 of Title 17 of the Revised Statutes.  "Producer" means any person engaged in the business of an insurance agent, insurance broker or insurance consultant as defined in section 2 of P.L.1987, c.293 (C.17:22A-2).  L.1993,c.239,s.1.
NJ Rev Stat § 17:22D-2 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22D-2 - Application of act

17:22D-2. Application of act  2. a. This act shall apply to licensed insurers which are domiciled in this State or domiciled in a state that is not an accredited state having in effect a substantially similar law.  b. The provisions of P.L.1970, c.22 (C.17:27A-1 et seq.), to the extent they are not superseded by this act, shall continue to apply to all parties within holding company systems subject to this act. This act shall not apply to captive insurers.  L.1993,c.239,s.2.
NJ Rev Stat § 17:22D-4 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22D-4 - Written notice of relationship between controlling producer, controlled insurer; exception

17:22D-4. Written notice of relationship between controlling producer, controlled insurer; exception  4. The controlling producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the controlling producer and the controlled insurer, except that, if the business is placed through a subproducer who is not a controlling producer, the controlling producer shall retain in his records a signed commitment from the subproducer that the subproducer is aware of the relationship between the controlled insurer and the controlling producer and that the subproducer has or will notify the insured.  L.1993,c.239,s.4.
NJ Rev Stat § 17:22D-6 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22D-6 - Rules, regulations

17:22D-6. Rules, regulations  6. The commissioner may, pursuant to the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), promulgate rules and regulations as are necessary to effectuate the purposes of this act.  L.1993,c.239,s.6.
NJ Rev Stat § 17:22E-2 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22E-2 - Licensing of intermediary-broker, intermediary-manager

17:22E-2. Licensing of intermediary-broker, intermediary-manager  2. a. No person shall act as a reinsurance intermediary-broker or reinsurance intermediary-manager in this State unless licensed as a producer in this State.  b. No insurer or reinsurer shall continue to utilize the services of a reinsurance intermediary on and after the effective date of this act unless utilization is in compliance with this act.  L.1993,c.244,s.2.
NJ Rev Stat § 17:22E-3 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22E-3 - Requirements for intermediary-manager

17:22E-3. Requirements for intermediary-manager  3. The commissioner may require a reinsurance intermediary-manager to:  a. File a bond in an amount and from an insurer acceptable to the commissioner for the protection of the reinsurer; and  b. Maintain an errors and omissions policy in an amount acceptable to the commissioner.  L.1993,c.244,s.3.
NJ Rev Stat § 17:22E-4 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22E-4 - Authorization to act as reinsurance intermediary

17:22E-4. Authorization to act as reinsurance intermediary  4. a. The commissioner shall authorize a person to act as a reinsurance intermediary if that person has complied with the requirements of this act. Such authorization to a firm or association shall authorize all the members of the firm or association and any designated employees to act as reinsurance intermediaries under the authorization, and all those persons shall be named in the application and any supplements thereto. An authorization to a corporation shall authorize all of the officers, and any designated employees and directors thereof, to act as reinsurance intermediaries on behalf of the corporation, and all those persons shall be named in the application and any supplements thereto.  b. If the applicant seeking authorization to act as a reinsurance intermediary is a nonresident, the applicant, as a condition precedent to receiving or holding such authorization, shall designate the commissioner as agent for service of process; and also shall furnish the commissioner with the name and address of a resident of this State upon whom notices or orders of the commissioner or process affecting such nonresident reinsurance intermediary may be served. The person shall within 30 days notify the commissioner in writing of every change in its designated agent for service of process, and such change shall not become effective until acknowledged by the commissioner.  L.1993,c.244,s.4.
NJ Rev Stat § 17:22E-5 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22E-5 - Refusal of authorization

17:22E-5. Refusal of authorization  5. The commissioner may refuse to authorize a person to act as a reinsurance intermediary if, in his judgment, the person, anyone named on the application, or any member, principal, officer or director of the applicant, is not trustworthy, or that any controlling person of the applicant is not trustworthy to act as a reinsurance intermediary, or that any of these persons have given cause for revocation or suspension of that authorization, or have failed to comply with any prerequisite for that authorization. Upon written request therefor, the commissioner shall furnish a summary of the basis for refusal of such authorization, which document shall be privileged and not subject to P.L.1963, c.73 (C.47:1A-1 et seq.).  L.1993,c.244,s.5.
NJ Rev Stat § 17:22E-6 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22E-6 - Written contract required for transactions between reinsurance intermediary-broker, insurer

17:22E-6. Written contract required for transactions between reinsurance intermediary-broker, insurer  6. Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity shall only be entered into pursuant to a written contract, specifying the responsibilities of each party. The contract shall, at a minimum, provide that:  a. The insurer may terminate the reinsurance intermediary-broker's authority at any time;  b. The reinsurance intermediary-broker shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by, or owing to, the reinsurance intermediary-broker, and remit all funds due to the insurer within 30 days of receipt;  c. All funds collected for the insurer's account shall be held by the reinsurance intermediary-broker in a fiduciary capacity in a qualified United States financial institution;  d. The reinsurance intermediary-broker shall comply with sections 7 and 8 of this act;  e. The reinsurance intermediary-broker shall comply with the written standards established by the insurer for the cession or retrocession of all risks; and  f. The reinsurance intermediary-broker shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded. L.1993,c.244,s.6.
NJ Rev Stat § 17:22E-7 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22E-7 - Records of transactions

17:22E-7. Records of transactions  7. For at least 10 years after the expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing: a. The type of contract, limits, underwriting restrictions, classes or risks and territory;  b. Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;  c. Reporting and settlement requirements of balances; d. Rate used to compute the reinsurance premium; e. Names and addresses of assuming reinsurers; f. Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker;  g. Related correspondence and memoranda; h. Proof of placement; i. Details regarding retrocessions handled by the reinsurance intermediary-broker, including the identity of retrocessionaires and percentage of each contract assumed or ceded;  j. Financial records, including, but not limited to, premium and loss accounts; and  k. When the reinsurance intermediary-broker procures a reinsurance contract on behalf of a ceding licensed insurer:  (1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or  (2) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the assuming reinsurer has delegated binding authority to the representative.  L.1993,c.244,s.7.
NJ Rev Stat § 17:22E-8 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22E-8 - Access to intermediary-broker records by insurer

17:22E-8. Access to intermediary-broker records by insurer  8. The insurer shall have access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to its business in a form usable by the insurer.  L.1993,c.244,s.8.
NJ Rev Stat § 17:22E-9 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22E-9 - Authorization as reinsurance intermediary-broker required

17:22E-9. Authorization as reinsurance intermediary-broker required  9. An insurer shall not engage the services of any person to act as a reinsurance intermediary-broker on its behalf unless that person is authorized pursuant to section 4 of this act.  L.1993,c.244,s.9.
NJ Rev Stat § 17:22E-10 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22E-10 - Employment restrictions

17:22E-10. Employment restrictions  10. An insurer shall not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business, unless the reinsurance intermediary-broker is under common control with the insurer and subject to P.L.1970, c.22 (C.17:27A-1 et seq.).  L.1993,c.244,s.10.
NJ Rev Stat § 17:22E-11 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22E-11 - Annual statement of financial condition to insurer

17:22E-11. Annual statement of financial condition to insurer  11. A reinsurance intermediary-broker shall annually send a copy of statements of its financial condition to each insurer with which it transacts business.  L.1993,c.244,s.11.
NJ Rev Stat § 17:22E-13 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22E-13 - Prohibitions for reinsurance intermediary-manager

17:22E-13. Prohibitions for reinsurance intermediary-manager  13. The reinsurance intermediary-manager shall not: a. Cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may cede facultative retrocessions pursuant to obligatory faculative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. The guidelines shall include a list of reinsurers with which such automatic agreements are in effect, and for each such reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules;  b. Commit the reinsurer to participate in reinsurance syndicates; c. Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which he is appointed;  d. Without prior approval of the reinsurer, pay, or commit the reinsurer to pay, a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent of the reinsurer's policyholders' surplus as of December 31 of the last complete calendar year;  e. Collect any payment from a retrocessionaire, or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report shall be promptly forwarded to the reinsurer;  f. Jointly employ an individual who is employed by the reinsurer unless the reinsurance intermediary-manager is under common control with the reinsurer subject to P.L.1970, c.22 (C.17:27A-1 et seq.); and  g. Appoint a sub-reinsurance intermediary-manager. L.1993,c.244,s.13.
NJ Rev Stat § 17:22E-14 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22E-14 - Authorization as reinsurance intermediary-manager required

17:22E-14. Authorization as reinsurance intermediary-manager required  14. A reinsurer shall not engage the services of any person to act as a reinsurance intermediary-manager on its behalf unless such person is authorized pursuant to section 4 of this act.  L.1993,c.244,s.14.
NJ Rev Stat § 17:22E-15 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22E-15 - Annual statement of financial condition to reinsurer

17:22E-15. Annual statement of financial condition to reinsurer  15. A reinsurance intermediary-manager shall annually send a copy of statements of its financial condition to each reinsurer with which it transacts business. Such statements shall be prepared by an independent certified public accountant in a form acceptable to the commissioner.  L.1993,c.244,s.15.
NJ Rev Stat § 17:22E-16 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22E-16 - Adequacy of loss reserves

17:22E-16. Adequacy of loss reserves  16. If a reinsurance intermediary-manager establishes loss reserves, the reinsurer shall annually, or more frequently at the commissioner's discretion, obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the reinsurance intermediary-manager. The loss reserve opinion shall be in the format and otherwise satisfy all requirements established by the commissioner for loss reserve opinions required to be submitted by licensed insurers in this State. This opinion shall be in addition to any other loss reserve certification required in this State.  L.1993,c.244,s.16.
NJ Rev Stat § 17:22E-17 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22E-17 - Binding authority for retrocessional contracts, reinsurance syndicates

17:22E-17. Binding authority for retrocessional contracts, reinsurance syndicates  17. Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the reinsurance intermediary-manager.  L.1993,c.244,s.17.
NJ Rev Stat § 17:22E-18 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:22E-18 - Written notice of contract termination

17:22E-18. Written notice of contract termination  18. Within 15 days of termination of a contract with a reinsurance intermediary-manager, the reinsurer shall provide written notification of that termination to the commissioner. Notice of termination shall be on a form prescribed by the commissioner and shall indicate the date of termination and the reason therefor. Agency appointment shall not terminate until notice of termination has been received by the commissioner.  L.1993,c.244,s.18.