reglab/housing_qa huggingface dataset:
NJ Rev Stat § 17B:18-55 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-55 - Limitation on sale of stock by director, officer and principal stockholders

17B:18-55. Limitation on sale of stock by director, officer and principal stockholders  It shall be unlawful for any such beneficial owner, director or officer, directly or indirectly, to sell any stock of such insurer if the person selling the stock or his principal a. does not own the stock sold, or b. if owning the stock, does not deliver it against such sale within 20 days thereafter, or does not within 5 days after such sale deposit it in the mails or other usual channels of transportation; but no person shall be deemed to have violated this section if he proves that notwithstanding the exercise of good faith he was unable to make such delivery or deposit within such time, or that to do so would cause undue inconvenience or expense. L.1971, c. 144, s. 17B:18-55.
NJ Rev Stat § 17B:18-56 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-56 - Stock insurers; change of name, extension of corporate existence or amendment of charter or certificate of incorporation

17B:18-56. Stock insurers; change of name, extension of corporate existence or amendment of charter or certificate of incorporation  a. Any stock insurer heretofore or hereafter incorporated under any general or special law of this State may change its name, extend its corporate existence either before or after the expiration of the period limited for its duration or amend its charter or certificate of incorporation for any lawful purpose or restate its certificate of incorporation through procedures prescribed by the statutes of this State as to business corporations in general, and by complying with the requirements of subsection b. b. Upon adoption of such change of name, extension of corporate existence, amendment or restatement of charter, a certificate thereof shall be signed by the president or a vice-president and secretary or assistant secretary under the corporate seal and be acknowledged or proved as in the case of deeds of real estate. The certificate shall be submitted to the commissioner for his approval as provided for certificates of incorporation. When so approved, it shall be filed in the Department of Insurance whereupon the charter or certificate of incorporation shall be deemed to be amended accordingly. L.1971, c. 144, s. 17B:18-56.
NJ Rev Stat § 17B:18-57 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-57 - Mutual insurers; change of name, extension of corporate existence or amendment of charter or certificate of incorporation

17B:18-57. Mutual insurers; change of name, extension of corporate existence or amendment of charter or certificate of incorporation  Mutual insurers; change of name, extension of corporate existence or amendment of charter or certificate of incorporation.  a. Any mutual insurer heretofore or hereafter incorporated under any general or special law of this State may change its name and extend its corporate existence or amend its charter or certificate of incorporation for any lawful purpose by a three-fourths vote of its directors present at any regular or special meeting, held in accordance with its charter and bylaws, held not less than 30 nor more than 90 days after notice of the proposed amendment has been given to the directors and to the commissioner.  b. Upon adoption, a certificate of such adoption setting forth such change of name, extension or amendment shall be made and filed by the president or a vice-president of the insurer and by the secretary or an assistant secretary under the corporate seal and shall be acknowledged or proved as in the case of deeds of real estate and shall be submitted to the commissioner for his approval. If the commissioner finds that such change of name, extension or amendment is in conformity with law and does not unreasonably affect the interests of the policyholders, he may endorse his approval on the certificate. When so approved, it shall be filed in the Department of Insurance whereupon the charter or certificate of incorporation shall be deemed to be amended accordingly.  c. The refusal of the commissioner to give any approval shall be subject to judicial review. d. To the extent that an amendment of the charter or certificate of incorporation of a mutual insurer is adopted in accordance with subsection (3) of N.J.S. 14A:2-7, the commissioner shall approve such amendment unless he finds that it unreasonably affects the interest of the policyholders.  Amended 1987, c.35, s.5; 1989,c.17,s.4.
NJ Rev Stat § 17B:18-58 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-58 - Mutual insurers; adoption of amended charter or certificate of incorporation

17B:18-58. Mutual insurers; adoption of amended charter or certificate of incorporation  When any mutual insurer adopts an amendment to its charter or certificate of incorporation, as provided for in this chapter, the board of directors of the insurer, at the time of adopting the amendment, may adopt and ratify in its entirety an amended charter or certificate of incorporation to the end that it shall fully and completely set forth all the terms and conditions of the charter or certificate of incorporation under which the insurer shall thereafter transact business. The amended charter or certificate of incorporation shall be executed, acknowledged, approved and filed in accordance with section 17B:18-5. L.1971, c. 144, s. 17B:18-58.
NJ Rev Stat § 17B:18-59 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-59 - Mutualization of stock insurers

17B:18-59. Mutualization of stock insurers  a. A stock insurer may become a mutual insurer under such plan and procedure as may be approved by the commissioner after a hearing thereon. b. The commissioner shall not approve any such plan, procedure or mutualization unless: (1) It is equitable to stockholders and policyholders; (2) It is subject to approval by the holders of not less than 2/3 of the insurer's outstanding capital stock having voting rights and by not less than 2/3 of the insurer's policyholders who are qualified voters and who vote on such plan in person, by proxy or by mail pursuant to such notice and procedure as may be approved by the commissioner; (3) Mutualization will result in retirement of shares of the insurer's capital stock at a price not in excess of the fair market value thereof as determined by competent disinterested appraisers; (4) The plan provides for the purchase of the shares of any nonconsenting stockholder in the same manner and subject to the same applicable conditions as provided in New Jersey Business Corporation Act (N.J.S. 14A:1-1 et seq.) as to rights of nonconsenting stockholders, with respect to consolidation or merger of private corporations; (5) The plan provides for definite conditions to be fulfilled by a designated early date upon which such mutualization will be deemed effective; and (6) The mutualization leaves the insurer with surplus funds reasonably adequate for the security of its policyholders and to enable it to continue successfully in business in the States in which it is then authorized to transact insurance, and for the kinds of insurance included in its certificates of authority in such States. c. This section shall not apply to mutualization under order of court pursuant to rehabilitation or reorganization of an insurer under chapter 32 of this Title. L.1971, c. 144, s. 17B:18-59.
NJ Rev Stat § 17B:18-61 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-61 - Merger and consolidation of mutual insurers

17B:18-61. Merger and consolidation of mutual insurers  a. A domestic mutual insurer may merge or consolidate with one or more domestic or foreign mutual insurers in the following manner and subject to the following provisions: b. (1) The plan for merger or consolidation may be proposed at any meeting of the board of directors of a domestic insurer by the affirmative vote of 2/3 of the total number of directors of the insurer. (2) The plan for consolidation or merger proposed as required by paragraph (1) of this subsection, shall be submitted to a meeting of the policyholders of each domestic insurer, and may be effective only if adopted at such meeting by the affirmative vote, in person or by proxy, of a majority of the votes cast by policyholders who are qualified voters and who vote thereon. The said meeting shall be held upon such reasonable notice as has been approved by the commissioner and the notice shall fully set forth the terms and conditions of the proposed plan and agreement of merger or consolidation. c. No such merger or consolidation shall be effectuated unless in advance thereof the plan and agreement therefor have been filed with the commissioner and approved in writing by him after a hearing thereon. The commissioner shall give such approval within a reasonable time after such hearing unless he finds such plan or agreement: (1) Is contrary to law; or (2) Inequitable to the policyholders of any insurer involved; or (3) Would substantially reduce the security of and service to be rendered to policyholders of the domestic insurer in this State or elsewhere. (4) Involves the merger of a domestic insurer into a nonadmitted foreign insurer. d. No director, officer, agent or employee of any insurer party to such merger or consolidation shall receive any fee, commission, compensation or other valuable consideration whatsoever for in any manner aiding, promoting or assisting therein except as set forth in such plan or agreement. e. If the commissioner does not approve any such plan or agreement he shall so notify the insurer in writing specifying in detail his reasons therefor. f. Upon such merger or consolidation all the rights, franchises, and interest of the insurers so merging or consolidating, in and to every species of property and things in action belonging to them, or either of them, shall be deemed to be transferred to and vested in the insurer resulting from such merger or consolidation, without any other deed or transfer, and the merged or consolidated insurer shall hold and enjoy the same to the same extent as if the merging or consolidating insurers, or either of them, had continued to retain their titles and transact business. L.1971, c. 144, s. 17B:18-61.
NJ Rev Stat § 17B:18-62 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-62 - "Reinsurance" defined

17B:18-62. "Reinsurance" defined  "Reinsurance" is a contract under which an originating insurer, called the "ceding insurer" , procures insurance for itself in another insurer, called the "assuming insurer," with respect to part or all of an insurance risk of the originating insurer. L.1971, c. 144, s. 17B:18-62.
NJ Rev Stat § 17B:18-63 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-63 - Reinsurance of risks

17B:18-63. Reinsurance of risks  An insurer may reinsure such risks as it is authorized to insure, subject to the provisions of this Code. L.1971, c. 144, s. 17B:18-63.
NJ Rev Stat § 17B:18-64 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-64 - Prerequisites to reinsurance

17B:18-64. Prerequisites to reinsurance  a. No domestic insurer may become a ceding insurer with respect to all or any substantial part of its outstanding insurance risks or become an assuming insurer with respect to all or any substantial part of the outstanding insurance risks of another insurer until the contract of reinsurance between the ceding insurer and the assuming insurer shall have been submitted to the commissioner together with satisfactory evidence that the interests of the policyholders of each of such insurers which is authorized to do an insurance business in this State are fully protected and until such contract of reinsurance shall have been approved by him; provided however, that this section shall not be applicable to contracts of reinsurance heretofore or hereafter entered into providing for the reinsuring of single risks or policies, in whole or in part, or risks covered by any group policy or contract, in whole or in part. b. If a domestic mutual insurer cedes all or any substantial part of its insurance risks to a stock insurer, the agreement must be approved by the commissioner. The commissioner shall not approve any such agreement unless: (1) It is equitable to the insurer's policyholders; (2) It is subject to approval by vote of not less than 2/3 of the insurer's current policyholders who are qualified voters and who vote thereon in person, by proxy, or by mail at a meeting of policyholders called for the purpose pursuant to such reasonable notice and procedure as may be approved by the commissioner; (3) The equity of each policyholder in the insurer is determinable under a fair formula approved by the commissioner, which such equity shall be based upon not less than the insurer's entire surplus (after deducting contributed or borrowed surplus funds) plus a reasonable present equity in its reserves and in all nonadmitted assets; (4) In all cases involving the ceding of all the risks of a domestic mutual insurer to a stock insurer, there shall be a proviso in such agreement that upon the consummation of such transactions, said domestic insurer shall then be automatically dissolved. L.1971, c. 144, s. 17B:18-64.
NJ Rev Stat § 17B:18-65 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-65 - Extended reinsurance

17B:18-65. Extended reinsurance  In addition to the reinsurance specified in 17B:18-63, an insurer authorized to do the business specified in section 17B:17-3, 17B:17-4 and 17B:17-5 may through reinsurance assume any insurance risk and may retrocede any portion thereof; provided, however, no insurer may undertake any such extended reinsurance business without the prior approval of the commissioner. L.1971, c. 144, s. 17B:18-65. Amended by L.1975, c. 80, s. 1, eff. May 2, 1975.
NJ Rev Stat § 17B:18-65.1 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-65.1 - Rules and regulations

17B:18-65.1. Rules and regulations  The commissioner is authorized to adopt, promulgate and enforce such rules and regulations as he determines to be necessary to implement this act. L.1975, c. 80, s. 2, eff. May 2, 1975.
NJ Rev Stat § 17B:18-66 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-66 - Reinsurance pooling

17B:18-66. Reinsurance pooling  Any reinsurance authorized by sections 17B:18-63 or 17B:18-65 or any reinsurance of blanket accident insurance referred to in section 4 of Public Law 1939, c. 305 (17B:27-32) may be provided through pooling arrangements with other insurers for purposes of spreading the insurance risk. L.1971, c. 144, s. 17B:18-66.
NJ Rev Stat § 17B:18-67 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-67 - Short title

17B:18-67. Short title  1. Sections 2 through 6 of this act shall be known and may be cited as the "Dynamic Capital and Surplus Act of 1993."  L.1993,c.235,s.1.
NJ Rev Stat § 17B:18-68 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-68 - Surplus, capital required

17B:18-68. Surplus, capital required  2. Except as provided by section 3 of P.L.1993, c.235 (C.17B:18-69), no domestic insurer shall commence business in this State unless the insurer has surplus and capital actually paid in cash of at least the following amounts, and no domestic insurer shall otherwise continue to transact business in this State unless it has surplus and capital of at least the following amounts: a. For either kind or both kinds of business specified in N.J.S.17B:17-3 and N.J.S.17B:17-5, $1,000,000 in capital and $4,000,000 in surplus for a stock insurer, and $4,000,000 in surplus for a mutual insurer; b. For the kind of business specified in N.J.S.17B:17-4, $700,000 in capital and $2,800,000 in surplus for a stock insurer, and $3,000,000 in surplus for a mutual insurer; and c. For all three kinds of business specified in N.J.S.17B:17-3, N.J.S.17B:17-4 and N.J.S.17B:17-5, $1,530,000 in capital and $6,120,000 in surplus for a stock insurer, and $6,300,000 in surplus for a mutual insurer. For purposes of this section, "surplus" means unencumbered assets in excess of capital and all required reserves and other liabilities. L.1993,c.235,s.2; amended 1995,c.380,s.1.
NJ Rev Stat § 17B:18-69 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-69 - Temporary waiver of capital, surplus requirements

17B:18-69. Temporary waiver of capital, surplus requirements  3. An insurer authorized to transact the kind of business specified in N.J.S.17B:17-3, N.J.S.17B:17-4 or N.J.S.17B:17-5 prior to and on the effective date of this act may apply to the commissioner for a temporary waiver of the applicable capital and surplus requirements set forth in section 2 of this act. The commissioner may, in his discretion, temporarily waive the applicable capital and surplus requirements for that insurer for a period of no more than five years, except that the insurer shall remain subject to capital and surplus requirements of no less amounts than those in effect immediately prior to the effective date of this act. In considering such a temporary waiver, the commissioner shall consider: the size of the insurer's deficiency in meeting the applicable capital and surplus requirements; the adequacy of the insurer's financial plan to meet the applicable capital and surplus requirements; and any other factors deemed appropriate by the commissioner.  L.1993,c.235,s.3.
NJ Rev Stat § 17B:18-71 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-71 - Factors for determination of increase, revision, redetermination

17B:18-71. Factors for determination of increase, revision, redetermination  5. In determining any increase, revision or redetermination in the capital or surplus of an insurer pursuant to the provisions of section 4 of this act, the commissioner shall take into account the following factors:  a. Methods and techniques used to measure risk exposure and variability; b. The information available relating to the magnitude of the various risks described in section 4 of this act;  c. The extent to which the risks described in section 4 of this act are independent or interrelated, and whether any dependency is direct or inverse;  d. The insurer's financial history, projections of profits or losses and other operational characteristics;  e. The extent to which the insurer has provided protection against contingencies in ways other than the establishment of surplus, including, but not limited to: redundancy of premiums; margin in reserves and liabilities; adjustability of contracts pursuant to the terms of the contracts; voluntary or mandatory investment valuation reserves; reinsurance; the use of conservative actuarial assumptions to provide a margin of security; reserve adjustments after rate increases for policies written at earlier and less adequate rates; contingency or catastrophe reserves, and diversification of assets and underwriting risks; and  f. Any other relevant factors, including National Association of Insurance Commissioners' reports and independent judgments of the soundness of the insurer's financial condition, as evidenced by ratings and reports of reliable professional financial services.  L.1993,c.235,s.5.
NJ Rev Stat § 17B:18-72 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:18-72 - Suspension, revocation of authority to do business

17B:18-72. Suspension, revocation of authority to do business  6. The commissioner may suspend or revoke the authority to do business in this State of any insurer that does not comply with the provisions of this act.  L.1993,c.235,s.6.
NJ Rev Stat § 17B:19-2.1 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:19-2.1 - Annual valuation of reserve liabilities.

17B:19-2.1 Annual valuation of reserve liabilities.  60. The commissioner shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every company issued on or after the operative date of the valuation manual. In lieu of the valuation of the reserves required of a foreign or alien company, the commissioner may accept a valuation made, or caused to be made, by the insurance supervisory official of any State or other jurisdiction when the valuation complies with the minimum standard provided in sections 58, 60, 63, 64, 65 and 66 of P.L.2014, c.81 (C.17B:19-1.1, C.17B:19-2.1, C.17B:19-11, C.17B:19-12, C.17B:19-13 and C.17B:19-14). The provisions set forth in sections 63 and 64 of P.L.2014, c.81 (C.17B:19-11 and C.17B:19-12) shall apply to all policies and contracts issued on or after the operative date of the valuation manual. L.2014, c.81, s.60.
NJ Rev Stat § 17B:19-3 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:19-3 - Additional reserves

17B:19-3. Additional reserves  Subject to the approval of the commissioner, any life insurer of this State may set up, in addition to the reserve liabilities required pursuant to section 17B:19-2, reserves to provide for any additional liability at maturity, on the basis of rates of interest and of mortality appropriate to the valuation of annuities, on policies under which by their terms or otherwise a right has been or may be exercised to elect optional modes of settlement. The commissioner shall, at the time of the annual valuation pursuant to section 17B:19-2, make or cause to be made a valuation of the additional reserves so set up, and shall thereupon include the amount of such additional reserves in any certification of reserves made pursuant to section 17B:19-2, specifying the mortality table or tables and rate or rates of interest used in the calculation of such additional reserves. The basis of such additional reserves set aside by any insurer at the close of any year shall not thereafter be changed to a basis producing smaller aggregate reserves except upon approval by the commissioner of the insurer's application therefor. L.1971, c. 144, s. 17B:19-3.
NJ Rev Stat § 17B:19-4 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:19-4 - Preliminary term insurance; amount of reserve

17B:19-4. Preliminary term insurance; amount of reserve  This section applies to life insurance policies, other than policies for which the reserve liabilities are valued on the basis of the provisions of the standard valuation law contained in section 17B:19-8, which were previously issued by insurers doing business in this state and which provide for not more than one year preliminary term insurance by incorporating in the provision thereof specifying the premium consideration to be received a clause plainly showing that the first year's insurance or part thereof under the policies is term insurance, purchased by the whole or a part of the premium to be received during the first policy year. If the premium charged for the preliminary term insurance under any such policy issued prior to January 1, 1920 did not exceed that charged at the same time for like insurance under a twenty-payment life preliminary term policy of the same insurer, issued at the same age, or if the premium charged for the preliminary term insurance under any such policy issued on or after January 1, 1920 did not exceed 150% of the net premium therefor, computed according to the table of mortality and the rate of interest adopted by the insurer, as herein provided, such policy may be valued according to its terms on the mortality and interest bases herein provided. The reserve held on every other such policy shall be equal to that of a similar policy, issued at the same age, which does not provide for preliminary term insurance. L.1971, c. 144, s. 17B:19-4.