reglab/housing_qa huggingface dataset:
NJ Rev Stat § 17B:32-60 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-60 - Report by liquidator

17B:32-60. Report by liquidator  30. a. As soon as practicable, but not more than two years from the date of an order of liquidation under section 17 of this act of an insurer issuing assessable policies, the liquidator shall make a report to the court setting forth:  (1) The reasonable value of the assets of the insurer; (2) The insurer's probable total liabilities; (3) The probable aggregate amount of the assessment necessary to pay all claims of creditors and expenses in full, including expenses of administration and costs of collecting the assessment; and  (4) A recommendation as to whether or not an assessment should be made and in what amount.  b. (1) Upon the basis of the report provided in subsection a. of this section, the Superior Court may levy one or more assessments against all members of the insurer who are subject to assessment.  (2) Subject to any applicable legal limits on assessability, the aggregate assessment shall be for the amount that the sum of the probable liabilities, the expenses of administration, and the estimated cost of collection of the assessment, exceeds the value of existing assets, with due regard being given to assessments that cannot be collected economically.  c. After levy of assessment under subsection b. of this section, the liquidator shall issue an order directing each member who has not paid the assessment pursuant to the order, to show cause why the liquidator should not pursue a judgment therefor.  d. The liquidator shall give notice of the order to show cause by publication and by first class mail to each member liable thereunder mailed to his last known address as it appears on the insurer's records, at least 20 days before the return day of the order to show cause.  e. (1) If a member does not appear and serve duly verified objections upon the liquidator on or before the return day of the order to show cause under subsection c. of this section, the court shall make an order adjudging the member liable for the amount of the assessment against him pursuant to subsection c. of this section, together with costs, and the liquidator shall have a judgment against the member therefor.  (2) If on or before such return day, the member appears and serves duly verified objections upon the liquidator, the commissioner may hear and determine the matter or may appoint a referee to hear it and make such order as the facts warrant. In the event that the commissioner determines that such objections do not warrant relief from assessment, the member may request the court to review the matter and vacate the order to show cause.  f. The liquidator may enforce any order or collect any judgment under subsection e. of this section by any lawful means.  L.1992,c.65,s.30.
NJ Rev Stat § 17B:32-61 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-61 - Amount recoverable not affected by delinquency proceedings

17B:32-61. Amount recoverable not affected by delinquency proceedings  31. The amount recoverable by the liquidator from reinsurers shall not be reduced as a result of the delinquency proceedings, regardless of any provision in the reinsurance contract or other agreement. Payment made directly to an insured or other creditor shall not diminish the reinsurer's obligation to the insurer's estate except when the reinsurance contract provided for direct coverage of a named insured and the payment was made in discharge of that obligation.  L.1992,c.65,s.31.
NJ Rev Stat § 17B:32-62 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-62 - Payment of unpaid premium, violations; penalties; appeals

17B:32-62. Payment of unpaid premium, violations; penalties; appeals  32. a. (1) An agent, broker, premium finance company, or any other person, other than the insured, responsible for the payment of a premium shall be obligated to pay any unpaid premium for the full policy term due the insurer at the time of the declaration of insolvency, whether earned or unearned, as shown on the records of the insurer. The liquidator shall also have the right to recover from such person any part of an unearned premium that represents commission of such person. Credits or setoffs or both shall not be allowed to an agent, broker or premium finance company for any amounts advanced to the insurer by the agent, broker or premium finance company on behalf of, but in the absence of a payment by, the insured.  (2) An insured shall be obligated to pay any unpaid earned premium due the insurer, as shown on the records of the insurer, at the time of the declaration of insolvency.  b. Upon satisfactory evidence of a violation of this section, the commissioner may pursue either one or both of the following courses of action: (1) Suspend or revoke or refuse to renew the licenses of such offending party or parties.  (2) After a hearing, impose an administrative penalty of not more than $10,000 for each violation of this section.  c. Before the commissioner takes any action as set forth in subsection b. of this section, he shall give written notice to the person, company, association or exchange accused of violating the law, stating specifically the nature of the alleged violation; and fixing a time and place, at least 10 days thereafter, when a hearing on the matter shall be held. After that hearing, or upon failure of the accused to appear at the hearing, the commissioner, if he shall find a violation, shall impose those penalties under subsection b. of this section as he deems advisable.  d. When the commissioner takes action in any or all of the ways set out in subsection b. of this section, the party aggrieved may appeal from that action to the Superior Court.  L.1992,c.65,s.32.
NJ Rev Stat § 17B:32-64 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-64 - Filing of proof of claims

17B:32-64. Filing of proof of claims  34. a. Proof of all claims shall be filed with the liquidator in the form required by section 35 of this act on or before the last day for filing specified in the notice required under section 21 of this act, except that proof of claims for cash surrender values or other investment values in life insurance and annuities need not be filed unless the liquidator expressly so requires.  b. The liquidator may permit a claimant making a late filing to share in distributions, whether past or future, as if he were not late, to the extent that any such payment will not prejudice the orderly administration of the liquidation, under the following circumstances:  (1) The existence of the claim was not known to the claimant and he filed his claim as promptly thereafter as reasonably possible after learning of it;  (2) A transfer to a creditor was avoided under sections 25 through 27 of this act, or was voluntarily surrendered under section 28 of this act, and that the filing satisfies the conditions of section 28 of this act;  (3) The valuation under section 40 of this act, of any security held by a secured creditor shows a deficiency, which is filed within 30 days after the valuation; and  c. The liquidator shall permit late filing claims to share in distributions, whether past or future, as if they were not late, if they are claims of a guaranty association or foreign guaranty association for reimbursement of covered claims paid or expenses incurred, or both, subsequent to the last day for filing if those payments were made and expenses incurred as provided by law.  d. The liquidator may consider any claim filed late which is not covered by subsection b. of this section, and permit it to receive distributions which are subsequently declared on any claims of the same or lower priority if the payment does not prejudice the orderly administration of the liquidation. The late-filing claimant shall receive, at each distribution, the same percentage of the amount allowed on his claim as is then being paid to claimants of any lower priority. This shall continue until his claim has been paid in full.  L.1992,c.65,s.34.
NJ Rev Stat § 17B:32-65 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-65 - Statement to proof of claim

17B:32-65. Statement to proof of claim  35. a. Proof of claim shall consist of a statement signed by the claimant that includes all of the following that are applicable:  (1) The particulars of the claim including the consideration given for it;  (2) The identity and amount of the security on the claim; (3) The payments made on the debt, if any; (4) That the sum claimed is justly owing and that there is no setoff, counterclaim or defense to the claim;  (5) Any right of priority of payment or other specific right asserted by the claimants;  (6) A copy of the written instrument which is the foundation of the claim; and  (7) The name and address of the claimant and the attorney who represents him, if any.  b. No claim need be considered or allowed if it does not contain all the information in subsection a. of this section which may be applicable. The liquidator may require that a prescribed form be used, and may require that other information and documents be included.  c. At any time the liquidator may request the claimant to present information or evidence supplementary to that required under subsection a. of this section and may take testimony under oath, require production of affidavits or depositions, or otherwise obtain additional information or evidence.  d. No judgment or order against an insured or the insurer entered after the date of filing of a successful petition for liquidation, and no judgment or order against an insured or the insurer entered at any time by default or by collusion need be considered as evidence of liability or of quantum of damages. No judgment or order against an insured or the insurer entered within four months before the filing of the petition need be considered as evidence of liability or of the quantum of damages.  e. All claims of a guaranty association or foreign guaranty association shall be in such form and contain such substantiation as may be agreed to by the association and the liquidator.  L.1992,c.65,s.35.
NJ Rev Stat § 17B:32-66 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-66 - Contingent, absolute, limited claims

17B:32-66. Contingent, absolute, limited claims  36. a. A claim may be allowed even if contingent, if it is filed in accordance with section 34 of this act. It may be allowed and may participate in all distributions declared after it is filed to the extent that it does not prejudice the orderly administration of the liquidation.  b. Claims that are due except for the passage of time shall be treated as absolute claims are treated, except that such claims may be discounted at a rate of interest determined by the commissioner.  c. Claims made under employment contracts by directors, principal officers, or persons in fact performing similar functions or having similar powers are limited to payment for services rendered prior to the issuance of any order of rehabilitation or liquidation under section 12 or 17 of this act. L.1992,c.65,s.36.
NJ Rev Stat § 17B:32-67 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-67 - Third party, insured claims

17B:32-67. Third party, insured claims  37. a. Whenever any third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a claim with the liquidator.  b. Whether or not the third party files a claim, the insured may file a claim on its own behalf in the liquidation. If the insured fails to file a claim by the date for filing claims specified in the order of liquidation or within 60 days after mailing of the notice required by section 21 of this act, whichever is later, he is an unexcused late filer.  c. The liquidator shall make his recommendations to the court under section 42 of this act, for the allowance of an insured's claim under subsection b. of this section after consideration of the probable outcome of any pending action against the insured on which the claim is based, the probable damages recoverable in the action and the probable costs and expenses of defense. After allowance by the court, the liquidator shall withhold any dividends payable on the claim, pending the outcome of litigation and negotiation with the insured. Whenever it seems appropriate, he shall reconsider the claim on the basis of additional information and amend his recommendations to the court. The insured shall be afforded the same notice and opportunity to be heard on all changes in the recommendation as in its initial determination. The court may amend its allowance as it deems appropriate. As claims against the insured are settled or barred, the insured shall be paid from the amount withheld the same percentage dividend as was paid on other claims of like property, based on the lesser of: (1) the amount actually recovered from the insured by action or paid by agreement plus the reasonable costs and expense of defense, or (2) the amount allowed on the claims by the court.  After all claims are settled or barred, any sum remaining from the amount withheld shall revert to the undistributed assets of the insurer. Delay in final payment under this subsection shall not be a reason for unreasonable delay of final distribution and discharge of the liquidator.  d. If several claims founded upon one policy are filed, whether by third parties or as claims by the insured under this section, and the aggregate allowed amount of the claims to which the same limit of liability in the policy is applicable exceeds that limit, each claim as allowed shall be reduced in the same proportion so that the total equals the policy limit. Claims by the insured shall be evaluated as in subsection c. of this section. If any insured's claim is subsequently reduced under subsection c., the amount thus freed shall be apportioned ratably among the claims which have been reduced under this subsection.  e. No claim may be presented under this section if it is or may be covered by any guaranty association or foreign guaranty association.  L.1992,c.65,s.37.
NJ Rev Stat § 17B:32-68 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-68 - Denial of claims

17B:32-68. Denial of claims  38. a. When a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant or his attorney by first class mail at the address shown in the proof of claim. Within 60 days from the mailing of the notice, the claimant may file his objections with the liquidator. If no such filing is made, the claimant may not further object to the determination.  b. Whenever objections are filed with the liquidator and the liquidator does not alter his denial of the claim as a result of the objections, the liquidator shall ask the court for a hearing as soon as practicable and give notice of the hearing by first class mail to the claimant or his attorney and to any other persons directly affected, not less than 10 nor more than 30 days before the date of the hearing. The matter may be heard by the court or by a court-appointed referee who shall submit findings of fact along with his recommendation.  L.1992,c.65,s.38.
NJ Rev Stat § 17B:32-69 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-69 - Proving, filing of claim of subrogee

17B:32-69. Proving, filing of claim of subrogee  39. Whenever a creditor, whose claim against an insurer is secured, in whole or in part, by the undertaking of another person, fails to prove and file that claim, the other person may do so in the creditor's name, and shall be subrogated to the rights of the creditor, whether the claim has been filed by the creditor or by the other person in the creditor's name, to the extent that he discharges the undertaking. In the absence of an agreement with the creditor to the contrary, the other person shall not be entitled to any distribution, however, until the amount paid to the creditor on the undertaking plus the distributions paid on the claim from the insurer's estate to the creditor equals the amount of the entire claim of the creditor. Any excess received by the creditor shall be held by him in trust for that other person. The term "other person," as used in this section, shall not apply to a guaranty association or foreign guaranty association.  L.1992,c.65,s.39.
NJ Rev Stat § 17B:32-70 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-70 - Determination of value of security

17B:32-70. Determination of value of security  40. a. The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct:  (1) By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to the creditor; or  (2) By agreement, arbitration, compromise or litigation between the creditor and the liquidator.  b. The determination shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant shall surrender his security to the liquidator, the entire claim shall be allowed as if unsecured. L.1992,c.65,s.40.
NJ Rev Stat § 17B:32-72 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-72 - Review of claims

17B:32-72. Review of claims  42. a. The liquidator shall review all claims duly filed in the liquidation and shall make such further investigation as he shall deem necessary. He may compound, compromise or in any other manner negotiate the amount for which claims will be recommended to the court except where the liquidator is required by law to accept claims as settled by any person or organization, including any guaranty association or foreign guaranty association. Unresolved disputes shall be determined under section 38 of this act. As soon as practicable, he shall present to the court a report of the claims against the insurer with his recommendations. The report shall include the name and address of each claimant and the amount of the claim finally recommended, if any. If the insurer has issued annuities or life insurance policies, the liquidator shall report the persons to whom, according to the records of the insurer, amounts are owed as cash surrender values or other investment value and the amounts owed.  b. The court may approve, disapprove or modify the report on claims by the liquidator. Reports that are not modified by the court within a period of 60 days following submission by the liquidator shall be treated by the liquidator as allowed claims, subject thereafter to later modification or to rulings made by the court pursuant to section 38 of this act. No claim under a policy of insurance shall be allowed for an amount in excess of the applicable policy limits.  L.1992,c.65,s.42.
NJ Rev Stat § 17B:32-73 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-73 - Payment of distributions

17B:32-73. Payment of distributions  43. Under the direction of the court, the liquidator shall pay distributions in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims, including third party claims. Distribution of assets in kind may be made at valuations set by agreement between the liquidator and the creditor and approved by the court.  L.1992,c.65,s.43.
NJ Rev Stat § 17B:32-74 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-74 - Distribution of unclaimed funds

17B:32-74. Distribution of unclaimed funds  44. Distribution of all unclaimed funds subject to distribution remaining in the liquidator's hands when he is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member or other person who is unknown or cannot be found, shall be made in accordance with the "Uniform Unclaimed Property Act (1981)," R.S. 46:30B-1 et seq.  L.1992,c.65,s.44.
NJ Rev Stat § 17B:32-75 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-75 - Application for discharge

17B:32-75. Application for discharge  45. a. When all assets justifying the expense of collection and distribution have been collected and distributed under this act, the liquidator shall apply to the court for discharge. The court may grant the discharge and make any other orders, including an order to transfer any remaining funds that are uneconomic to distribute, as may be deemed appropriate.  b. Any other person may apply to the court at any time for an order under subsection a. of this section. If the application is denied, the applicant shall pay the costs and expenses of the liquidator in resisting the application, including reasonable attorney's fees.  L.1992,c.65,s.45.
NJ Rev Stat § 17B:32-76 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-76 - Petition for reopening of proceedings

17B:32-76. Petition for reopening of proceedings  46. After the liquidation proceeding has been terminated and the liquidator discharged, the commissioner or other interested party may at any time petition the Superior Court to reopen the proceedings for good cause, including the discovery of additional assets. If the court is satisfied that there is justification for reopening, it shall so order.  L.1992,c.65,s.46.
NJ Rev Stat § 17B:32-77 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-77 - Retaining, destruction of records

17B:32-77. Retaining, destruction of records  47. Whenever it shall appear to the commissioner that the records of any insurer in the process of liquidation or completely liquidated are no longer useful, he may recommend to the court and the court shall direct what records should be retained for future reference and what should be destroyed.  L.1992,c.65,s.47.
NJ Rev Stat § 17B:32-78 (2021)
2021 New Jersey Revised Statutes|Title 17B - Insurance|Section 17B:32-78 - Audits of receiverships

17B:32-78. Audits of receiverships  48. The Superior Court may, as it deems appropriate, cause audits to be made of the books of the commissioner relating to any receivership established under this act, and a report of each audit shall be filed with the commissioner and with the court. The books, records and other documents of the receivership shall be made available to the auditor at any time without notice. The expense of each audit shall be considered a cost of administration of the receivership.  L.1992,c.65,s.48.