New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 1 - ADMINISTRATION › Subchapter 10 - ADMISSION REQUIREMENTS FOR FOREIGN AND ALIEN PROPERTY AND CASUALTY INSURERS › Section 11:1-10.6 - Final application

Current through Register Vol. 56, No. 14, July 15, 2024
(a) After submission of the letter of intent as required by N.J.A.C. 11:1-10.5, the applicant shall be instructed by the Department to file the following items:
1. A copy of its charter as currently in force, certified by the lawful custodian of the original document;
2. A copy of its bylaws as currently in force, certified by a senior officer of the company;
3. Six copies of the statement of the company's financial condition as of December 31 of the preceding calendar year, in the NAIC format, including all required supplemental exhibits, signed and sworn to by the president of the company, its corporate secretary and its treasurer;
4. A Certificate of Compliance under the official seal of the commissioner of insurance of the company's domiciliary state or country;
5. A certified copy of a report of the most recent examination of the company's affairs by the department of insurance or its equivalent, of the state or country in which the company is domiciled;
6. An appointment, by the company, of the Commissioner as attorney for service of process;
7. An application for admission, on a form to be prescribed by the Department, including payment of a non-refundable application fee in the amount set forth in 11:1-32.6(a)1;
8. A "statement of opinion" by a qualified actuary relating to loss and loss adjustment expense reserves, pursuant to N.J.A.C. 11:1-21;
9. A copy of the applicant's quarterly financial statements for the current year, in the NAIC format, and for such other periods of time as shall be required by the Commissioner;
10. Where applicable, a certified copy of the filing made pursuant to the Holding Company Act of the state, district, territory, commonwealth, possessions or country of domicile, for the last fiscal period, supplemented as necessary to meet the requirements of 17:27A-3(a) and (b) and applicable Securities and Exchange Commission filing requirements;
11. A statement of ownership of the applicant. This statement shall include all shareholders of record who control five percent or more of the outstanding shares of the applicant, directly or indirectly;
12. Any tender offer materials (advertisements, invitations, etc.) if any tender offer has been made by the company or its parent to acquire another company within the three years preceding;
13. Biographical affidavits, to be completed by all directors and senior officers on a form prescribed and provided by the Department;
14. A corporate plan of operation consisting of:
i. A schedule listing the following:
(1) All jurisdictions in which the applicant has applied for authorization to transact the business of insurance during the preceding 10 years and the dates and results of such applications; and
(2) All jurisdictions from which the applicant has withdrawn during the preceding 10 years, and the reasons for withdrawal;
(3) If a license has been refused, suspended or revoked by any jurisdiction, the applicant shall furnish an explanation and a copy of any orders, proceedings, and determinations related thereto.
ii. A description of the applicant's present business plan or plan(s) for conducting an insurance business, including, but not limited to:
(1) Geographical areas in which business is being written;
(2) The types of insurance to be written;
(3) Marketing methods;
(4) A summary of the methods for establishing premium rates; and
(5) A description of agency systems, including any managing general agency contracts.
iii. A proposed plan for conducting an insurance business in the State of New Jersey, including, but not limited to:
(1) The geographical area in which business is intended to be done;
(2) The types of insurance intended to be written;
(3) Proposed marketing methods;
(4) Proposed methods for the establishment of premium rates; and
(5) A three year forecast of anticipated premiums in this State by line of business.
iv. A summary of the applicant's reinsurance program on assumed and ceded business, indicating the name of the reinsurers, retentions, maximum risks, types of contract (such as pro rata), excess of loss, and any other information which may be relevant to this part of the applicant's operation. Additional information may be requested by the Department in order to supplement or clarify information already provided by the applicant;
v. A summary of the applicant's reinsurance assumed program, with retentions, maximum risks, types of business, types of contracts to be issued, and other factors which may, in the opinion of the Department, be relevant to this part of the applicant's operations; and
vi. Current financial reports of the ultimate parent if not otherwise provided to the Department;
15. If a United States Branch, the applicant shall provide the Department with:
i. A certificate of deposit from its insurance commissioner showing the amount in trust for policyholders;
ii. A certified copy of power of attorney in favor of its United States manager; and
iii. A certified copy of a deed of trust to the trustee of the funds of the company.
16. If the applicant is an alien insurer, a statement of trusteed surplus in the United States.