reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 2 - LICENSING RULES › Section 11:17-2.5 - Temporary work authority; change in residence status

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Commissioner or his or her designee is authorized to issue a temporary work authority allowing the applicant to begin work when the applicant has submitted in proper form the items required by 11:17-2.3 if the submission does not disclose any matter that may disqualify the applicant from being licensed. Any certificate issued in accordance with this section shall contain an expiration date and shall expire no more than 60 days after issuance.
(b) A nonresident licensee, upon moving his or her residence or primary place of business into the State of New Jersey and requesting resident status in New Jersey, shall within 30 days thereof notify the Department of his or her change of address and contact information and, within 90 days of change in resident status in the prior state, notify the Department of the request to qualify as a resident insurance producer in New Jersey. The licensee shall submit completed fingerprint forms in a format prescribed by the Department, including electronic fingerprinting. Upon receipt of this information, the licensee's status shall be changed from nonresident to resident.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 2 - LICENSING RULES › Section 11:17-2.6 - License renewal

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A current licensee shall renew a license in the following manner:
1. Prior to expiration of the current license term, each licensee shall submit a properly completed renewal application, including electronic online submissions, together with payment of renewal fees in accordance with 11:17-2.13. The renewal application shall be signed, dated and certified to be correct by the licensee or a licensed officer, partner, owner or designated licensed responsible producer of a licensed business entity, or an authorized submitter for electronic online submissions. The licensee shall certify that he, she or it continues to be qualified in accordance with the insurance laws of New Jersey.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 2 - LICENSING RULES › Section 11:17-2.7 - Additional authorities

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A currently licensed individual producer may obtain additional authorities as described in 11:17-2.2 by submitting a written request to the Department or by completing an online application, which may be submitted by an authorized submitter, and by providing the following:
1. The producer's name, residence and business addresses, contact information and New Jersey Producer License Reference Number or National Producer Number;
2. If a resident, a certificate evidencing completion of an approved course of prelicensing education, if required, or a certificate evidencing waiver of this requirement, and a certificate evidencing that the applicant has passed the State licensing examination for the authority or authorities requested not longer than one year prior to the application date, or a certificate evidencing waiver of this requirement;
3. If a nonresident, certification from the applicant that he, she or it holds a current license with comparable authority in the home state; and
4. Payment of the processing fee as required by 11:17-2.13.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 2 - LICENSING RULES › Section 11:17-2.8 - Legal and business names; addresses

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No resident licensed individual producer shall conduct insurance business under a name other than his or her legal name unless the name has been filed with and approved by the Department. Nothing in this section shall prohibit the transaction of business under the licensee's legal name and the words "agency," "insurance agency," "brokerage" or words determined by the Department to be of similar import. Issuance of a license containing the name shall serve as notice of approval.
(b) No nonresident licensed producer shall conduct business under a name other than its legal or business name in the state where it maintains a resident license.
(c) No resident business entity shall conduct insurance business unless the business name has been filed with and approved by the Department. Issuance of a license containing the name shall serve as notice of approval.
(d) Standards for business names are as follows:
1. No business name shall have the capacity or tendency to be misleading or deceptive;
2. No business name shall be identical or confusingly similar to the business name of another currently licensed resident producer;
3. If the word "insurance" or its equivalent is contained in the name, it must be joined with wording such as "agency" or "brokerage" to distinguish the entity from an insurance underwriting company;
4. No business name shall express or imply any identification or affiliation with a Federal, State or other government entity, including any department, division, bureau or subdivision of such entities nor shall it misleadingly imply identification with a not-for-profit organization;
5. No business name shall consist of or include any franchise designation except in accordance with procedures approved by the Commissioner; and
6. No business name shall contain the name of, or imply any affiliation with, a producer whose license has been revoked, terminated, suspended or voluntarily surrendered for cause.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 2 - LICENSING RULES › Section 11:17-2.9 - Branch offices

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Except for licensees with authority in only ticket insurance, group mortgage cancellation insurance, legal insurance, credit insurance, car rental insurance, travel insurance or self-storage personal property insurance, licensees shall file with the Department by hard copy or electronic means a branch office registration form within 30 days before business is first conducted there. A branch office registration form shall be accompanied by the processing fee specified in 11:17-2.13. The appropriate registration form will be prescribed by the Department.
(b) Upon receipt of a properly completed branch office registration form and fee, the Department shall enter information confirming the registration of the branch office into its producer licensing database. Branch office registrations shall expire contemporaneously with the producer's own license. The branch office registration shall not authorize the transaction of business at any location other than that named on the accepted registration form.
(c) The licensee shall advise the Department in writing by hard copy or electronic means of the closing of any branch office within 30 calendar days of the closing.
(d) A branch office shall be open to the public during such hours and days of the week as to provide the public reasonable access to the branch office. The branch office shall post the hours and days of operation in a manner reasonably calculated to inform the public.
(e) No branch office may engage in insurance related conduct unless at least one licensed individual insurance producer is present. The requirements of this section shall not preclude a branch office from remaining open to service accounts while the assigned producer is temporarily absent, and shall not permit unlicensed individuals to engage in any activities for which a license is required.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 2 - LICENSING RULES › Section 11:17-2.11 - Continuation of business of a producer who becomes disabled, dies, or enters the Armed Forces

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Pursuant to the provisions of the Act, a surviving spouse, or court-appointed personal representative of a deceased or disabled producer, or a member or employee of a business entity in which the designated responsible licensed producer dies or becomes disabled, or a designee of a producer entering active service in the Armed Forces of the United States of America, may submit a request for a temporary license by hard copy or electronic means, containing the names, addresses, and license numbers of the producers involved and the reason for the request. No temporary license shall last for a period longer than 180 days.
(b) As a condition of issuance of a temporary license, the Commissioner shall require the applicant to designate a sponsor who is licensed as a producer in this State or is an insurer authorized to write insurance in this State.
(c) If the sponsor or holder of a temporary license sells, assigns or otherwise transfers ownership of the insurance business prior to the expiration of the temporary license, the license shall cease to be valid and shall be surrendered to the Department.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 2 - LICENSING RULES › Section 11:17-2.12 - Licensing information requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following requirements relate to the provision of criminal history information by licensed producers and license applicants.
1. An applicant for an initial individual resident license shall complete an electronic fingerprint scan through the vendor approved by the Department, pay the fees required for its processing, and upon request by the Department, submit proof of completion.
2. An applicant for a resident business entity license shall complete an electronic fingerprint scan through the vendor approved by the Department, pay the fees required for their processing, and upon request by the Department, submit proof of completion for each officer, director, partner and owner of 10 percent or more of the organization. Applicants who contemporaneously submit resident business entity and resident individual applications need not submit duplicates.
3. Upon request by the Department, a licensed producer or license applicant shall supply copies of any complaint, indictment, judgment of conviction or other related documents.
4. Failure to respond to any specific request or to submit documentation requested shall constitute grounds for denial of the license, or suspension or revocation of any current license.
5. Failure to indicate a criminal conviction on the application for an insurance producer's license shall constitute a material misrepresentation and subject a licensee to the penalties provided at N.J.S.A. 17:22A-40a and c and 17:22A-45.
6. All licensed insurance producers shall otherwise comply with the criminal and administrative action reporting requirements set forth at N.J.S.A. 17:22A-40a(18) and 17:22A-47.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 2 - LICENSING RULES › Section 11:17-2.13 - Fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following fees shall be payable as set forth in this chapter:
1. License fee, not limited line, for a biennial license: $ 150.00;
2. License fee for limited line only, for a biennial license: $ 75.00;
3. Filing or processing initial application, electronic online submission: $ 20.00;
4. Filing or processing initial application, paper application: $ 40.00;
5. Additional authority filing, electronic online submission: $ 20.00;
6. Additional authority filing, paper application: $ 40.00;
7. Reinstating terminated license before its stated expiration date, electronic online submission: $ 20.00;
8. Reinstating terminated license before its stated expiration date, paper submission: $ 40.00;
9. Any branch office registration: $ 20.00;
10. License renewal processing fee for paper renewals: $ 20.00;
11. Late renewal fee, not limited line: $ 100.00;
12. Late renewal fee, limited line: $ 50.00;
13. Producer company appointment or termination fee, electronic online submissions: $ 25.00;
14. Producer company appointment or termination fee, paper submission: $ 35.00; and
15. Producer company appointment renewal fee: $ 25.00.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 2 - LICENSING RULES › Section 11:17-2.14 - Denial of license

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Whenever it appears from an application, renewal form, attached documents or Department records that an applicant has not demonstrated the qualifications prescribed in the Act and this chapter, the Department shall advise the applicant in writing that the license requested is denied; shall specify the reason for denial; and shall further advise the applicant of the right to request a hearing in accordance with the Administrative Procedure Act, 52:14B-1 et seq., and the Uniform Administrative Procedure Rules, N.J.A.C. 1:1, and the procedure for doing so.
(b) Upon receipt of a request for a hearing on a license denial, the Department shall review the application and attachments, its records and any additional information submitted and determine whether the license may be issued. If after this review the Department determines that the applicant is not qualified, the Department shall find that the matter is a contested case and transmit it to the Office of Administrative Law for hearing.
(c) Nothing in this section shall prevent the return of an application to the applicant for correction of ministerial errors.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 2 - LICENSING RULES › Section 11:17-2.15 - Surrender and cancellation of license; reinstatement after surrender

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee may surrender a current producer license by returning the license document to the Department for cancellation at any time before expiration. The Department may refuse to accept a request for cancellation of a business entity license unless all current licensed officers or partners consent to the request.
(b) A producer license may be reinstated after surrender during the same license period by completing an application in accordance with the provisions of 11:17-2.3. No additional license fee for that period shall be required but the processing fee provided in 11:17-2.13 shall be paid.
(c) Submitting a license for cancellation or allowing a license to expire shall not void or terminate any disciplinary proceedings against the licensee, nor prevent imposition of any penalty, ordered restitution or costs.
(d) In the event a license is lost or destroyed, a replacement may be printed using the NAIC-SBS license system accessed from the Department's website at
www.dobi.nj.gov
.
(e) Nothing in these rules shall authorize any person whose license has been revoked, suspended, cancelled or surrendered to continue to transact insurance business after the date of revocation, suspension, cancellation or surrender.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 2 - LICENSING RULES › Section 11:17-2.16 - Licensee records

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following licensee records shall be public records in accordance with 47:1A-1 et seq.:
1. Individual licensee: Name, license reference number, business name, business mailing and location address, business telephone and fax numbers, date of birth, license authorities, date first licensed, date of license examination, current license issue date, professional qualification, date last licensed or current license expiration date; names of companies for which notice of agency contracts have been filed, date of agency contract and date of termination of agency contract if any, and limits on authority if any; names and reference numbers of licensed organizations for which the producer serves as a licensed officer or partner, date became a licensed officer or partner and date terminated if any; names and reference numbers of employed or employing producers, date relationship began and terminated.
2. Licensed organization: Legal name of producer, license reference number, other business name if any, business mailing and location address; license authorities, date first licensed, date last licensed or current expiration date, names and reference numbers of licensed officers and partners; names and reference numbers of insurance companies for which notice of agency contracts have been filed, agency contract date and termination date if any, limits of authority if any; names and reference numbers of employed producers, date relationship began and terminated.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 2 - LICENSING RULES › Section 11:17-2.17 - Requests for disclosure of social security numbers

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Department may request that licensed producers and license applicants submit their social security numbers to the Department. All such requests shall either include or be accompanied by a notice stating:
1. The purpose or purposes for which the Department intends to use the social security numbers;
2. That disclosure made pursuant to the request is either voluntary or mandatory; and
3. That the request is authorized by this section and by such other law as may be applicable.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 3 - PROFESSIONAL QUALIFICATIONS › Section 11:17-3.1 - Approval of insurance education program

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Persons and entities that establish programs that include teaching or offering insurance courses to satisfy professional qualification requirements for prelicensing or continuing education for producers or continuing education for public adjusters shall, prior to conducting such courses, be approved by the Department in accordance with this section.
(b) An application for approval of an insurance education provider shall be made on a form prescribed by the Commissioner and shall provide the following information:
1. The name of the insurance education provider and the address of the permanent program office;
2. The name and address of the sponsoring organization, if any;
3. The name, address, email address, and telephone number of the program director or directors, New Jersey producer license reference number(s), if any, and a signed statement from each insurance education director that he or she has read this subchapter, understands his or her responsibilities as an insurance education director, and that he or she is fully responsible for the activity of the insurance education program;
4. The names, addresses and telephone numbers of any authorized personnel;
5. Whether the insurance education provider will teach or offer producer prelicensing education courses, producer continuing education courses, public adjuster continuing education courses, or any combination of the three;
6. The address of any permanent classroom or classrooms to be used by the provider; and
7. Any other information that may be required by the Department to determine whether the provider and the insurance education program meets the requirements for approval.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 3 - PROFESSIONAL QUALIFICATIONS › Section 11:17-3.3 - Penalties for insurance education providers, insurance education directors and authorized personnel

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An insurance education provider may be denied approval for failure to meet the requirements of this subchapter.
(b) Any denial of an application for approval of insurance education provider's program, or any proposal to revoke or suspend approval of insurance education provider's program, shall be in writing, and shall advise the applicant of his or her right to a hearing in accordance with the Administrative Procedure Act, 52:14B-1 et seq. and the Uniform Administrative Procedure Rules, N.J.A.C. 1:1. Nothing in this section shall prohibit the rejection and return of applications for correction of ministerial errors.
(c) The Commissioner may suspend, terminate or revoke the approval of an insurance education provider, director or authorized personnel for any of the following reasons:
1. The failure to maintain any requirement set forth in this subchapter;
2. The failure to advise the Department promptly of any change in information initially submitted in the application during the period of approval including, but not limited to, change of insurance education director, school address, place or time of scheduled classes and instructors;
3. Fraud or misrepresentation;
4. For continuing education programs only, the failure to report to the Department or the Department's contract vendor the students' continuing education credits;
5. Demonstrated incompetence or untrustworthiness of an insurance education provider, director or authorized personnel;
6. Violating any of the insurance laws of this State; or
7. Aiding or abetting any person in violating the insurance laws of this State.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 3 - PROFESSIONAL QUALIFICATIONS › Section 11:17-3.4 - Prelicensing education

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Except as provided in (e) through (g) below, each applicant for a resident insurance producer's license that is not solely for a limited line product shall pass a course of prelicensing education offered by a provider approved by the Department with the appropriate number of hours of instruction described in (b) and (c) below. All changes in the appropriate number of hours for prelicensing education shall become effective as of January 1, 2007.
(b) All prelicensing education courses listed in (c) below shall include content on regulation of the insurance industry in New Jersey, including the following topics:
1. State regulatory jurisdiction;
2. The powers of the Commissioner and the methods of regulation;
3. Producer licensing;
4. Producer trade practices, standards of conduct and ethics;
5. Doing business as a licensed insurance producer; and
6. Insurance fraud detection and prevention.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 3 - PROFESSIONAL QUALIFICATIONS › Section 11:17-3.6 - Continuing education

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No resident individual insurance producer licensed with life, accident, and health or sickness, property, casualty, surplus lines, title, variable life and variable annuity, or personal lines authority shall be renewed unless the renewal applicant demonstrates that he or she has completed 24 credit hours of approved continuing education courses during the previous licensing term, including three credit hours related to professional ethics per licensing term, one credit hour of which may be substituted with a credit hour related to insurance fraud.
1. With respect only to the first renewal following the initial issuance or initial renewal of a license on or after January 1, 2007, no resident individual insurance producer with property or personal lines authority who writes flood insurance shall be renewed unless the renewal applicant demonstrates that, as part of their total continuing education obligation as set forth above, he or she has completed a three credit hour approved continuing education course related to flood insurance and the National Flood Insurance Program during the previous license term.
2. Prelicensing education courses may not be utilized to fulfill continuing education credits.
3. Producers may only receive credit for the successful completion of any single approved continuing education course one time during the licensing term.
4. Resident individual insurance producers who complete in excess of 24 credit hours during one licensing term may carry over up to 12 credits to the next renewal term. These credit hours may only be carried over once. Credit hours earned in ethics may not be carried over.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 6 - MANAGING GENERAL AGENTS › Section 11:17-6.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter implements the provisions of 17:22C-1 et seq. This subchapter sets forth the procedures for the regulation of certain persons, firms, associations or corporations who act as managing general agents on behalf of insurers.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 6 - MANAGING GENERAL AGENTS › Section 11:17-6.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise.
"Commissioner" means the Commissioner of the New Jersey Department of Insurance.
"Insurer" means:
1. Any corporation, association, partnership, reciprocal exchange, interinsurer, Lloyd's insurer, fraternal benefit society or other person engaged in the business of insurance pursuant to 17:17-1 et seq., or 17B:17-1 et seq.;
2. Any medical service corporation operating pursuant to 17:48A-1 et seq.;
3. Any hospital service corporation operating pursuant to 17:48-1 et seq.;
4. Any health service corporation operating pursuant to 17:48E-1 et seq.;
5. Any dental service corporation operating pursuant to 17:48C-1 et seq.
"Managing general agent" or "MGA" means any person, firm, association or corporation who binds ceding reinsurance contracts on behalf of an insurer or manages all or part of the insurance business of an insurer, including the management of a separate division, department or underwriting office, and acts as an agent for that insurer whether known as a managing general agent, manager or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five percent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year together with one or more of the following:
1. Authority to adjusts or pays claims in excess of $ 5,000 per claim or in the aggregate, if the claims will settle for $ 100,000 or more in a year; or
2. Negotiates reinsurance on behalf of the insurer.
Notwithstanding the above; the following persons shall not be MGAs for the purposes of this subchapter:
1. An employee of the insurer;
2. A United States manager of the United States branch of an alien insurer;
3. An underwriting manager which, pursuant to contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, subject to 17:27A-1 et seq., and whose compensation is not solely based on the volume of premiums written;
4. An attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or inter-insurance exchange under powers of attorney.
"Nonresident" (of New Jersey) means a person for whom a state other than New Jersey has been designated the home state for the purpose of licensure.
"Producer" means a person licensed in accordance with 17:22A-26 et seq.
"Resident" (of New Jersey) means a person who maintains his or her principal place of residence or principal place of insurance business in New Jersey and for whom New Jersey has been designated the home state for the purpose of licensure.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 6 - MANAGING GENERAL AGENTS › Section 11:17-6.3 - Requirements for MGA

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to (f) below, no person, firm, association or corporation shall act in the capacity of a managing general agent with respect to risks located in this State for an insurer licensed in this State unless such person is licensed as an insurance producer in this State, with authority for the kind or kinds of business to be transacted.
(b) Subject to (f) below, no person, firm, association or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in this State with respect to risks located outside of this State unless such person is licensed as a producer in this State.
(c) Subject to (f) below, all managing general agents shall acquire and maintain a surety bond for the protection of the insurer contracting with the managing general agent. The bond shall be in the amount of $ 100,000 or 10 percent up to $ 500,000 of the direct premium written by the insurer for the previous calendar year that is attributable to the managing general agent, whichever is greater.
1. The bond amount shall be adjusted accordingly on or before April 1st of each year.
2. The bond shall be executed by an admitted company authorized to transact fidelity and surety business in New Jersey. The bond shall not be written by the insurer or an affiliate of the insurer contracting with the managing general agent.
3. The executed bond shall be submitted to the insurance company contracting with the MGA.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 6 - MANAGING GENERAL AGENTS › Section 11:17-6.4 - Insurer requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No insurer shall appoint or continue to use the services of any MGA to act for it in this State, either directly or indirectly through sub-agents of the MGA, unless the managing general agent is qualified to act as an MGA in this State pursuant to 11:17-6.3.
(b) The insurer shall maintain and make available to the Commissioner upon request a copy of the following:
1. An executed contract between the MGA and the insurer;
2. An executed bond in accordance with 11:17-6.3(e); and
3. Proof of the MGA's errors and omissions coverage in accordance with 11:17-6.3(d).
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 6 - MANAGING GENERAL AGENTS › Section 11:17-6.5 - Filing requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No person, firm, association or corporation shall act as an MGA with respect to risks located in this State for an insurer licensed or domiciled in this State, unless the MGA and the insurer have notified the Commissioner as provided (b) below.
(b) Insurers and MGAs required to notify the Commissioner as provided at (a) above shall file a Notice of Managing General Agent Contract in the form set forth as Form A in the Appendix to this subchapter incorporated herein by reference by completing and jointly executing the form and sending it to the Department at the following address:
New Jersey Department of Banking and Insurance
Office of Consumer Protection Services
Licensing and Insurance Education
20 West State Street
PO Box 329
Trenton, NJ 08625-0329
(c) The Commissioner may refuse to file any Notice of Managing General Agent Contract that is incomplete. The Commissioner shall notify the insurer of a determination that the Notice is incomplete, and the actions that must be taken or the items that must be submitted in order to make a complete filing.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 6 - MANAGING GENERAL AGENTS › Section 11:17-6.6 - Claim processing requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the contract between the MGA and the insurer permits the MGA to settle claims on behalf of the insurer the MGA shall comply with the requirements governing the settlement of claims set forth in 17:29B-4, 17B:30-13.1 and 17B:30-13.2 as applicable and any regulations promulgated by the Commissioner thereunder. In addition:
1. All claims shall be reported to the company within 30 days of a claim being reported to the MGA, unless otherwise specified with the insurer; and
2. A copy of the claim file shall be sent to the insurer at its request or as soon as it becomes known that the claim:
i. Has the potential to exceed $ 1,000,000 or exceeds the limit set by the insurer, whichever is less;
ii. Involves a coverage dispute;
iii. May exceed the managing general agent's claims settlement authority;
iv. Is open for more than six months; or
v. Is closed by payment of $ 1,000,000 or an amount set by the insurer, whichever is less.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 6 - MANAGING GENERAL AGENTS › Section 11:17-6.7 - Record maintenance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All policy and claim files shall be the joint property of the insurer and MGA. Upon termination of the MGA appointment for this State, all original policy and claim files shall be returned to the insurer. The MGA may retain copies of these files.
(b) All books and records of account shall be maintained by the managing general agent for a period of five years after the termination of the contract.
(c) All records, books and documents required to be maintained by the managing general agent in accordance with the provisions of this subchapter shall, upon his or her request, be produced for examination by the Commissioner or his or her duly authorized representatives.
(d) The books and records required by this subchapter to be maintained may be maintained electronically if the following conditions are met:
1. That all the elements required by this chapter to be maintained are contained in the electronic system;
2. That, upon the request of the Department, the electronically kept records can be reproduced in hardcopy; and
3. That electronic back ups are produced daily and, at least every 30 days, the records maintained electronically are reproduced and stored off-site.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 6 - MANAGING GENERAL AGENTS › Section 11:17-6.8 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the Commissioner finds, after notice and opportunity for a hearing pursuant to the provisions of the Administrative Procedure Act, 52:14B-1 et seq. as implemented by the Uniform Administrative Procedure Rules, N.J.A.C. 1:1, that any person has violated any provision of 17:22C-1 et seq., or this subchapter, 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 MGA 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.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 7 - REINSURANCE INTERMEDIARIES › Section 11:17-7.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter implements the provisions of 17:22E-1 et seq. This subchapter sets forth the procedures for the regulation of certain persons, firms, associations or corporations who act as reinsurance intermediaries and for insurers which transact business through a reinsurance intermediary.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 7 - REINSURANCE INTERMEDIARIES › Section 11:17-7.3 - Requirements for reinsurance intermediaries

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No person shall act as a reinsurance intermediary in this State unless licensed as a producer in this State, with authority for the kind and kinds of business to be transacted. The Commissioner may authorize a person to act as a reinsurance intermediary if that person has complied with the requirements of this section and 11:17-7.4.
1. An authorization issued to a firm or association shall authorize all members of the firm or association and any designated employee to act as reinsurance intermediaries under the authorization, and all those persons shall be named in the application and any supplements thereto.
2. An authorization issued to a corporation shall authorize all of the officers, and any designated employee 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.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 7 - REINSURANCE INTERMEDIARIES › Section 11:17-7.4 - Filing requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No person, firm, association or corporation shall act as a reinsurance intermediary-broker in this State if the reinsurance intermediary-broker maintains an office either directly or as a member or employee of a firm or association, or an officer, director or employee of a corporation:
1. In this State, unless such reinsurance intermediary-broker is a licensed producer in this State; or
2. In another state, unless such reinsurance intermediary-broker is a licensed producer in this State or another state having a law substantially similar to this law or such reinsurance intermediary-broker is licensed in this State as a nonresident reinsurance intermediary.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 7 - REINSURANCE INTERMEDIARIES › Section 11:17-7.5 - Insurer requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No insurer or reinsurer shall appoint or continue to use the services of a reinsurance intermediary unless the reinsurance intermediary is qualified to act as a reinsurance intermediary in this State pursuant to 11:17-7.3 and 7.4.
(b) Transactions between a reinsurance intermediary-manager and the reinsurer it represents in that capacity shall be pursuant to a written contract, specifying the responsibilities of each party, which shall be approved by the reinsurer's board of directors. At least 30 days before the reinsurer assumes or cedes business through a reinsurance intermediary-manager, a true copy of the approved contract shall be filed with the Commissioner for approval. The contract shall provide the minimum requirements specified at 17:22E-1 et seq.
(c) 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. The reinsurer shall notify the Department of termination of the reinsurance intermediary-manager relationship by filing a Notice of Termination of a reinsurance intermediary-manager the form set forth as Form B in the Appendix to this subchapter. Agency appointment shall not terminate until notice of termination has been received by the Commissioner.
(d) The insurer shall maintain and make available to the Commissioner upon request a copy of the following:
1. For a reinsurance intermediary-manager:
i. An executed bond in accordance with 11:17-7.3(c); and
ii. Proof of the reinsurance intermediary-manager's errors and omissions coverage in accordance with N.J.A.C. 11:7-7.3(c); and
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 7 - REINSURANCE INTERMEDIARIES › Section 11:17-7.6 - Record maintenance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For at least 10 years after the expiration of each contract of reinsurance transacted by the reinsurance intermediary, the reinsurance intermediary shall keep a complete record for each transaction showing:
1. The type of contract, limits, underwriting restrictions, classes or risks and territory;
2. The period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;
3. Reporting and settlement requirement of balances;
4. The rate used to compute the reinsurance premium;
5. The names and addresses of assuming reinsurers;
6. The rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary;
7. Related correspondence and memoranda;
8. Proof of placement;
9. Details regarding retrocessions handled by the reinsurance intermediary, including the identity of retrocessionaires and percentage of each contract assumed or ceded;
10. Financial record, including, but not limited to, premium and loss accounts; and
11. When the reinsurance intermediary procures a reinsurance contract on behalf of a ceding licensed insurer.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17 - PRODUCER LICENSING › Subchapter 7 - REINSURANCE INTERMEDIARIES › Section 11:17-7.7 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the Commissioner finds, after notice and opportunity for a hearing pursuant to the provisions of the Administrative Procedure Act, 52:14B-1 et seq., as implemented by the Uniform Administrative Procedure Rules, N.J.A.C. 1:1, that any person has violated any provisions of 17:22E-1 et seq., or this subchapter, 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 other restitution of moneys owed to any person and reimbursement of the costs of investigation and prosecution.
2. Order the reinsurance intermediary to reimburse the insurer, the rehabilitator or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer caused by a violation of this act committed by the reinsurance intermediary.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17A - INSURANCE PRODUCER STANDARDS OF CONDUCT; MARKETING › Subchapter 1 - ACTIVITIES FOR WHICH A PERSON MUST BE LICENSED AS AN INSURANCE PRODUCER › Section 11:17A-1.1 - Purpose; scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose of this subchapter is to implement the provisions of 17:22A-26 et seq. generally, and 17:22A-29 in particular, by identifying the insurance-related activities that require licensure as an insurance producer.
(b) This subchapter applies to all persons performing the functions of licensed insurance producers.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17A - INSURANCE PRODUCER STANDARDS OF CONDUCT; MARKETING › Subchapter 1 - ACTIVITIES FOR WHICH A PERSON MUST BE LICENSED AS AN INSURANCE PRODUCER › Section 11:17A-1.3 - Who must be licensed; exceptions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Except as provided in 11:17B-2.1(b) or (e), no person shall act as an insurance producer or maintain or operate any office in this State for the transaction of the business of an insurance producer, or receive any commission, brokerage fee, compensation or other consideration for services rendered as an insurance producer, without first obtaining a license from the Commissioner granting authority for the kind of insurance transacted.
(b) Unless otherwise specifically provided by 17:22A-26 et seq., any person who solicits, negotiates or sells contracts of insurance in New Jersey shall be considered to be transacting the business of insurance in New Jersey so as to require licensure as an insurance producer.
(c) Engaging in a single act or transaction of the business of an insurance producer, or holding oneself out to the public or an insurance producer as being so engaged, shall be sufficient proof of engaging in the business of an insurance producer as to require licensure pursuant to 17:22A-26 et seq.
(d) No licensed insurance producer shall permit or allow any unlicensed person to transact the business of an insurance producer.
(e) Officers or employees of insurers authorized to do business in this State and officers or employees of licensed insurance producers, who solicit, negotiate or sell insurance by communicating directly with the public whether in person or by mail, fax, computer or telephone, in the name of and on behalf of the insurer or the licensed insurance producer, for compensation of any type, shall be licensed as an insurance producer. The requirements of this subsection shall not apply to officers or employees whose participation in the solicitation, negotiation or sale of insurance contracts is in a manner not requiring a license as an insurance producer as described in 17:22A-30(b).
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17A - INSURANCE PRODUCER STANDARDS OF CONDUCT; MARKETING › Subchapter 1 - ACTIVITIES FOR WHICH A PERSON MUST BE LICENSED AS AN INSURANCE PRODUCER › Section 11:17A-1.4 - Selling, soliciting or negotiating an insurance contract

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No person shall solicit, negotiate or sell an insurance contract in New Jersey unless he or she is a licensed insurance producer.
(b) Selling, soliciting or negotiating an insurance contract includes, but is not limited to, the following activities:
1. Discussing the effect of age, health or other risk-related conditions of the prospective policyholder;
2. Urging or advising any prospective purchaser to buy any particular policy or to insure with any particular company;
3. Initiating sales over the telephone or otherwise;
4. Completing or signing applications for insurance if the person is other than the applicant's authorized representative;
5. Collecting premiums in person at other than a recorded place of business;
6. Making or proposing to make an insurance contract;
7. Disseminating information as to coverages in general or for any particular policy, except that this shall not prohibit the dissemination of buyer's guides or applications for coverage in response to requests from prospective policyholders;
8. Disseminating information as to rates in general or for any particular policy where the rate cannot be secured by referring to a published or printed list of standard rates;
9. Initiating an inquiry as to the terms of existing coverage, except exclusively in the course of clerical duties;
10. Discussing or describing the coverages or terms of a proposed contract of insurance with a prospective policyholder, including counseling as to which coverages to buy;
Example: If an insured or prospective insured requests advice in any communication with an unlicensed employee, the response must be made by a licensed producer.
11. Recommending or independently initiating additions or deletions to an insured's policy;
12. Signing binders, endorsements and insurance policies;
13. Authorizing the issuance or delivery of certificates of insurance, endorsements, binders or insurance policies or insurance identification cards; and
14. Responding to a policyholder's request for advice or counsel regarding policy provisions or coverage.
Example: In the course of requesting an application form or a change to an existing policy, if a policyholder or prospective policyholder, while speaking to an unlicensed person, requests an opinion about the terms of the proposed insurance contract or the proposed change to the existing contract, the response must be made by a licensed producer.
New Jersey Administrative Code › Title 11 - INSURANCE › Chapter 17A - INSURANCE PRODUCER STANDARDS OF CONDUCT; MARKETING › Subchapter 1 - ACTIVITIES FOR WHICH A PERSON MUST BE LICENSED AS AN INSURANCE PRODUCER › Section 11:17A-1.5 - Activities for which licensure not required

Current through Register Vol. 56, No. 14, July 15, 2024
Office employees who perform strictly clerical duties under the supervision and control of an insurer or licensed producer shall not be required to be licensed as an insurance producer.