17B:18-6 - Stipulations in stock subscriptions and applications
17B:18-6.Ā Stipulations in stock subscriptions and applications
Every subscription to the capital stock of a stock insurer shall contain theĀ stipulation that no sum shall be used for commission, promotion or organizationĀ expenses in excess of a per cent of the amount paid upon the stockĀ subscription, to be named in the stipulation, in an amount to be named by theĀ commissioner.Ā Every subscription for stock and every application for insuranceĀ in the insurer made prior to the granting to the insurer by the commissioner ofĀ the certificate of authority shall contain the stipulation that the moneyĀ advanced by the applicant shall be returned to him without any deduction if theĀ insurer fails to complete its organization or procure the certificate or issueĀ the policy applied for in the application.
L.1971, c. 144, s. 17B:18-6.
Every subscription to the capital stock of a stock insurer shall contain theĀ stipulation that no sum shall be used for commission, promotion or organizationĀ expenses in excess of a per cent of the amount paid upon the stockĀ subscription, to be named in the stipulation, in an amount to be named by theĀ commissioner.Ā Every subscription for stock and every application for insuranceĀ in the insurer made prior to the granting to the insurer by the commissioner ofĀ the certificate of authority shall contain the stipulation that the moneyĀ advanced by the applicant shall be returned to him without any deduction if theĀ insurer fails to complete its organization or procure the certificate or issueĀ the policy applied for in the application.
L.1971, c. 144, s. 17B:18-6.
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