17:22-6.46 - Withdrawal of eligibility;Ā grounds;Ā notice
17:22-6.46.Ā Withdrawal of eligibility;Ā grounds;Ā notice
If at any time the commissioner has reason to believe that any unauthorizedĀ insurer then on the list of eligible surplus lines insurers is insolvent, or inĀ unsound financial condition, or that it is no longer eligible under theĀ conditions therefor provided in section 11 of this act, he shall withdraw theĀ eligibility of the insurer to insure surplus lines risks in this State.
If the commissioner finds, after a hearing thereon of which notice was givenĀ to all licensed surplus lines agents, that an insurer currently eligible as aĀ surplus lines insurer has willfully violated the laws of New Jersey, or doesĀ not make reasonably prompt payment of just losses and claims in this State, heĀ may withdraw the eligibility of the insurer to insure surplus lines risks inĀ this State.
The commissioner shall promptly mail notice of all such withdrawals of eligibility to each surplus lines agent at his address last of record with the commissioner.
L.1960, c. 32, p. 113, s. 12.
17:22-6.47.Submission of affidavit, certification to surplus lines agent
13.Ā Within 30 business days after the effectuation of any surplus lines insurance the originating broker shall submit to the surplus lines agent an affidavit or certification by the broker, on a form prescribed and furnished by the commissioner, as to efforts made to place the coverage with authorized insurers and the results thereof, except that no such affidavit or certification shall be required for those coverages, risks or classes of insurance declared eligible for export by the commissioner pursuant to section 9 of P.L.1960, c.32 (C.17:22-6.43).Ā The affidavit or certification shall be maintained in the files of the broker and the surplus lines agent and shall be available for inspection by the commissioner for a period of at least five years.
A broker who fails to submit the affidavit or certification to the surplus lines agent within the prescribed time is subject to the penalties provided under section 27 of P.L.1960, c.32 (C.17:22-6.61).
L.1960,c.32,s.13; amended 1981, c.250, s.3; 1996, c. 69, s.5.
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If at any time the commissioner has reason to believe that any unauthorizedĀ insurer then on the list of eligible surplus lines insurers is insolvent, or inĀ unsound financial condition, or that it is no longer eligible under theĀ conditions therefor provided in section 11 of this act, he shall withdraw theĀ eligibility of the insurer to insure surplus lines risks in this State.
If the commissioner finds, after a hearing thereon of which notice was givenĀ to all licensed surplus lines agents, that an insurer currently eligible as aĀ surplus lines insurer has willfully violated the laws of New Jersey, or doesĀ not make reasonably prompt payment of just losses and claims in this State, heĀ may withdraw the eligibility of the insurer to insure surplus lines risks inĀ this State.
The commissioner shall promptly mail notice of all such withdrawals of eligibility to each surplus lines agent at his address last of record with the commissioner.
L.1960, c. 32, p. 113, s. 12.
17:22-6.47.Submission of affidavit, certification to surplus lines agent
13.Ā Within 30 business days after the effectuation of any surplus lines insurance the originating broker shall submit to the surplus lines agent an affidavit or certification by the broker, on a form prescribed and furnished by the commissioner, as to efforts made to place the coverage with authorized insurers and the results thereof, except that no such affidavit or certification shall be required for those coverages, risks or classes of insurance declared eligible for export by the commissioner pursuant to section 9 of P.L.1960, c.32 (C.17:22-6.43).Ā The affidavit or certification shall be maintained in the files of the broker and the surplus lines agent and shall be available for inspection by the commissioner for a period of at least five years.
A broker who fails to submit the affidavit or certification to the surplus lines agent within the prescribed time is subject to the penalties provided under section 27 of P.L.1960, c.32 (C.17:22-6.61).
L.1960,c.32,s.13; amended 1981, c.250, s.3; 1996, c. 69, s.5.
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