48:4-13 - Exemption;Ā revocation
48:4-13.Ā Exemption;Ā revocation
Any owner desiring to be exempt from obtaining or filing such insurance policy, as aforesaid, shall make application to the Commissioner of Banking andĀ Insurance, showing its financial ability to pay such damages, whereupon theĀ commissioner, if reasonably satisfied of the applicant's financial ability,Ā shall by written order make such exemption.Ā The commissioner may from time toĀ time require further statements of the financial ability of such company;Ā andĀ if at any time, in the opinion of the commissioner, such company appears noĀ longer able to pay damages, the commissioner shall revoke his order grantingĀ exemption, in which case the said company shall immediately insure itsĀ liability as required by law.
Amended by L.1962, c. 198, s. 70.
Ā
Any owner desiring to be exempt from obtaining or filing such insurance policy, as aforesaid, shall make application to the Commissioner of Banking andĀ Insurance, showing its financial ability to pay such damages, whereupon theĀ commissioner, if reasonably satisfied of the applicant's financial ability,Ā shall by written order make such exemption.Ā The commissioner may from time toĀ time require further statements of the financial ability of such company;Ā andĀ if at any time, in the opinion of the commissioner, such company appears noĀ longer able to pay damages, the commissioner shall revoke his order grantingĀ exemption, in which case the said company shall immediately insure itsĀ liability as required by law.
Amended by L.1962, c. 198, s. 70.
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