State Codes and Statutes

Statutes > New-jersey > Title-53 > Section-53-5a > 53-5a-17

53:5A-17.  Qualifications of life insurance companies
    Any life insurance company must meet the following requirements in order to  qualify under section 16:

    a.  be licensed under the laws of the State of New Jersey to transact life and accidental death insurance, and

    b.  the amount of its group life insurance in the State of New Jersey shall  at the time said insurance is to be purchased equal at least 1% of the total  amount of such group life insurance in the State of New Jersey in all life  insurance companies.

     L.1965, c. 89, s. 17.