New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 1 - ADMINISTRATION
Subchapter 28 - FORMATION OF A DOMESTIC PROPERTY AND CASUALTY INSURANCE CORPORATION STOCK OR MUTUAL OR RECIPROCAL INSURANCE EXCHANGE
Section 11:1-28.3 - Definitions

Universal Citation: NJ Admin Code 11:1-28.3
Current through Register Vol. 56, No. 18, September 16, 2024

The following words and terms, as used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise.

"Actuary" means a person who is a fellow in good standing of the Casualty Actuarial Society with three years recent experience in loss reserving or an associate in good standing of the Casualty Actuarial Society with five years recent experience in loss reserving.

"Annual statement" means the form of statement that is described in 17:23-1.

"Applicant" means a domestic corporation seeking to obtain a certificate of authority to transact property and casualty insurance in this State or the attorney in fact representing a proposed reciprocal insurance exchange seeking to obtain a certificate of authority to transact business pursuant to 17:50-1 et seq.

"Attorney in fact" or "attorney" means a person or corporation possessing the power of attorney to act on behalf of a reciprocal insurance exchange.

"Capital" means par value per share multiplied by the number of issued shares, or in the case of no-par shares, the total stated value.

"Certificate of authority" means a certificate issued by the Commissioner evidencing the authority of a corporation to transact insurance in this State.

"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.

"Department" means the New Jersey Department of Banking and Insurance.

"Domestic insurer" means an insurer formed under the laws of this State.

"Domestic surplus lines insurer" means a domestic property and casualty insurer formed pursuant to this subchapter designated as a domestic surplus lines insurer pursuant to N.J.S.A. 17:22-6.6 9b and this subchapter.

"Property and casualty insurance" means all lines of business for which an insurance company may be formed to transact, pursuant to 17:17-1, and includes mortgage guarantee insurance and title insurance pursuant to 17:46A-1 et seq. and 17:46B-1 et seq., respectively.

"Surplus" means the net worth of an insurer as reported in its annual statement. For a stock insurer, surplus means net worth less minimum capital. For a mutual insurer, surplus means its net worth.

Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.