New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 1 - ADMINISTRATION
Subchapter 31 - SURPLUS LINES INSURER ELIGIBILITY
Section 11:1-31.6 - Withdrawal of eligibility

Universal Citation: NJ Admin Code 11:1-31.6

Current through Register Vol. 56, No. 24, December 18, 2024

(a) The Commissioner may withdraw the eligibility of an insurer to insure surplus lines risks in this State if the Commissioner has reason to believe that the eligible surplus lines insurer is no longer in compliance with this subchapter.

(b) The Commissioner shall notify all licensed surplus lines agents in this State of withdrawals of eligibility made pursuant to this section. Such notification may be made by posting such information on the Department's website, www.state.nj.us/dobi/index.html.

(c) Except as otherwise specified by the Commissioner, an insurer whose eligibility has been withdrawn pursuant to (a) above shall be prohibited from writing any new business or renewing existing business, but shall continue to service existing business through expiration of each policy.

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