New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 1 - ADMINISTRATION
Subchapter 35 - INSURANCE HOLDING COMPANY SYSTEMS
Section 11:1-35.9 - Disclaimers and termination of registration

Universal Citation: NJ Admin Code 11:1-35.9

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

(a) A disclaimer of affiliation or a request for termination of registration claiming that a person does not, or will not upon the taking of some proposed action, control another person (hereinafter referred to as the "subject") shall contain the following information:

1. The number of authorized, issued and outstanding voting securities of the subject;

2. With respect to the person whose control is denied and all affiliates of such person, the number and percentage of shares of the subject's voting securities which are held of record or known to be beneficially owned, and the number of such shares concerning which there is a right to acquire, directly or indirectly;

3. All material relationships and bases for affiliation between the subject and the person whose control is denied and all affiliates of such person; and

4. A statement explaining why such person should not be considered to control the subject.

(b) Other than when filed as a part of a transaction subject to review pursuant to N.J.S.A. 17:27A-2, a disclaimer of affiliation or a request for termination of registration shall be deemed to have been granted unless the Commissioner, within 30 days after receipt of a complete disclaimer or request, notifies the requestor otherwise.

(c) In the event of disallowance, the disclaiming party may request a hearing by requesting same in writing, within 20 days of the notice of disallowance.

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