New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 17 - PRODUCER LICENSING
Subchapter 2 - LICENSING RULES
Section 11:17-2.11 - Continuation of business of a producer who becomes disabled, dies, or enters the Armed Forces

Universal Citation: NJ Admin Code 11:17-2.11

Current through Register Vol. 56, No. 6, March 18, 2024

(a) Pursuant to the provisions of the Act, a surviving spouse, or court-appointed personal representative of a deceased or disabled producer, or a member or employee of a business entity in which the designated responsible licensed producer dies or becomes disabled, or a designee of a producer entering active service in the Armed Forces of the United States of America, may submit a request for a temporary license by hard copy or electronic means, containing the names, addresses, and license numbers of the producers involved and the reason for the request. No temporary license shall last for a period longer than 180 days.

(b) As a condition of issuance of a temporary license, the Commissioner shall require the applicant to designate a sponsor who is licensed as a producer in this State or is an insurer authorized to write insurance in this State.

(c) If the sponsor or holder of a temporary license sells, assigns or otherwise transfers ownership of the insurance business prior to the expiration of the temporary license, the license shall cease to be valid and shall be surrendered to the Department.

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