New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 2 - INSURANCE GROUP
Subchapter 1 - ADMISSION REQUIREMENTS FOR FOREIGN AND ALIEN LIFE AND HEALTH INSURERS
Section 11:2-1.6 - Final application
Universal Citation: NJ Admin Code 11:2-1.6
Current through Register Vol. 56, No. 24, December 18, 2024
(a) After the submission of the letter of intent as required by N.J.A.C. 11:2-1.5, the applicant, upon notice from the Department, shall file the following items:
1. A copy of its charter as currently in
force, certified by the lawful custodian of the original document;
2. A copy of its bylaws as currently in
force, certified by a senior officer of the insurer;
3. Six copies of the current annual
statement, including all supplemental exhibits;
4. One copy of the annual statement for each
of the past two years, including all supplemental exhibits;
5. A certificate of valuation, certified by
the insurance commissioner of the insurer's state or country of
domicile;
6. A certificate of
compliance certified by the insurance commissioner of the insurer's place of
domicile;
7. A certified copy of a
report of the most recent examination of the insurer's affairs by the
Department or its equivalent, of the place in which the insurer is
domiciled;
8. A document appointing
the Commissioner as attorney for service of process;
9. An application for admission, on a form to
be prescribed and provided by the Department, including the payment of a
non-refundable application fee of $5,000;
10. A copy of the applicant's quarterly
financial statements for the current year, in the NAIC format, and for such
other periods of time as shall be required by the Commissioner;
11. Where applicable, a certified copy of the
filing made pursuant to the holding company act of the place of domicile, for
the last fiscal period, supplemented as necessary to meet the requirements of
N.J.S.A. 17:27A-3(a) and (b) and applicable Securities and Exchange
Commission filing requirements;
12.
A statement of ownership of the applicant which shall include all shareholders
of record who control five percent or more of the outstanding shares of the
applicant, directly or indirectly;
13. Any tender offer materials
(advertisements, invitations, etc.), if any tender offer has been made by the
insurer or its parent to acquire another company within the three years
preceding;
14. Biographical
affidavits, to be completed by all directors and senior officers on a form
prescribed and provided by the Department;
15. A corporate plan of operation consisting
of:
i. A schedule listing the following:
(1) All jurisdictions in which the applicant
has applied for authorization to transact the business of insurance during the
preceding 10 years and the dates and results of such applications;
and
(2) If a license has been
refused, suspended or revoked by any jurisdiction, the applicant shall furnish
an explanation and a copy of any orders, proceedings, and determinations
related thereto;
ii. A
description of the applicant's present business plan(s) for conducting an
insurance business, including, but not limited to:
(1) Geographical areas in which business is
being written;
(2) The types of
insurance to be written;
(3)
Marketing methods;
(4) A summary of
the methods of establishing premium rates;
(5) Five-year financial projections including
premium volume and income by line of business; capital, surplus and risk-based
capital levels; and
(6) A
description of agency systems, including any managing general agency
contracts;
iii. A
description of the applicant's proposed plan for conducting an insurance
business in this State, including, but not limited to:
(1) The geographical area in which business
is intended to be done;
(2) The
types of insurance intended to be written;
(3) Proposed marketing methods;
(4) Proposed methods for the establishment of
premium rates;
(5) A five-year
forecast of anticipated premiums in this State by line of business;
and
(6) Proposed agency
systems;
iv. A summary
of the applicant's reinsurance program on assumed business, indicating the name
of the ceding insurers, retentions, maximum risks, types of business, types of
agreements, and any other information which may, in the opinion of the
Department, be relevant to this part of the applicant's operations. Additional
information may be requested by the Department in order to supplement or
clarify information already provided by the applicant; and
v. A summary of the applicant's reinsurance
program on ceded business, indicating the name of the reinsurers, retentions,
maximum risks, types of business, types of contracts, and any other information
which may, in the opinion of the Department, be relevant to this part of the
applicant's operations. Additional information may be requested by the
Department in order to supplement or clarify information already provided by
the applicant;
16. If
the applicant is a foreign insurer, evidence of a certificate of deposit,
certified by the commissioner of the place of domicile, confirming the deposit
made therewith and that such deposit satisfies the requirements of the
insurer's place of domicile;
17. If
a United States branch of an alien insurer, the applicant shall provide the
Department with:
i. A certificate of deposit
certified by its insurance commissioner showing the amount in trust for
policyholders which shall be sufficient to satisfy the requirements of N.J.S.A.
17B:22-3;
ii. A certified copy of
power of attorney in favor of its United States manager; and
iii. A certified copy of a deed of trust to
the trustee of the applicant's funds; and
18. If the applicant is an alien insurer, a
statement of trusteed surplus in the United States.
(b) Applicants shall file the final application within 60 days of notice from the Department that the applicant is eligible for admission.
(c) In lieu of the procedures set forth in N.J.A.C. 11:2-1.5 and 1.6, an applicant may file an application for admission utilizing the applicable form of the Uniform Certificate of Authority Application (UCAA) form and procedures adopted by the NAIC. The UCAA is available on the NAIC website at www.naic.org.
1.
An applicant utilizing the UCAA form shall file the information required in the
UCAA with the addition of the documentation set forth in
N.J.A.C. 11:2-1.5(a)3,
1.5(a)7 and 1.6(a)3 and shall pay the fee set forth at
N.J.A.C. 11:2-1.6(a)10.
2. An applicant utilizing the UCAA procedures
shall continue to be required to satisfy the eligibility requirements set forth
in N.J.A.C. 11:2-1.4.
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.
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