New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 23 - THIRD-PARTY ADMINISTRATORS
Subchapter 4 - SUSPENSION OR REVOCATION OF LICENSE OR REGISTRATION
Section 11:23-4.2 - Temporary suspension of license or registration; grounds and penalties
Universal Citation: NJ Admin Code 11:23-4.2
Current through Register Vol. 56, No. 24, December 18, 2024
(a) The Commissioner may, without advance notice or hearing, enter an order temporarily suspending the license or registration of a third party administrator if he or she finds that one or more of the following circumstances exist:
1. The administrator is insolvent or
impaired;
2. A proceeding for
receivership, conservatorship, rehabilitation or other delinquency proceeding
regarding the administrator has been commenced in another state; or
3. The financial condition or business
practices of the administrator otherwise pose an imminent threat to the public
health, safety or welfare of the residents of this State.
(b) A hearing shall be held within 30 days of the effective date of the temporary suspension to determine if the suspension should continue.
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