New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 35 - VIATICAL SETTLEMENTS
Section 11:4-35.7 - Denial of license

Universal Citation: NJ Admin Code 11:4-35.7

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

(a) Where it appears from an application, the attached documents or Department records that an applicant has not demonstrated the qualifications prescribed in the Act or this subchapter, the Department shall advise the applicant in writing that the license request is denied; shall specify the reasons for the denial; and shall advise the applicant of the right to request a hearing, and of the procedures for filing the request.

1. A request for a hearing shall be filed within 20 days of receipt of the letter denying the request for a license.

2. The request for a hearing by a viatical settlement provider shall be forwarded to:

Assistant Commissioner

Life and Health

New Jersey Department of Banking and Insurance

20 West State Street

PO Box 325

Trenton, NJ 08625-0325

3. The request for a hearing by a viatical settlement broker or viatical settlement representative shall be forwarded to:

Director of Licensing and Insurance Education

New Jersey Department of Banking and Insurance

20 West State Street

PO Box 325

Trenton, NJ 08625-0325

4. The request for a hearing shall include a statement of the legal and factual basis upon which the applicant disagrees with the denial of a license and all documentation in support thereof.

(b) Upon receipt of a request for a hearing on a license denial, the Department shall review the application and attachments, the Department's records and any additional information submitted, and shall determine whether the license will be issued.

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