N.J. Admin. Code § 11:15-1.17

Current through Register Vol. 56, No. 21, November 4, 2024

Section 11:15-1.17 - Revocation of certificate of approval

(a) After notice and opportunity for a hearing as in a contested case (52:14B-9) , the Commissioner may revoke a group's certificate of approval if it is found that:

1. There has been deterioration of the financial condition of the group to such an extent that such deterioration would have an adverse affect on the ability of the group to pay expected losses;

2. The group has failed to pay any regulatory fee or assessment, or special fund contribution imposed upon it;

3. The group has failed to comply with any of the provisions of the Act, any regulations promulgated thereunder, or with any lawful order of the Commissioner within the time prescribed;

4. Any certificate of approval that was issued to the group was obtained by fraud;

5. There was a material misrepresentation in the application for the certificate of approval; or

6. The group or its administrator has misappropriated, converted, illegally withheld or refused to pay over, upon proper demand, any monies that belong to a member, an employee of a member, or a person otherwise entitled thereto and that have been entrusted to the group or its administrator.

N.J. Admin. Code § 11:15-1.17