N.J. Admin. Code § 11:2-29.1

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

Section 11:2-29.1 - Purpose and scope

(a) The purpose of this subchapter is to establish the requirements and procedures by which insurers may undertake an orderly withdrawal from the business of insurance in this State, thereby preventing or minimizing adverse effects upon the insurer's policyholders; preventing or minimizing disruption in the marketplace and harm to the public that would otherwise occur in the absence of regulation; and permitting insurers to withdraw from the marketplace in an orderly fashion consistent with N.J.S.A. 17:17-10 and 17:33B-30.

(b) This subchapter applies to all insurers that seek to withdraw from the business of insurance as defined herein. This subchapter shall not apply to any action constituting a block cancellation or block non-renewal regulated under N.J.A.C. 11:1-22 unless such action also is found to constitute a withdrawal under this subchapter.

Amended by R.2005 d.111, effective 4/4/2005.
See: 36 N.J.R. 4358(a), 37 N.J.R. 1069(a).
Rewrote (a); in (b), added the last sentence; added (c).
Amended by R.2008 d.220, effective 8/4/2008.
See: 40 N.J.R. 1058(a), 40 N.J.R. 4595(a).
Deleted (c).