N.J. Admin. Code § 11:2-39.1

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

Section 11:2-39.1 - Purpose and scope

(a) The purpose of this subchapter is to provide a framework for the establishment of uniform risk-based capital and surplus requirements for all insurers authorized, admitted, or eligible to transact business pursuant to Title 17 or Title 17B of the New Jersey Statutes, and to implement the provisions of N.J.S.A. 17:17-6 et seq., and 17B:18-67 et seq. (enacted August 9, 1993), which provide new minimum capital and surplus requirements and authorize the Commissioner to increase these requirements for individual insurers based upon the insurer's business risks.

(b) This subchapter shall apply to all insurers authorized, admitted, or eligible to transact business pursuant to Title 17 or Title 17B of the New Jersey Statutes. This subchapter shall not apply to mortgage guaranty insurers, financial guaranty insurers, or title insurers.

(c) This subchapter also shall not apply to any domestic property/casualty insurer that writes direct business only in this State; writes direct annual premiums of not more than $2 million; and assumes no reinsurance in excess of five percent of direct premiums written.

N.J. Admin. Code § 11:2-39.1

Amended by 48 N.J.R. 2441(a), effective 11/21/2016