N.J. Admin. Code § 11:2-5.1

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

Section 11:2-5.1 - Applicability

(a) This subchapter is applicable to all domestic stock insurers having 100 or more stockholders; provided, however, that this subchapter shall not apply to any insurer if 95 percent or more of its stock is owned or controlled by a parent or an affiliated insurer and the remaining shares are held by less than 500 stockholders.

(b) A domestic stock insurer which files with the Securities and Exchange Commission forms of proxies, consents and authorizations complying with the requirements of the Securities and Exchange Act of 1934 and the Securities and Exchange Acts Amendments of 1964 and Regulation X-14 of the Securities and Exchange Commission promulgated thereunder shall be exempt from the provisions of this subchapter.

Amended by R.2005 d.350, effective 10/17/2005.
See: 37 New Jersey Register 2285(a), 37 New Jersey Register 4026(a).
In (a), rewrote "Subchapter" as "subchapter" and "per cent" as "percent"; in (b), rewrote "Subchapter" as "subchapter".