17:20-4 - Deposits to do business elsewhere - New Jersey Statutes

17:20-4.  Deposits to do business elsewhere
    The commissioner may receive from any insurance company of this State a deposit of any securities necessary to enable it to transact business in any other State, territory, dependency or Federal District of the United States or in any foreign country under the laws thereof.  The securities shall be held by  the commissioner as long as the company desires to transact business in the  State, territory, dependency, Federal District or foreign country requiring the  deposit but the company may draw the dividends or receive the interest on the  securities.  When the company desires to discontinue its business therein, and  the deposit is no longer required by the laws thereof, the commissioner shall  return the securities to the company depositing them. Before the commissioner  shall return such securities deposited with him as aforesaid, the company shall  institute an action and obtain a judgment therefor in the Superior Court  substantially similar to that provided in section 17:20-3 of this Title.

     Amended by L.1953, c. 17, p. 240, s. 110.