17:22-6.14a2 - Notice of nonrenewal; identification of underwriting standards not met; liability for information to insurer as to reasons for nonrenewal - New Jersey Statutes

17:22-6.14a2.  Notice of nonrenewal;  identification of underwriting standards not met;  liability for information to insurer as to reasons for nonrenewal    Where a policy of insurance is not renewed because of failure to meet the then current underwriting standards, the notice of nonrenewal shall identify the underwriting standard and specify in detail the factual basis upon said underwriting standard has not been met.

    There shall be no liability on the part of and no cause of action of any nature shall arise against the Commissioner of Insurance or against any insurer, its authorized representative, its agents, its employees, or any firm,  person or corporation furnishing to the insurer information as to reasons for  nonrenewal, for any statement made by any of them in any written notice of  nonrenewal, or in any other communication, oral or written specifying the  reasons for nonrenewal, or the providing of information pertaining thereto, or  for statements made or evidence submitted at any hearings conducted in  connection therewith.

     L.1971, c. 152, s. 3, eff. May 20, 1971.