17:29A-30 - Joint reinsurance; joint underwriting; laws governing; organization deemed insurer; unfair practices - New Jersey Statutes

17:29A-30.  Joint reinsurance;  joint underwriting;  laws governing; organization deemed insurer;  unfair practices
    (a) Every group, association or other organization of insurers which engages  in joint reinsurance or joint underwriting shall be subject to regulation with  respect thereto as herein provided, subject, however, with respect to joint  reinsurance, to P.L.1944, chapter 27, sections 23, 24, 26, 27 and 28, and, with  respect to joint underwriting, to all the provisions of the laws referred to in  section four of this act, except that any such group, association or other  organization of insurers which engages in joint underwriting shall not, with  respect to such joint underwriting, be deemed to be a  "rating organization"  as defined in P.L.1944, chapter 27, section 1(f), but shall be deemed to be an   "insurer"  as defined in subsection (g) of P.L.1944, chapter 27, section 1.

    (b) If, after a hearing, the commissioner finds that any activity or practice of any such group, association or other organization is unfair or unreasonable or otherwise inconsistent with the provisions of this act, or with  the applicable provisions of the laws referred to in section 4 of this act, he  may issue a written order specifying in what respects such activity or practice  is unfair or unreasonable or otherwise inconsistent with the provisions of this  act, or with the applicable provisions of the laws referred to in section four  of this act, and requiring the discontinuance of such activity or practice.

     L.1950, c. 309, p. 1046, s. 2.