17:30B-4 - Establishment; membership; immunity from liability for execution of powers and duties - New Jersey Statutes

17:30B-4.  Establishment;  membership;  immunity from liability for execution of powers and duties    The commissioner shall have authority to establish, as he shall deem necessary, one or more associations to assume the unexpired policy obligations of insolvent insurance companies from the date of assumption established by regulation of the commissioner.  The membership of each association shall consist of all insurers authorized to write, within this State, on a direct basis, the same kind of direct insurance in which the commissioner has authorized participation by the association.  Every such insurer shall be a member of the association and shall remain a member so long as the association is in existence as a condition of its authority to continue to transact such kinds of insurance in this State.  The provision of any other law of this State  notwithstanding, there shall be no liability on the part of and no cause of  action of any nature shall arise against any member insurer, the association or  its agents or its employees, the board of directors or the commissioner or his  representatives for any action taken by them in the performance of their powers  and duties under this act; provided, however, that such immunity from  liability shall not extend to such individuals with respect to fraudulent or  criminal acts.

     L.1974, c. 106, s. 4, eff. Sept. 19, 1974.  Amended by L.1979, c. 449, s. 1, eff. Feb. 22, 1980.