17:31-3 - Qualifications for action as surety or guarantor - New Jersey Statutes

17:31-3.  Qualifications for action as surety or guarantor    The company, to be qualified to so act as surety or guarantor, shall comply  with all the requirements of chapters 17 to 33 of this title (s. 17:17-1 et  seq.), applicable to it, and shall have good available assets in excess of its  liabilities.  The liabilities for the purposes of said chapters 17 to 33, shall  be taken to be its capital stock, its outstanding debts and a premium reserve  of fifty per cent of the annual premiums on all outstanding bonds,  undertakings, recognizances and obligations of like character in force.