17:35-12 - Reinsurance - New Jersey Statutes

17:35-12.  Reinsurance
    No such corporation of this state shall transfer its risks to or insure them  in another corporation, unless the contract of transfer or reinsurance is first  submitted to and approved by a two-thirds vote of a meeting of the insured  called to consider the same, of which meeting a written or printed notice shall  be mailed to each member, certificate holder or policyholder at least thirty  days before the day fixed.  If the transfer or reinsurance is approved, every  member, certificate holder or policyholder of the corporation who files with  the secretary thereof, within ten days after the meeting, a written notice of  his preference to be transferred to a corporation other than the one named in  the contract, shall be accorded all the rights and privileges, if any, in aid  of such transfer as would have been accorded under the terms of the contract,  had he been transferred to the corporation named therein.  No such corporation  shall transfer its risks or assets or any part thereof to, or reinsure its  risks or any part thereof in, any insurance corporation or association of any  other state or country which is not at the time of the transfer or reinsurance  authorized to do business in this state.