17:48-4 - Applications for hospital service contracts as condition precedent to issuance of certificate of authority - New Jersey Statutes

17:48-4.  Applications for hospital service contracts as condition precedent  to issuance of certificate of authority
    No certificate of authority shall be issued to any hospital service corporation except on receipt of evidence by the Commissioner of Banking and Insurance that the corporation is in receipt of not less than five hundred dollars ($500.00) on bona fide applications for hospital service contracts from  not less than two hundred persons, which applications shall contain provisions  to the effect that any amounts collected with such applications will be  returned to such persons if the certificate of authority applied for is not  received by the corporation within one year from the date of the first of such  applications.  The commissioner may refuse to issue any certificate of  authority applied for if, in his judgment, the issue thereof is contrary to the  public interest.

     L.1938, c. 366, p. 925, s. 4.