17:49A-11 - Suspension, termination of authority - New Jersey Statutes

17:49A-11.   Suspension, termination of authority
     The Commissioner of Insurance shall have the authority to suspend or terminate the authority of any joint insurance fund, or to assume control of the insurance fund, or to direct or take any action he may deem necessary, for good cause, to enable a fund to meet its obligations, cover its expected losses or to liquidate, rehabilitate or otherwise modify its affairs.  Such action shall be taken by the Commissioner of Insurance in the event of:

    a.   Failure to comply with the rules and regulations promulgated by the Commissioner of Insurance or with any of the provisions of this act;

    b.   A failure to comply with a lawful order of the Commissioner of Insurance; or

    c.   A deterioration of the financial condition of the fund to the extent that it causes an adverse effect upon the ability of the joint insurance fund to pay expected losses.

    L. 1987, c. 431, s. 11.