17:50-11 - Certificate of authority - New Jersey Statutes

17:50-11.  Certificate of authority    Before issuing any such contracts in this State, the attorney shall procure  from the Commissioner of Banking and Insurance of this State a certificate of  authority showing that the exchange has complied with all the requirements of  this act and is authorized to transact business in this State, which said  certificate shall expire on the first day of May of the following year, and  shall be renewed each year as of the first day of May thereof.  Such  certificate shall specify the name or designation under which such contracts of  insurance are issued.  The Commissioner of Banking and Insurance of this State  may, after hearing, revoke or suspend any certificate of authority issued  hereunder in the case of violation of any of the provisions of this act, after  reasonable notice has been given such attorney in writing, so that he may  appear and show cause why such action should not be taken.

     L.1945, c. 161, p. 561, s. 11.