17B:18-6 - Stipulations in stock subscriptions and applications - New Jersey Statutes

17B:18-6.  Stipulations in stock subscriptions and applications
    Every subscription to the capital stock of a stock insurer shall contain the  stipulation that no sum shall be used for commission, promotion or organization  expenses in excess of a per cent of the amount paid upon the stock  subscription, to be named in the stipulation, in an amount to be named by the  commissioner.  Every subscription for stock and every application for insurance  in the insurer made prior to the granting to the insurer by the commissioner of  the certificate of authority shall contain the stipulation that the money  advanced by the applicant shall be returned to him without any deduction if the  insurer fails to complete its organization or procure the certificate or issue  the policy applied for in the application.

     L.1971, c. 144, s. 17B:18-6.