17B:18-8 - Loan to mutual insurer for organizational expenses - New Jersey Statutes

17B:18-8.  Loan to mutual insurer for organizational expenses
    A mutual insurer organized under this Code may borrow or assume a liability  for the repayment of a sum of money sufficient to defray the reasonable  expenses of its organization, or to enable it to comply with any requirement of  law or as a guaranty fund, upon agreement, which shall first be submitted to  and approved by the commissioner, that the loan or advance, with interest,  shall be repaid only out of the surplus, earnings or profits of the corporation  with the approval of the commissioner whenever, in his judgment, its financial  condition shall warrant.  Any such loan or advance shall not form a part of the  legal liabilities of the insurer, but until repaid all statements published or  filed with the commissioner by the insurer shall show the amount thereof then  unpaid.

     L.1971, c. 144, s. 17B:18-8.