17B:27B-15 - Immediate suspension of license, registration, grounds - New Jersey Statutes

17B:27B-15  Immediate suspension of license, registration, grounds.

15.  The commissioner may, without advance notice or hearing, immediately suspend the license or registration of a third party administrator if he finds that one or more of the following circumstances exist:

a.the administrator is insolvent or impaired;

b.a proceeding for receivership, conservatorship, rehabilitation or other delinquency proceeding regarding the administrator has been commenced in another state; or

c.the financial condition or business practices of the administrator otherwise pose an imminent threat to the public health, safety or welfare of the residents of this State.

L.2001,c.267,s.15.