17B:28-2 - Qualification of insurer - New Jersey Statutes

17B:28-2.  Qualification of insurer
    No present or future domestic insurer shall undertake the issuance of any contract on a variable basis, and no foreign or alien insurer heretofore or hereafter admitted to transact in this State any class or classes of insurance authorized by this code shall undertake the issuance or delivery of any contract on a variable basis within this State, unless said insurer shall have the authority to write life insurance or annuities or both and until said insurer has satisfied the commissioner that it has been engaged in transacting the business of life insurance for a period of at least 2 years and that its condition or methods of operation in connection with the issuance of such contracts on a variable basis will not be such as would render its operation hazardous to the public or its policyholders in this State.  In determining the  qualification of an insurer requesting authority to issue or deliver contracts  on a variable basis within this State, the commissioner will consider, among  other things, the history of the insurer;  the character, responsibility and general fitness of the officers and directors of the insurer;  and the regulation of such insurer by its jurisdiction of domicile. If the insurer is  a subsidiary of an authorized insurer, or affiliated with such authorized  insurer by common management or ownership, it may be deemed by the commissioner  to have satisfied the aforementioned provisions if either it or such authorized  insurer satisfies said provisions.

     L.1971, c. 144, s. 17B:28-2.