17B:33-7 - Deposit of bond by unauthorized insurer - New Jersey Statutes

17B:33-7.  Deposit of bond by unauthorized insurer
    Before any unauthorized insurer shall file or cause to be filed any pleading  or other paper in any action or proceeding instituted against it in any court  of this State, such insurer shall either a. deposit with the clerk of the court  cash or securities or file with such clerk a bond approved by the court as to  the sureties and in an amount fixed by it sufficient to secure the payment of  any final judgment which may be rendered;  provided, however, that the court  may, on notice and hearing, dispense with such deposit or bond upon being  satisfied that the insurer maintains, in a State of the United States, funds or  securities, in trust or otherwise, sufficient and available to satisfy any  final judgment which may be entered;  or b. procure a certificate of authority  to transact the business of insurance in this State.

     L.1971, c. 144, s. 17B:33-7.