45:21-8 - Certain corporations may carry own liability insurance - New Jersey Statutes

45:21-8.  Certain corporations may carry own liability insurance
    Such owner, if a corporation of this state with a paid-up cash capital of not less than two hundred thousand dollars, may carry its own liability insurance, as required by the provisions of this chapter, if it can reasonably satisfy the commissioner of banking and insurance as to the permanence and financial standing of its business.  Any owner desiring to be exempt from obtaining or filing an insurance policy as required by this chapter shall make application to said commissioner, showing its financial ability to pay such damages, whereupon the commissioner, if reasonably satisfied of the applicant's  financial ability, shall by written order make such exemption and deliver a  certified copy thereof to said clerk, which certified copy shall remain with  him in lieu of such policy or policies of insurance so long as the paid-up cash  capital of said corporation remains at not less than two hundred thousand  dollars, and the order of the commissioner remains in force. The clerk shall  issue to a corporation so exempted a certificate showing such exemption in lieu  of the certificate required to be issued by section 45:21-6 of this title.  The  commissioner may from time to time require further statements of the financial  ability of such corporation, and if, at any time in his opinion, the  corporation appears no longer able to pay damages, he shall revoke his order  granting exemption and notify the clerk of such revocation;  whereupon the  clerk shall revoke the certificate showing exemption issued by the commissioner, and the corporation shall immediately insure its liability as  required by the provisions of this chapter.