48:16A-7 - Authority of corporation to carry own insurance; exemption order; statement by corporate officers; filing - New Jersey Statutes

48:16A-7.  Authority of corporation to carry own insurance;  exemption order;  statement by corporate officers;  filing
    Any corporation organized under the laws of this State having a paid up cash  capital of not less than $300,000.00 may carry its own liability insurance, if  it can reasonably satisfy the Commissioner of Banking and Insurance as to the  permanence and financial standing of its business.

    If the commissioner shall by written order make such an exemption, the company in lieu of the insurance policy or bond provided for by sections 2 and 3 of this act, may file a copy of the order with a statement sworn to by its president, vice-president, treasurer or assistant treasurer that the corporation is the owner of vehicles and that the copy of the order attached to  the affidavit and filed therewith is a true copy of the original order and that  the same has not been revoked.

    The copy of the order of exemption and statement shall remain in lieu of an  insurance policy or bond so long as the paid up cash capital of the corporation  shall be not less than $300,000.00 and the order of the commissioner shall  remain in force.

     L.1965, c. 40, s. 7.