48:4-13 - Exemption; revocation - New Jersey Statutes

48:4-13.  Exemption;  revocation
    Any owner desiring to be exempt from obtaining or filing such insurance policy, as aforesaid, shall make application to the Commissioner of Banking and  Insurance, 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.  The commissioner may from time to  time require further statements of the financial ability of such company;  and  if at any time, in the opinion of the commissioner, such company appears no  longer able to pay damages, the commissioner shall revoke his order granting  exemption, in which case the said company shall immediately insure its  liability as required by law.

     Amended by L.1962, c. 198, s. 70.