The following words and terms, when used in this subchapter,
shall have the following meanings, unless the context clearly indicates
otherwise:
AVR means the asset valuation reserve calculated for the
purpose of completing the NAIC annual statement in accordance with its
instructions and the Accounting Practices and Procedures Manual.
"Commissioner" means the Commissioner of the New Jersey
Department of Banking and Insurance.
"Control" means the possession, direct or indirect, of the
power to direct or cause the direction of the management and policies of the
insurer as defined in
N.J.S.A. 17:27A-1.
"Department" means the New Jersey Department of Banking and
Insurance.
"Hazardous financial condition" means that, based on its
present or reasonably anticipated financial condition, an insurer, although not
yet financially impaired or insolvent, is unlikely to be able:
1. To meet obligations to its policyholders, certificate
holders, and other insureds with respect to known claims and reasonably
anticipated claims; or
2. To pay other obligations in the normal course of business.
"Insurer" means a person subject to the insurance supervisory
authority of, or to liquidation, rehabilitation, reorganization, or
conservation by, the Commissioner pursuant to
N.J.S.A. 17:30C-1 et seq., 17B:32-31 et
seq. or N.J.S.A. 17:51A-1 et seq., or by the
equivalent insurance supervisory official of another state. "Insurer" includes
all persons purporting to be engaged in the business of insurance as an insurer
in this State and all persons in the process of organization to become
insurers.
"Life and health insurer" means an insurer authorized or
admitted pursuant to the provisions of Title 17B of the Revised Statutes to
solely transact the business of life insurance, health insurance or annuities
in this State as those terms are defined in
N.J.S.A. 17B:17-3,
17B:17-4 and
17B:17-5, respectively.
"NAIC" means the National Association of Insurance
Commissioners.
Notes
N.J. Admin. Code §
11:2-27.2
Emergency Amendment,
R.1993 d.447, effective 8/16/1993 (expired October 15, 1993).
See: 25 N.J.R. 4286(a).
Adopted Concurrent Proposal,
R.1993 d.556, effective 10/15/1993.
See: 25 N.J.R.
4286(a), 25 N.J.R. 5182(a).
Amended by R.1996 d.3, effective
1/2/1996.
See: 27
N.J.R. 3278(b), 28 N.J.R. 152(b).
Amended by R.2001 d.6, effective
1/2/2001.
See: 32
N.J.R. 3530(a), 33 N.J.R. 85(a).
Amended by R.2014 d.041,
effective 3/17/2014.
See: 45 N.J.R. 1883(a), 46 N.J.R. 543(a).
Deleted
definition "Eligible surplus lines insurer"; and in paragraph 1 of definition
"Hazardous financial condition", inserted "its", and inserted a comma following
"holders".
