ASSEMBLY, No. 2818
STATE OF NEW JERSEY
INTRODUCED MARCH 20, 1997
By Assemblymen RUSSO and ZECKER
An Act requiring the registering of limited insurance representatives with the Superior Court in certain cases and amending P.L.1987, c.293.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 16 of P.L.1987, c.293 (C.17:22A-16) is amended to read as follows:
16. a. The commissioner shall establish, by rule or regulation, the kind or kinds of insurance that may be marketed through limited insurance representatives. A person may act as a limited insurance representative for the kind of insurance authorized from the date on which he is registered and until the date of termination, pursuant to the provisions of this act.
b. Any insurance company authorized in this State to transact the kind or kinds of insurance that may be marketed through limited insurance representatives, may contract, in writing, with any person to act as its limited insurance representative and agent. An insurance company shall register with the commissioner the name and business address of each limited insurance representative, together with any other information that the commissioner may require. The insurance company shall provide written notice to the commissioner when any limited insurance representative contract is terminated.
c. Prior to contracting with any person to act as a limited insurance representative pursuant to subsection b. of this section, the insurance company shall satisfy itself that the person to be registered is capable, competent and worthy; has established a permanent, bona fide office in this State; and has successfully completed any educational and examination requirements that the commissioner may by rule or regulation provide.
d. A limited insurance representative shall be subject to suspension or revocation of registration privileges, or imposition of a fine, for any violation of applicable standards of conduct as described in section 17 of this act, or violation of any other specific standards of conduct that the commissioner may provide by rule or regulation for limited insurance representatives. A limited insurance representative is subject to the limitations set forth in section 18 of this act.
e. A limited insurance representative shall maintain a permanent office in this State where the following items shall be kept:
(1) A copy of the written agreement between himself and the insurance company for which he serves as a limited insurance representative;
(2) Evidence of the completion of educational and examination requirements as prescribed by rule or regulation;
(3) A prominently displayed sign advising the public of the name of the insurance company represented and the kind of insurance available;
(4) Records of every insurance policy or contract written by the limited insurance representative;
(5) Any information which may be required by court rule pursuant to the provisions of subsection e. of this section; and
[(5)] (6) Any other items or records that the commissioner may require by rule or regulation and any records.
f. An insurance company shall register with the Clerk of the Superior Court the name and address of each limited insurance representative authorized to write bail, together with any other information that the Rules of Court may require. The insurance company shall provide written notice to the Clerk of the Superior Court when any limited insurance representative contract authorized to write bail is terminated.
(cf: P.L.1987, c.293, s.16).
2. This act shall take effect 30 days following enactment.
This bill would require insurance companies to register with the Superior Court the names and addresses of limited insurance representatives authorized to write bail.
Requires insurance companies to register with the Superior Court the names of representatives authorized to write bail.