New Jersey Statutes 17:20-2. Deposits; interest on; substitution of
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Terms Used In New Jersey Statutes 17:20-2
- Deposit: means those deposits of securities required to be made by insurance companies prior to their authorization to transact business within any jurisdiction. See New Jersey Statutes 17:20-1
- Policyholders: means those persons including subscribers, certificate holders, and others who are named in or covered by a contract of insurance. See New Jersey Statutes 17:20-1
- Securities: means and shall only include:
(a) Bills, bonds and notes issued by the United States Treasury. See New Jersey Statutes 17:20-1
17:20-2. The commissioner shall hold the securities deposited as aforesaid, for the benefit and security of all the policyholders of the company depositing them, but shall, so long as the company continues solvent and complies with all the requisites of the laws applicable to it, permit the company to collect the interest or dividends on the securities so deposited, and, from time to time, with his assent, to withdraw any of the securities, on depositing with him other eligible securities, the market value of which shall not cause the value of the total deposit to fall below the amount required by the commissioner.
Amended 1989,c.264,s.2; repealed in part(see N.J.S. 17B:36-3b).