New Jersey Statutes 17:30A-6.1. Transfer of functions, powers, duties to PLIGA
Terms Used In New Jersey Statutes 17:30A-6.1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
b. Notwithstanding the provisions of any other law to the contrary, the commissioner shall provide for the liquidation of the policyholder liabilities and an orderly transfer and transition of the operations, functions, powers and duties, including all the remaining assets and policyholder liabilities of the New Jersey Automobile Full Insurance Underwriting Association, created pursuant to P.L.1983, c.65 (C. 17:30E-1 et seq.), and the Market Transition Facility, created pursuant to section 88 of P.L.1990, c.8 (C. 17:33B-11), to the New Jersey Property-Liability Insurance Guaranty Association.
c. Notwithstanding the provisions of any other law to the contrary, all balances in the New Jersey Automobile Insurance Guaranty Fund created pursuant to section 23 of P.L.1990, c.8 (C. 17:33B-5) are hereby transferred to the New Jersey Property-Liability Insurance Guaranty Association.
d. Notwithstanding any other law to the contrary, the commissioner may in his discretion provide for the liquidation of the liabilities and an orderly transition of the operations, functions, powers and duties of the Unsatisfied Claim and Judgment Fund, created pursuant to P.L.1952, c.174 (C. 39:6-61 et seq.) regarding its obligations pursuant to section 2 of P.L.1977, c.310 (C. 39:6-73.1) to the New Jersey Property-Liability Insurance Guaranty Association.
e. Notwithstanding any other law to the contrary, the commissioner may in his discretion by order determine when the status as separate legal entities of the New Jersey Automobile Full Insurance Underwriting Association and the Market Transition Facility may be terminated.
L.2003,c.89,s.6.