New Jersey Statutes 17B:27B-15. Immediate suspension of license, registration, grounds
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Terms Used In New Jersey Statutes 17B:27B-15
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
15. The commissioner may, without advance notice or hearing, immediately suspend the license or registration of a third party administrator if he finds that one or more of the following circumstances exist:
a. the administrator is insolvent or impaired;
b. a proceeding for receivership, conservatorship, rehabilitation or other delinquency proceeding regarding the administrator has been commenced in another state; or
c. the financial condition or business practices of the administrator otherwise pose an imminent threat to the public health, safety or welfare of the residents of this State.
L.2001,c.267,s.15.