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Property Casualty Insurer - Frequently Asked Questions
Admission Accredited Reinsurer Formation of a Domestic Property Casualty Insurance Corporation
Acquisition Extensions of Authority Merger Name Change Redomesticate
 
Admission - Foreign Insurer
 

What are New Jersey's requirements for statutory capital and surplus?

New Jersey requires a foreign or alien company seeking admission, to have capital and surplus predicated on New Jersey's requirements for all lines of business for which it is authorized in its State of domicile.  Specifically, “An applicant shall satisfy, at a minimum, the statutorily-prescribed minimum capital and surplus requirements for all lines of insurance that it is authorized to write pursuant to the Certificate of Authority issued by its state or country of domicile, whether or not the applicant desires to transact any of those lines of insurance in the State of New Jersey.”  See N.J.A.C. 11:1-10.4(a)3.i.

For example, a company having multiple lines of authority in its home State including health insurance, would be required to possess a minimum capital paid-up of $4,200,000 and an additional surplus of $5,550,000 before consideration can be given to its application.  A company that does not have authority to write health insurance would be able to reduce these requirements by $700,000 and $2,800,000 respectively.

Capitalization requirements of property and casualty insurers can be found here.  In addition, Section A of the General Eligibility Worksheet provides the capital and surplus requirements for stock, and mutual companies.  To access the Admissions and Uniform Certificate of Authority Application Forms section, where you will find a copy of the General Eligibility Worksheet and other state specific forms, click here.

 

What are New Jersey's seasoning requirements, and under what circumstances can these be waived?

A foreign or alien insurer seeking admission must be able to meet New Jersey’s seasoning requirements as provided in N.J.A.C. 11:1-10.4(a)5, and further specified in sections C, D, E, and F of the General Eligibility Worksheet.  The Commissioner on a case-by-case basis may modify or waive certain requirements.  Nevertheless, the waiving or modifying of these requirements is not automatic nor does it preclude the applicant from complying with other requirements.  It is highly recommended that the applicant review the General Eligibility Worksheet, as this provides an overview of the capital and surplus and seasoning requirements along with the relevant conditions under which these may be, when applicable, modified or waived. 

You can access Title 11 of the New Jersey Administrative Code by visiting the New Jersey Department of Banking and Insurance website, or by clicking here.  From there, click on “Rules, Orders, Bulletins.”  The link to the New Jersey Administrative Code is located under the “Other Information” heading, which is on the right side of the page. 

Capital and surplus requirements modifications per N.J.A.C. 11:1-10.4(a)3ii, “Requirements for an application to meet the minimum capital and surplus amounts for all lines of insurance that it is authorized to write pursuant to the Certificate of Authority issued by its state or country of domicile may be modified by the Commissioner if the applicant:
(1) Does not transact one or more of the kinds of insurance contained in the Certificate of Authority issued by its state or county of domicile; and
(2) Submits a resolution by its board of directors stating that it will refrain from transacting the kind(s) of insurance permitted by the Certificate of Authority issued by its state, districts, territories, commonwealth, possessions or country of domicile.”

The Commissioner may consider the waiving of seasoning requirements on a case by case basis as provided in N.J.A.C. 11:1-10.4(a)5iii(1) through (6).  Specifically, one of the cases the Commissioner shall consider pertains to the insurer’s ability to demonstrate whether the line(s) of insurance in this State, for which the applicant is seeking authority, is presently underserved.  Under this provision, a "line of insurance" shall mean a sub-line of business or category of business within the line, an entire line of business.  Applicants seeking a waiver of the three-year seasoning requirement in N.J.A.C. 11:1-10.4(a)5i and ii, pursuant to this provision, must submit a written request with the following information:

“(A) Such information and documentation as may be necessary to demonstrate to the Commissioner that there is no reasonable or adequate market among authorized insurers for the type of insurance coverage involved.  In making this showing, the applicant shall demonstrate that there is, in fact, a market for the type of coverage involved in the request, that it is presently underserved, and that the applicant will serve that market.  A showing that the coverage is presently listed on the Exportable List promulgated by the Commissioner pursuant to N.J.S.A. 17:22-6.43 and N.J.A.C. 11:1-34 shall be deemed to demonstrate that the coverage is presently underserved in this State;

“(B) Documentation that the applicant possesses the requisite underwriting, managerial and financial capability and expertise to write the particular business involved in the request, to the extent the original application for admission does not so demonstrate; and

“(C) A certification that the applicant acknowledges that if the request is granted and the applicant is admitted to transact business under such waiver, the applicant's authority to transact business shall be limited only to the type of coverage involved in the request, and that the applicant may not write any other business so long as it does not satisfy the seasoning requirements set forth (a)5i and ii above or any waiver therefrom set forth in (a)5iii(1) through (5) above. This shall not be construed to limit the ability of the applicant to request that the Commissioner remove the restriction upon a showing that it satisfies the seasoning requirements pursuant to (a)5i and ii above, or waiver therefrom set forth in (a)5iii(1) through (5) above, and that it is otherwise qualified to write such business pursuant to law, including, but not limited to, this subchapter; or

“(6) Whether the Commissioner finds that admission of the applicant would assist the Commissioner in helping to prevent or ameliorate disruptions in the property/casualty insurance market. In making this determination, the Commissioner may consider relevant factors in support of such a finding, including, but not limited to, the financial strength of the applicant as evidenced by such factors as its level of capitalization, RBC score, and whether the applicant is part of a holding company system the members of which have been successfully engaged in the business of insurance, excessive marketplace volatility, inadequate competition, trends in restrictions in underwriting guidelines or acceptance criteria, or limitations or restrictions in coverage by companies admitted to transact the relevant line(s) of insurance.”

 

If a company believes it meets the requirements for admission, what must it do next?

Submit a Uniform Certificate of Authority Application (“UCAA”) for Expansion via the UCAA website at https://ucaa.naic.org/login.html and provide a hard copy of the application package to the Department, see mailing address affixed below.  The UCAA system will guide you through the uniform state requirements.  You should also see the Expansion App, UCAA Primary Application Instructions, located in the National Association of Insurance Commissioners (“NAIC”) website for information concerning the uniform state requirements and relevant forms at http://www.naic.org/industry_ucaa.htm.

You should be aware that, while New Jersey is a uniform state, we conduct an independent review of each application to ensure our statutory requirements are satisfied.  Hence, it is important that you complete the applicable sections of the General Eligibility Worksheet, as this provides an overview of our state specific requirements.  Alternatively, you may provide the Department with a “Letter of Intent” as described in N.J.A.C. 11:1-10.5.  Upon receipt of your Letter, the Department will advise you of the uniform and state specific requirements. 

To access the Department’s Admissions and Uniform Certificate of Authority Application Forms section, where you will find a copy of the General Eligibility Worksheet and other state specific forms, click here.

Submit a hard copy of the application package to following address:

Department of Banking and Insurance
Office of Solvency Regulations
Attention:  Admissions Unit
PO Box 325
Trenton, NJ 08625-0325

 

 

Whom should I contact for Rate/Form filing and other licensing information?

Contact information regarding rate/form filing, licensing and life and health insurance is affixed below.  This information can also be found by visiting the Department of Banking & Insurance’s website, Insurance Division or by clicking here.

Effective January 1, 2009 the Office of Property and Casualty, and the Office of Solvency Regulation will no longer accept any forms filings submitted to the Department other than through System for Electronic Rate and Form Filing (“SERFF”) in accordance with N.J.A.C. 11:1-2.1.  Any property and casualty, and purchasing group paper filings, received after December 31, 2008, will be closed and returned to the company without review.  Submit Property & Casualty Rate and Form applications electronically through the NAIC SERFF at http://www.serff.org/.

Insurers, rating organizations, and authorized filers may sign up to use the SERFF system by contacting the SERFF marketing team at serffmktg@naic.org.

Property and Casualty insurers seeking SERFF information in New Jersey may contact gary.joy@dobi.nj.gov or mark.nussenfeld@dobi.nj.gov.

Contact the Office of Solvency Regulation at 609-292-5350 for information concerning admissions, expansions, and/or corporate amendments applications.

Contact the Office of Property and Casualty at Phone: (609) 984-7310 ext. 50359 for information pertaining to rate/form filing for property and casualty insurance.

Contact the Life and Health Bureaus at Phone: 609-292-5427 for information pertaining to capital and surplus, and forms, specific to life and health insurance. 

Licensing & Education Phone: 609-292-4337

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Extensions of Authority - Foreign Insurer
 

What does a company need to submit for an Extension of Authority if it has the authority to write that line in their state of domicile?

Insurers seeking an extension of authority should submit a Corporate Amendments Application through the UCAA website at https://ucaa.naic.org/login.html.  The UCAA system will guide you through the uniform state requirements.  You should be aware that, while New Jersey is a uniform state, we conduct an independent review of each application to ensure our statutory requirements such as capital and surplus are satisfied. 

Along with the application package, a company must also submit evidence (i.e., Certificate of Authority and/or Certificate of Compliance issued by the state of domicile) that it now has the charter power or that by an Act of the Home State it can write the kinds of insurance requested.  In addition, the insurer must be able to satisfy the capital and surplus requirements specific to requested line(s) of insurance.  New Jersey, capital and surplus requirements are based on the lines of authority the insurer is currently transacting in their state of domicile.  Per N.J.A.C. 11:1-10.4(a)3.i., “An applicant shall satisfy, at a minimum, the statutorily-prescribed minimum capital and surplus requirements for all lines of insurance that it is authorized to write pursuant to the Certificate of Authority issued by its state or country of domicile, whether or not the applicant desires to transact any of those lines of insurance in the State of New Jersey.”  Capitalization requirements of property and casualty insurers can be found here.    

One of the uniform state requirements concerns the submission of a Plan of Operation, which includes but is not limited to the following:

  • UCAA Form 13 –Five year Proforma projections (see NAIC Form 1C, Item 8, Plan of Operation) of the assumptions used in preparing the model and the reasons for arriving at such assumptions;
  • Marketing plan (See NAIC Form 8C);
  • Underwriting standards and expertise – describe how the company plans to obtain the necessary expertise, or if presently conducting this practice provide a short description of qualifications (See NAIC Form 8C);
  • Claim handling expertise – include the manner in which the company plans to adjust and process claims.  If the company presently has expertise for the requested line, provide the Department with a narrative or resumes of the individuals involved or if the company does not already have said expertise, provide the company's plan to obtain same, including any resumes or qualifications of individuals or firms the company plans to retain (See NAIC Form 8C).
  •  

Workers’ Compensation and Employers’ Liability Insurance – The Department requires that applicants seeking authority to write workers' compensation and employers' liability insurance must first become members of the Compensation Rating and Inspection Bureau (“CRIB”).  Applicants may contact CRIB directly for membership information.  

Compensation Rating and Inspection Bureau
60 Park Place
Newark, N.J. 07102
Phone: 973-622-6014

 

What if health insurance is requested?

E-mail Mary Pesce in the Office of Solvency Regulation for information concerning capital and surplus requirements for Health and Life companies. 
To access the Department’s Admissions and Uniform Certificate of Authority Application Forms section, where you will find a copy of the General Eligibility Worksheet, and other state specific forms for Life/Health Insurance Companies, click here.

Is there a fee for an Extension of Authority?

Yes. There is a $500 fee per company for the processing of an application for Extension of Authority.

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Accredited Reinsurer
 

What regulation provides the procedure for becoming accredited?

N.J.A.C. 11:2-28 et seq., is the chapter that provides the rules for “Credit for Reinsurance.”  N.J.A.C. 11:2-28.4 is the section of the regulation that outlines the procedure for becoming accredited in New Jersey.  Per the regulation, companies seeking accreditation, but with less than $20,000,000 in surplus cannot be deemed approved and must receive a written notification evidencing accreditation by the Department.

You can access Title 11 of the New Jersey Administrative Code by visiting the New Jersey Department of Banking and Insurance website, or by clicking here.  From there, click on “Rules, Orders, Bulletins.”  The link to the New Jersey Administrative Code is located under the “Other Information” heading, which is on the right side of the page. 

What must a company submit to become accredited?

A company seeking to become an accredited insurer in New Jersey must submit the following documents, affixed below:

  • A letter requesting approval for accreditation and listing all additional information the company wishes to have considered in support of the request;
  • A non-refundable filing fee, payable to the Treasurer, State of New Jersey, in the amount of $1,000;
  • A properly executed Form AR-1;
  • A certified copy of the company's Certificate of Authority or Compliance (or equivalent document) from its State of domicile;
  • A copy of the company's most recent annual statement with all attachments (e.g., management discussion, insurance expense exhibit, etc.);
  • The company's most recent audited financial statement;
  • A current actuarial opinion meeting New Jersey guidelines; and
  • A copy of the company's quarterly statement for the quarter immediately preceding the application.

You may also visit the Reinsurance section of the Office of Solvency Regulation web page at the Department’s website for more information and relevant documents concerning reinsurance by clicking here.

Send all relevant information/documents to the address below.

Department of Banking and Insurance
Office of Solvency Regulations
Attention: Reinsurance Accreditation
PO Box 325
Trenton, NJ 08625-0325

What is the process for companies with over $20,000,000 in surplus?

The company will receive an acknowledgment of their filing within 2 weeks and a letter either approving a company's accreditation through August 31 of that year or denying its request prior to the expiration of the 120-day period.  The Commissioner has 120 days in which to disapprove the request. 

NOTE: If the company has less than $20,000,000 in surplus, the Commissioner is not required to respond within 120 days.

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Formation of a Domestic Property Casualty Insurance Corporation (Stock or Mutual)
 

What regulation covers formation of a domestic property casualty insurer?

N.J.A.C. 11:1-28 et seq.  You can access Title 11 of the New Jersey Administrative Code by visiting the New Jersey Department of Banking and Insurance website, or by clicking here.  From there, click on “Rules, Orders, Bulletins.”  The link to the New Jersey Administrative Code is located under the “Other Information” heading, which is on the right side of the page.  You should also see the Primary App, UCAA Primary Application Instructions, located in the NAIC website for information concerning the uniform state requirements and relevant forms at http://www.naic.org/industry_ucaa.htm.

What is included in the feasibility study submitted to the Commissioner?

In the feasibility study, include a Plan of Operation with the following components:

  • Include and explain its plan of operation;
  • Explain its sources of funding;
  • Describe its marketing strategy;
  • Describe its underwriting procedures and guidelines;
  • Explain the administrative and legal arrangements to be made for the adjustment of claims and the recovery of salvage and subrogation;
  • Describe its territory of operation;
  • Describe the qualifications of the senior officers of the applicant responsible in the areas of claims, underwriting and investments;
  • Describe the proposed maximum amount of coverage by line of business;
  • Describe the proposed retention by line of business;
  • Describe the proposed reinsurance arrangements;
  • Describe the proposed methods for the handling of consumer complaints;
  • Include the applicant's proposed organization chart; and,
  • Describe the proposed dividend policy (policyholder and shareholder).
A summary of the applicant's initial rating system, to the extent its proposed operations are regulated, which shall include:
  • Rate by lines of business;
  • Proposed statistical agents (if any);
  • Independent filings; and
  • The rating bureau (if any).


UCAA NAIC Form 13 Proforma Financial Statements – A five-year projection of the following items certified by a qualified actuary and accompanied by a narrative explaining the sources of anticipated premium and all assumptions made in developing the entire projection:

Assets, liabilities and surplus and other funds in the format of the Assets page and the Liabilities and Surplus and Other Funds page in the Annual Statement representing the start-up year of the applicant and the five successive year-ends;

Underwriting and investment income in the format of the Underwriting and Investment Exhibit, Statement of Income in the Annual Statement for each of the five years;

The following information by line of business for each of the five years (the line of business classification shall be those set forth in the Underwriting and Investment Exhibit, Part Two in the Annual Statement:

Premiums earned;
Losses incurred;
Loss expenses incurred, and
Ratios of the sum of the losses and loss expenses to the premium earned.

The projected values required in the Underwriting and Investment Exhibit, Part Four - Expenses in the Annual Statement.

Proforma Balance Sheet

Actuary’s Report

Affidavit of Officers and Directors

Registered Agent Form/Domestic Company                                                     

Each applicant shall submit a $1,000 filing fee with the filing of the information, required by the feasibility study, to cover the costs of Department review of such information.

Send the application package to the following address:

New Jersey Department of Banking and Insurance
Attention:  Formation of Domestic Companies
Office of Solvency Regulations
PO Box 325
Trenton, NJ 08625-0325


Within 60 days from the receipt of all information and the filing fee from the applicant, the Commissioner shall, in writing, either accept or reject the applicant's feasibility study.

If the feasibility study is accepted, the applicant then must submit the corporation's original certificate of incorporation, which the Department will submit for review and certification by the State Attorney General of New Jersey.  Upon certification of the certificate of incorporation, the Department will return the certified certificate of incorporation back to the applicant for registration with their respective county clerk.  The applicant shall then return the original certificate with evidence of such registration back to the Department for filing.  See N.J.A.C. 11:1-28.6(a)1.ii.  The Department will provide the applicant with a copy for their records.

In addition to the Certificate of Incorporation, the company must submit the following to the Department:

  • By-Laws;
  • NAIC Form 11 Biographical Affidavit – one for each incorporator, officer, director of the proposed company;
  • New Jersey State Police, State Bureau of Identification Request For Criminal History Record Information, form SBI 212A (Rev. 7-94) – one for each officer, director, incorporator or stockholder with controlling interest of the proposed insurer with a check totalling $18 per form and payable to the New Jersey State Police. The Department will provide the yellow Form SBI 212A (Rev. 7-94), since photocopies are not accepted.

At this point, capital must be raised and a minimum $100,000 (market and par value) deposit made with the Commissioner of Banking and Insurance. 

Upon compliance with the above-mentioned requirements and incorporation of the company, the Department will notify the insurer of the Organization Exam.  The Department will administer the organization exam at the insurer’s business premise.  Once the examination is completed and the report filed, the company should be in a position to receive its Certificate of Authority.  During the course of the Organization Exam management agreements, service agreements and cost-sharing arrangements will be reviewed.  However, all such arrangements necessitate a Form D filing pursuant to N.J.S.A. 17:27A et seq., and are not deemed approved simply because they were reviewed during the course of the organization examination.

Workers’ Compensation and Employers’ Liability Insurance – The Department requires that applicants seeking authority to write workers' compensation and employers' liability insurance must first become members of the Compensation Rating and Inspection Bureau (“CRIB”).  Applicants may contact CRIB directly for membership information.

Compensation Rating and Inspection Bureau   
60 Park Place
Newark, N.J. 07102
Phone: 973-622-6014

How long does a company have to receive a Certificate of Authority?

Pursuant to N.J.S.A. 17:17-10, a company has one year from the date the Certificate of Incorporation is certified by the Attorney General to receive a Certificate of Authority. If a company fails to obtain a Certificate of Authority within one year, it shall be dissolved and its Certificate of Incorporation null and void.

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Acquisition
 

What is the statute that controls acquisitions?

N.J.S.A. 17:27A-4.1.  You can access Title 17 of the New Jersey Statutes by visiting the New Jersey Department of Banking and Insurance website, or by clicking here.  From there, click on “Rules, Orders, Bulletins.”  The link to the New Jersey Statutes is located under the “Other Information” heading, which is on the right side of the page. 

What documents does the company have to submit?

The company should submit their application online through the UCAA system at https://ucaa.naic.org/login.html.  As well as review the Corporate Amendment App, Corporate Amendments Application Instructions, located in the NAIC website for information concerning the uniform state requirements and relevant forms at http://www.naic.org/industry_ucaa.htm.

In addition to the uniform state requirements specified in the NAIC UCAA page, the company must submit the following state specific documents/information with their application:

  • One copy of the final Form A filed.  Provide the body of the Form A, excluding the additional attachments and exhibits.
  • One certified copy of the approval of the acquisition by the domiciliary state's Department of Insurance;
  • Provide a brief description of any other material change in the company's corporate existence prior or subsequent to the proposed acquisition (e.g., merger, name change, re-domestication, assumption of business, etc.).  If none occurred, indicate “N/A” in your response;
  • A clear copy of the post-acquisition corporate organizational chart identifying the relationship between the acquired insurer and its newly affiliated companies;
  • Number of New Jersey policyholders, by kind of insurance, currently insured with the acquired company;
  • In view of the referenced acquisition, confirm the following information for the acquired company:
    • NAIC Code Number
    • NAIC Group Number
    • Federal Employer's Identification Number
    • Statutory Home Office Address
    • Mail Address
    • Telephone Number (general operator's number)
    • Effective Date Of Acquisition
    • Company President
    • Corporate Secretary
  • Provide a copy of the Form E filing as required by N.J.A.C. 11:1-35, concerning the potential competitive impact of the proposed acquisition by a non-domiciliary insurer doing business in New Jersey, or provide a statement as to why this is not a required filing.

Companies listed by the Department as an acceptable surety for the provision of bonds on public work contract in this state, pursuant to N.J.A.C. 11:1-41 et seq., must complete an amended Appendix B.  In Appendix B, the company must note any changes in the information required of the company, in view of the change in ownership and affiliation (e.g., telephone #; mailing address; NAIC Company #; NAIC Group Code # and Group Name, etc.).  If applicable, send this information to the address below.

Department of Banking and Insurance
Surety Company List
PO Box 325
Trenton, NJ 08625

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Name Change
 

Is an insurer required to reserve a company name?

There is no provision under New Jersey statutes for the reservation of a corporate name for use by an insurer.  Nevertheless, in some cases, the Department will refrain from issuing a Certificate of Authority if the name of the company closely resembles the name of an existing company, as this may be misleading to the public.  See N.J.S.A. 17:32-2d.

What documents does the company have to submit to record a name change?

The company should submit their application online through the UCAA system at https://ucaa.naic.org/login.html.  As well as review the Corporate Amendment App, Corporate Amendments Application Instructions, located in the NAIC website for information concerning the uniform state requirements and relevant forms at http://www.naic.org/industry_ucaa.htm.

In addition to the uniform state requirements specified in the NAIC UCAA page, the company must submit the following state specific documents/information with their application:

  • A certified copy of the approval of the name change by the domiciliary state's Department of Insurance;
  • A certified copy (full and complete set) of the amended Charter Papers and/or Articles of Incorporation as restated to reflect the new name;
  • A copy (full and complete set) of the company's By-Laws, as restated to reflect the name change;
  • A certified copy of the company's current Certificate of Compliance and/or Certificate of Authority issued by the domiciliary state's Department of Insurance reflecting the new corporate name;
  • A brief description of any other material change in the company's corporate existence prior or subsequent to the proposed name change (e.g., merger, acquisition, re-domestication, etc.).  If none occurred, indicate “N/A” in your response.  NOTE: If an acquisition was entered into, provide a copy of the approval of the Insurance Commissioner involved, a copy of the final Form A (abbreviated version) filed, and the new corporate organizational chart.  Refer to the Acquisition section above for additional information.
  • Provide a copy of the notice that the company plans to send to the policyholders advising them of the name change. Note that the submission of forms at this time does not constitute a filing pursuant to the statute.
  • Uniform Consent to Service of Process – NAIC Form 12 – Form for the appointment of the Commissioner of Insurance successors in office as Attorney for Service of Process, upon whom all original process in any action or legal proceeding against it may be served.
  • Copy of the company's most recent NAIC Quarterly Statement evidencing the name change or provide the following information;
  • In view of the name change, confirm the following information concerning the company:
    • NAIC Code Number
    • NAIC Group Number
    • Federal Employer's Identification Number
    • Statutory Home Office Address
    • Mail Address
    • Telephone Number (general operator's number)
    • Effective Date of Name Change
    • Company President
    • Company Secretary

Concurrent with the submission of this information, the company should also contact the Department's Health and Life Bureaus, or the Office of Property and Casualty, as to the amending of policy forms previously filed by the Department.  With respect to the licensing of producers, the company should contact the Department's Licensing Bureau for additional information.

Licensing & Education Phone: 609-292-4337

Contact the Life and Health Bureaus at Phone: 609-292-5427 for information pertaining to capital and surplus, and forms, specific to life and health insurance. 

Contact The Office of Property and Casualty at Phone: (609) 984-7310 ext. 50359 for information pertaining to rate/form filing for property and casualty insurance.

Companies listed by the Department as an acceptable surety for the provision of bonds on public work contract in this state, pursuant to N.J.A.C. 11:1-41 et seq., must complete an amended Appendix B.  In Appendix B, the company must note any changes in the information required of the company, in view of the change in ownership and affiliation (e.g., telephone #; mailing address; NAIC Company #; NAIC Group Code # and Group Name, etc.).  If applicable, send this information to the address below.

Department of Banking and Insurance
Surety Company List
PO Box 325
Trenton, NJ 08625

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Merger
 

What information must a company submit that is involved in a merger?

The company should submit their application online through the UCAA system at https://ucaa.naic.org/login.html.  As well as, review the Corporate Amendment App, Corporate Amendments Application Instructions, located in the NAIC website for information concerning the uniform state requirements and relevant forms at http://www.naic.org/industry_ucaa.htm.

In addition to the uniform state requirements specified in the NAIC UCAA page, the company must submit the following state specific documents/information with their application:   

  • Provide certified copies of the Plan of Merger and/or Articles of Merger. Also, submit a brief description of the merger transaction and explain the impact on the company's Plan of Operations and the policyholders.
  • Certified copies of the approvals of the merger by the Insurance Commissioners involved.
  • Certified copy of the surviving company's certificate of compliance and/or Certificate of Authority issued by the domiciliary state's Department of Insurance.
  • A brief description of any other material change(s) in both company's corporate existence prior or subsequent to the merger (e.g., acquisition, business assumptions, name changes, re-domestications, etc.). If none occurred, indicate “N/A” in your response.
    NOTE: If an acquisition was entered into, provide a copy of the approval of the Insurance Commissioner involved, a copy of the Final Form A (abbreviated version) filed, and the new corporate organizational chart.  Refer to the Acquisition section above for additional information.
  • Provide a copy of the notice that the surviving company plans to send to the policyholders advising them of the merger.  Note that the submission of forms at this time does not constitute a filing pursuant to the statute. 
  • Contact the Department's Life and Health Bureaus, or the Rating Bureau for property casualty companies, with any questions concerning the filing of such assumption forms and notices.  Also, contact the Department's Director of Producer Licensing for further information and provide a statement, signed by an officer of the company confirming that the company has notified the Department's Licensing Section of the merger.

    Licensing & Education Phone: 609-292-4337

    Contact the Life and Health Bureaus at Phone: 609-292-5427 for information pertaining to capital and surplus, and forms, specific to life and health insurance. 

    Contact The Office of Property and Casualty at Phone: (609) 984-7310 ext. 50359 for information pertaining to rate/form filing for property and casualty insurance.

  • Confirm the following information concerning the company:
    • NAIC Code Number
    • NAIC Group Number
    • Federal Employer's Identification Number
    • Statutory Home Office Address
    • Mail Address
    • Telephone Number (general operator's number)
    • Effective Date of Name Change
    • Company President
    • Company Secretary

  • Provide a statement, signed by an officer of the company, informing the Department as to the number of New Jersey policies; by kind of insurance, that are involved in this transaction.
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Re-domestication - Foreign Insurer transferring its state of domicile to a state other than New Jersey
 

What information must a company submit concerning a re-domestication?

The company should submit their application online through the UCAA system at https://ucaa.naic.org/login.html.  As well as, review the Corporate Amendment App, Corporate Amendments Application Instructions, located in the NAIC website for information concerning the uniform state requirements and relevant forms at http://www.naic.org/industry_ucaa.htm.   

In addition to the uniform state requirements specified in the NAIC UCAA page, the company must submit the following state specific documents/information:

  • Certified copies of the approvals of the re-domestication by the Insurance Commissioners involved.
  • Certified copy of the company's Certificate of Compliance and/or Certificate of Authority issued by the domiciliary state's Department of Insurance reflecting the new state of domicile.
  • A brief description of any other material change(s) in the company's corporate existence prior or subsequent to the re-domestication (e.g., acquisition, business assumptions, name changes, re-domestications, etc.). If none occurred, indicate “N/A” in your response.  NOTE: If an acquisition was entered into, provide a copy of the approval of the Insurance Commissioner involved, a copy of the Final Form A (abbreviated version) filed, and the new corporate organizational chart.  Refer to the Acquisition section above for additional information.
  • Provide a certified copy of the entire amended and/or restated Charter Papers and/or Articles of Incorporation of the company, evidencing the selection of the new state of domicile.
  • Provide a certified copy of the company's By-Laws as amended and restated to reflect the re-domestication.
  • Uniform Consent to Service of Process – NAIC Form 12 –Form for the appointment of the Commissioner of Insurance successors in office as Attorney for Service of Process, upon whom all original process in any action or legal proceeding against it may be served. 
  • Copy of the company's most recent NAIC Quarterly Statement evidencing the re-domestication or provide the following information;
  • Confirm the following information concerning the company:
    • NAIC Code Number
    • NAIC Group Number
    • Federal Employer's Identification Number
    • Statutory Home Office Address
    • Mail Address
    • Telephone Number (general operator's number)
    • Effective Date of Name Change
    • Company President
    • Company Secretary
    • Provide a brief statement describing the reason for the re-domestication and its impact on the company's Plan of Operations.
  • Contact the Department's Director of Producer Licensing for further information and provide a statement, signed by an officer of the company, confirming that the company has notified the Department's Licensing Section of the re-domestication.

    Licensing & Education Phone: 609-292-4337

 
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