N.J. Admin. Code § 11:2-27.2
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
AVR means the asset valuation reserve calculated for the purpose of completing the NAIC annual statement in accordance with its instructions and the Accounting Practices and Procedures Manual.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Control" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of the insurer as defined in N.J.S.A. 17:27A-1.
"Department" means the New Jersey Department of Banking and Insurance.
"Hazardous financial condition" means that, based on its present or reasonably anticipated financial condition, an insurer, although not yet financially impaired or insolvent, is unlikely to be able:
1. To meet obligations to its policyholders, certificate holders, and other insureds with respect to known claims and reasonably anticipated claims; or
2. To pay other obligations in the normal course of business.
"Insurer" means a person subject to the insurance supervisory authority of, or to liquidation, rehabilitation, reorganization, or conservation by, the Commissioner pursuant to N.J.S.A. 17:30C-1 et seq., 17B:32-31 et seq. or N.J.S.A. 17:51A-1 et seq., or by the equivalent insurance supervisory official of another state. "Insurer" includes all persons purporting to be engaged in the business of insurance as an insurer in this State and all persons in the process of organization to become insurers.
"Life and health insurer" means an insurer authorized or admitted pursuant to the provisions of Title 17B of the Revised Statutes to solely transact the business of life insurance, health insurance or annuities in this State as those terms are defined in N.J.S.A. 17B:17-3, 17B:17-4 and 17B:17-5, respectively.
"NAIC" means the National Association of Insurance Commissioners.
N.J. Admin. Code § 11:2-27.2
See: 25 N.J.R. 4286(a).
Adopted Concurrent Proposal, R.1993 d.556, effective 10/15/1993.
See: 25 N.J.R. 4286(a), 25 N.J.R. 5182(a).
Amended by R.1996 d.3, effective 1/2/1996.
See: 27 N.J.R. 3278(b), 28 N.J.R. 152(b).
Amended by R.2001 d.6, effective 1/2/2001.
See: 32 N.J.R. 3530(a), 33 N.J.R. 85(a).
Amended by R.2014 d.041, effective 3/17/2014.
See: 45 N.J.R. 1883(a), 46 N.J.R. 543(a).
Deleted definition "Eligible surplus lines insurer"; and in paragraph 1 of definition "Hazardous financial condition", inserted "its", and inserted a comma following "holders".