N.J. Admin. Code § 11:28-1.16

Current through Register Vol. 57, No. 1, January 6, 2025

Section 11:28-1.16 - Directors

(a) Each captive shall report to the Commissioner within 30 days after any change in its executive officers, directors, or in its other principals as referenced on N.J.A.C. 11:28-1.3(a) and 1.4(a), including the submission of a biographical affidavit (forms available on the Department's website at the address indicated in N.J.A.C. 11:28-1.3(a)1 ) for any such new executive officer, director or principal.

(b) No director, officer, or employee of a captive shall, except on behalf of the captive, accept, or be the beneficiary of, any fee, brokerage, gift, or other emolument because of any investment, loan, deposit, purchase, sale, payment or exchange made by or for the captive, but such person may receive reasonable compensation for necessary services rendered to the captive in his or her usual private, professional or business capacity.

(c) Any profit or gain received by or on behalf of any person in violation of this section shall inure to and be recoverable by the captive.

N.J. Admin. Code § 11:28-1.16