Section 17:51B-1 - DefinitionsFor purposes of this act:
"Commissioner" means the Commissioner of Banking and Insurance.
"Insurer" means:
(1) Any corporation, association, partnership, reciprocal exchange, interinsurer, Lloyd's insurer, fraternal benefit society or other person engaged in the business of insurance pursuant to Subtitle 3 of Title 17 of the Revised Statutes or Subtitle 3 of Title 17B of the New Jersey Statutes;(2) Any medical service corporation operating pursuant to P.L. 1940, c.74 (C.17:48A-1 et seq.);(3) Any hospital service corporation operating pursuant to P.L. 1938, c.366 (C.17:48-1 et seq.);(4) Any health service corporation operating pursuant to P.L. 1985, c.236 (C.17:48E-1 et al.); and(5) Any dental service corporation operating pursuant to P.L. 1968, c.305 (C.17:48C-1 et seq.). "NAIC" means the National Association of Insurance Commissioners.
"Qualified United States financial institution," (1) as used in subsection c. of section 3 of this act, means an institution that:
(a) is organized or, in the case of a branch or agency office of a foreign banking organization in the United States, licensed, under the laws of the United States or any state thereof;(b) is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies; and(c) has been determined by either the commissioner, or the Securities Valuation Office of the NAIC, to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner; or (2) as used elsewhere in this act, means an institution that: (a) is organized or, in the case of a branch or agency office of a foreign banking organization in the United States, licensed, under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and(b) is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.Amended by L. 2021, c. 354, s. 1, eff. 1/10/2022.