N.J. Stat. § 48:16A-2
No vehicle shall be operated wholly or partly along any street in any municipality until the owner of the vehicle shall have filed with the clerk of the municipality in which such operation is maintained, an insurance policy of a company duly licensed to transact business under the insurance laws of this State in the sum of $10,000.00 against loss by reason of the liability imposed by law upon the vehicle owner for damages on account of bodily injury or death suffered by any person with a maximum limit of $100,000.00 for more than one person in any one accident, and in the sum of $1,000.00 against loss by reason of such liability for damages on account of the injury to or destruction of the property of any person, with a maximum of $5,000.00 for more than one person in any one accident, as the result of an accident occurring by reason of the ownership, maintenance or use of the vehicle upon any public street.
Such operation shall be permitted only so long as the insurance policy shall remain in force to the full and collectible amount of $105,000.00.
The insurance policy shall provide for the payment of any final judgment recovered by any person on account of the ownership, maintenance and use of such vehicle or any fault in respect thereto, and shall be for the benefit of every person suffering loss, damage or injury as aforesaid.
N.J.S. § 48:16A-2