QuickServe State Laws
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QuickServe State Laws |
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1. Unfair Claims Practices Act
2. Unfair Trade Practices Act
3. Imitation Crash Parts Regulations - no law we have found yet.
4. Anti-Steering Regulations
5. Timely Notification
6. Timely Payment
7. False & Misleading Advertising
8. False Use of Insurer’s Name
9. Total Losses - no law we have found yet.
10. Consumer Sales Practices Acts - no law we have found yet.
11. Consumer Auto Repair Practices Acts
12. Telemarketing laws
13. Home Sales Act
14. Licensing Adjusters
15. Diminished Value - no law we have found yet.
Unfair Claims Practices Act
17:29B-4. Unfair methods of
competition, unfair, deceptive acts, practices, defined
(9)
Unfair claim settlement
practices. Committing or
performing with such frequency as to indicate a general business practice any
of the following:
(a)Misrepresenting pertinent facts or
insurance policy
provisions relating to coverages at issue;
(b)Failing to acknowledge and act reasonably
promptly upon communications with respect to claims arising under insurance policies;
(c)Failing to adopt and implement reasonable
standards for the prompt investigation of claims arising under
insurance policies;
(d)Refusing to pay claims without conducting a
reasonable investigation based upon all available information;
(e)Failing to affirm or deny coverage of claims
within a reasonable time after proof of loss statements have been completed;
(f)Not attempting in good faith to effectuate
prompt, fair and equitable settlements of claims in which liability has become
reasonably clear;
(g)Compelling insureds to institute litigation to
recover amounts due under an
insurance policy by offering substantially
less than the amounts ultimately recovered in actions brought by such insureds;
(h)Attempting to settle a claim for less than the
amount to which a reasonable man would have believed he was entitled by
reference to written or printed advertising material accompanying or made part
of an application;
(i)Attempting to settle claims on the basis of an
application which was altered without notice to, or knowledge or consent of the
insured;
(j)Making claims payments to insureds or
beneficiaries not accompanied by a statement setting forth the coverage under
which the payments are being made;
(k)Making known to insureds or claimants a policy
of appealing from arbitration awards in favor of insureds or claimants for the
purpose of compelling them to accept settlements or compromises less than the
amount awarded in arbitration;
(l)Delaying the investigation or payment of
claims by requiring an insured, claimant or the physician of either to submit a
preliminary claim report and then requiring the subsequent submission of formal
proof of loss forms, both of which submissions contain substantially the same
information;
(m) Failing to
promptly settle claims, where liability has become reasonably clear, under one
portion of the insurance
policy coverage in order to influence settlements under other portions
of the insurance
policy coverage;
(n)Failing to promptly provide a reasonable
explanation of the basis in the
insurance policy in relation to the facts or
applicable law for denial of a claim or for the offer of a compromise
settlement;
(o)Requiring insureds or claimants to institute
or prosecute complaints regarding motor vehicle violations in the municipal
court as a condition of paying private passenger automobile
insurance claims.
(10) Failure to
maintain complaint handling procedures. Failure of any person to maintain a
complete record of all the complaints which it has received since the date of
its last examination. This record shall indicate the total number of
complaints, their classification by line of insurance, the nature of each complaint, the
disposition of these complaints, and the time it took to process each
complaint. For purposes of this subsection, "complaint" shall mean any
written communication primarily expressing a grievance.
(11) The enumeration of
this act of specific unfair
methods of competition and
unfair or deceptive acts and
practices in the business
of insurance is not
exclusive or restrictive or intended to limit the powers of the commissioner or
any court of review under the provisions of section 9 of this act.
Unfair Trade Practices Act
4.The
following are hereby defined as unfair methods of competition and unfair and deceptive acts or practices in the business of insurance:
(1)Misrepresentations and false advertising of
policy contracts. Making, issuing, circulating, or causing to be made, issued
or circulated, any estimate, illustration, circular or statement
misrepresenting the terms of any policy issued or to be issued or the benefits
or advantages promised thereby or the dividends or share of the surplus to be
received thereon, or making any false or misleading statement as to the
dividends or share of surplus previously paid on similar policies, or making
any misleading representation or any misrepresentation as to the financial
condition of any insurer, or as to the legal reserve system upon which any life
insurer operates, or using any name or title of any policy or class of policies
misrepresenting the true nature thereof, or making any misrepresentation to any
policyholder insured in any company for the purpose of inducing or tending to
induce such policyholder to lapse, forfeit, or surrender his insurance.
17B:30-6. "Twisting"
prohibited
No person shall make any misleading
representations or incomplete or fraudulent comparison of any insurance
policies or annuity contracts or insurers for the purpose of inducing, or
tending to induce, any person to lapse, forfeit, surrender, terminate, retain,
or convert any insurance policy or annuity contract, or to take out a policy of
insurance or annuity contract in another insurer.
L.1971, c. 144, s. 17B:30-6.
17B:30-7. Defamation
No person shall make, publish,
disseminate, or circulate, directly or indirectly, or aid, abet or encourage
the making, publishing, disseminating or circulating of any oral or written
statement or any pamphlet, circular, article or literature which is false
or maliciously critical of or derogatory to the financial condition of an
insurer and which is calculated to injure any person engaged in the
business of insurance or annuity.
L.1971, c. 144, s. 17B:30-7.
17B:30-8. Boycott, coercion
and intimidation
No person or persons shall enter into
any agreement to commit, or by any concerted action commit, any act of boycott,
coercion or intimidation resulting in or tending to result in
unreasonable restraint of, or monopoly in, the business of insurance or
annuity.
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Imitation Crash Parts Regulations
We have not found any law yet.
Anti-Steering Regulations
17:33B-36.1 Selection of
auto body repair shop; notification form.
64.If an insurer has a financial arrangement with
one or more auto body repair shops or other repair facilities or a network of
facilities for the purpose of repairing vehicles covered under physical damage,
collision, or comprehensive coverages, the insurer shall not deny a person the
right to select an auto body repair shop or other repair facility of his choice
for repair of a covered vehicle, provided that such auto body repair shop or
other repair facility elected by the person accepts the same terms and
conditions from the insurer, including, but not limited to, price, as the shop,
facility, or network with which the insurer has the most generous arrangement.
Prior to undertaking any repair, the auto body repair shop or other repair
facility of the insured's choice shall provide the insured with written
notification, in a form to be established by the Commissioner of the
Department of Banking and Insurance by regulation, that, by agreeing to have
the auto body shop or other repair facility of the insured's choice accept the
same terms and conditions from the insurer as the shop, facility or network
with which the insurer has the most generous arrangement, the insured may
jeopardize any manufacturer or dealer warranty or lease agreement. Such
notification form shall be signed by the insured prior to the undertaking of
any repair.
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Timely Notification
Unfair claim settlement practices. Committing or performing with such frequency as to indicate a general business practice any of the following:
(b)Failing
to acknowledge and act reasonably promptly upon communications with respect to
claims arising under
insurance policies;
(c)Failing to adopt and
implement reasonable standards for the prompt investigation of claims arising
under insurance
policies;
Timely Payment
17B:25-11. Payment of claims
17B:25-11. a.
There shall be a provision that when benefits under the policy shall become
payable by reason of the death of the insured, settlement shall be made within
60 days after receipt of due proof of death and, at the insurer's option,
surrender of the policy or proof of the interest of the claimant or both.
b.If a claim or a
portion of a claim for benefits under a policy requires additional
investigation or is denied by the insurer, the claimant shall be notified in
writing no later than the 45th calendar day following receipt by the insurer of
due proof of death, proof of the interest of the claimant, or any other
document or information requested by the insurer under the terms of the policy,
that the claim, or a portion thereof, is subject to additional investigation or
denied, and the reason the claim is being investigated or denied.
Notwithstanding the provisions of this subsection b. to the contrary, the
notice to the claimant for any claim which the insurer concludes, based upon
its investigation and which conclusion is reasonably based upon the contents of
the insurer's claim file, constitutes probable cause for fraud shall not be
required to contain the specific reasons for the investigation. A
conclusion of fraud that is not reasonably based upon the contents of the
insurer's claim file, notwithstanding that the violation did not occur with
such frequency as to indicate a general business practice, shall be a violation
of section 1 of P.L. 1975, c. 101 (C. 17B:30-13.1). Any uncontested
portion of a claim shall be paid no later than the 60th calendar day following
receipt of due proof of death, proof of the interest of the claimant, or any
other document or information requested by the insurer under the terms of the
policy.
c.The insurer, upon
receipt of any document or information requested relating to a claim or
portion of a claim under investigation, shall pay the benefits for which the
claim is made or deny the claim no later than the 90th calendar day following
the receipt of the document or information.
d. Payment of a claim or a portion thereof
that is not under investigation by the insurer shall be overdue if not remitted
to the claimant by the insurer on or before the 60th calendar day following
receipt of due proof of death, proof of the interest of the claimant, or any
other document or information requested by the insurer pursuant to the policy.
Payment of a claim or a portion of a claim under investigation or denied that
becomes eligible for payment shall be overdue if not remitted to the claimant
by the insurer on or before the 90th calendar day following receipt of due
proof of death, proof of the interest of the claimant, or any other document or
information requested by the insurer. Overdue payments shall bear an
annual rate of interest equal to the average rate of return of the State of New
Jersey Cash Management Fund, established pursuant to section 1 of P.L.1977,
c.281 (C.52:18A-90.4), for the preceding fiscal year, rounded to the nearest
one-half percent.
False & Misleading Advertising
17B:30-3. Misrepresentations
and false advertising of policies or annuity contracts
No person shall make, issue, circulate
or cause to be made, issued or circulated, any estimate, illustration, circular
or statement misrepresenting the terms of any policy or annuity contract issued
or to be issued or the benefits or advantages promised thereby or the dividends
or share of the surplus to be received thereon, or make any false or misleading
statement as to the dividends or share of surplus previously paid on
similar policies or annuity contracts, or make any misleading representation or
any misrepresentation as to the financial condition of any insurer, or as to
the legal reserve system upon which any life insurer operates, or use any name
or title of any policy or annuity contract or class of policies or annuity
contracts misrepresenting the true nature thereof.
L.1971, c. 144, s. 17B:30-3.
17B:30-4. False information
and advertising
No person shall make, publish,
disseminate, circulate, or place before the public, or cause, directly or
indirectly, to be made, published, disseminated, circulated, or placed before
the public, in a newspaper, magazine or other publication, or in the form of a
notice, circular, pamphlet, letter or poster, or over any radio or television
station, or in any other way, an advertisement, announcement or statement
containing any assertion, representation or statement with respect to the
business of insurance and annuities or with respect to any person in the
conduct of his insurance and annuity business, which is untrue, deceptive
or misleading.
False Use of Insurer’s Name
17B:30-3. Misrepresentations and false advertising of policies or annuity contracts
No person shall use any name or title of any policy or annuity contract or class of policies or annuity contracts misrepresenting the true nature thereof.
Total Losses
We have not found any law yet.
Consumer Sales Practices Acts
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Consumer Auto Repair Practices Acts
39:13-2.1.
Qualification for full service license
7.
a. To qualify for a full service license an auto body repair facility
shall:
(1)Have a building suitable for the conduct of
all operations within the building, and a Certificate of Occupancy for an auto
body repair facility issued by the applicable zoning authority. In the
absence of evidence to the contrary, public operation as an auto body repair
facility for a continuous period of five years shall create a presumption of
compliance;
(2)Have all required licenses, permits and
registrations required for the conduct of business including, but not limited
to: a federal tax identification number; a New Jersey sales tax identification
number; hazardous waste disposal systems that are in accordance with standards
established by the State or federal government; stack permits; and any other
licenses, permits and registrations as the director may find applicable;
(3)Maintain insurance coverage for damage to
property and for liability arising from bodily injury, including, but not
limited to: garage keepers' liability insurance in a minimum amount of $300,000
or a letter of credit in the amount of $300,000; workers' compensation
insurance coverage in the amounts required pursuant to R.S.34:15-1 et seq.;
fire insurance, and any other coverage required by the director;
(4)Possess and maintain an auto body repair
facility reference source for estimating the cost of repairs, which reference
source is generally accepted by the auto body repair industry. The
reference source may be in either book or computerized form;
(5)Possess and maintain equipment to safely raise
and support vehicles for inspection and repair;
(6)Possess and maintain a metal inert gas welder;
(7)Possess, maintain and utilize for all spray
painting:
(a)an enclosed area for refinishing which
complies with all applicable safety, fire, environmental and other regulations;
(b)the means to supply fresh air to workers
within the spray area when using materials that require breathable air to be
supplied; and
(c)a filtration method to reduce particles from
the air exhausted from the spray area which is established in accordance with
standards established by the State or federal government;
(8)Have equipment necessary to perform or the
means for performing structural repair including, but not limited to: equipment
to make multiple body and chassis pulls to straighten damaged vehicle
components; equipment to anchor a unibody vehicle at four points; a three
dimensional measuring device suitable to measure structural dimensions of
symmetrical and non-symmetrical vehicles; and dimensional guides appropriate to
the vehicles being repaired;
(9)Have equipment necessary to perform or the
means for performing vehicle four-wheel alignment;
(10) Have (a)
equipment necessary to perform or the means for performing vehicle air
conditioner servicing including the means to evacuate, recycle, and recharge
refrigerants and (b) a technician-employee certified to perform such repairs;
(11) Have equipment
necessary to perform or the means for performing mechanical repairs
necessitated by collision damage; and
(12) Provide evidence
that at least one employee or ten (10%) percent, whichever is greater, of the
employees performing repairs at the auto body repair facility have completed a
recognized auto body repair related training course during the year immediately
preceding the application for or renewal of licensure as a full service auto
body repair facility. Training courses available through ICAR
(Inter-Industry Conference on Auto Collision Repair), the manufacturer's
representative or a generally recognized auto body repair training program
shall qualify to satisfy the requirement.
b.An auto body repair facility may, however,
qualify for a full service license if it meets all of the conditions
established by paragraphs (1), (2), (3), (4), (5), (6), (7) and (12) of
subsection a. of this section and has a written agreement to subcontract with
another autobody repair facility licensee or other party to perform the work
for which the equipment set forth in paragraph (8), (9), (10) or (11) of
subsection a. of this section is required provided, however, that the other
party meets the requirements set forth in those paragraphs with regard to
equipment or the means for performing the required tasks and training.
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(a) At the time of executing every retail installment sale
or retail installment contract subject to the provisions of section 5 of this
act, the retail seller shall deliver to the retail buyer two copies of a
receipt which clearly and conspicuously sets forth:
(1) The retail seller's name and place of business;
(2) A description of the goods sold; and
(3) The amount of money paid by the retail buyer or the
cash value of any goods delivered to the retail seller at the time the retail
installment sale or retail installment contract was entered into.
(b) The receipt required to be delivered to the retail
buyer shall also clearly and conspicuously bear, in at least 10-point bold
type, the following statement:
"NOTICE TO RETAIL BUYER: YOU MAY RESCIND THIS
SALE PROVIDED THAT YOU NOTIFY THE RETAIL SELLER OF YOUR INTENT TO DO SO BY
CERTIFIED MAIL, RETURN RECEIPT REQUESTED, POSTMARKED NOT LATER THAN 5 P.M. OF
THE THIRD BUSINESS DAY FOLLOWING THE SALE. FAILURE TO EXERCISE THIS
OPTION, HOWEVER, WILL NOT INTERFERE WITH ANY OTHER REMEDIES AGAINST THE RETAIL
SELLER YOU MAY POSSESS. IF YOU WISH, YOU MAY USE THIS PAGE AS NOTIFICATION BY
WRITING "I HEREBY RESCIND' AND ADDING YOUR NAME AND ADDRESS. A DUPLICATE
OF THIS RECEIPT IS PROVIDED BY THE RETAIL SELLER FOR YOUR RECORDS."
(c) No receipt required to be delivered to the retail buyer
shall contain, or be accompanied by any document which contains, provisions by
which the retail buyer waives his rights under this act.
(d) A retail seller who in the ordinary course of business
regularly uses a language other than English in any advertising or other
solicitation of retail buyers, or in any printed forms for use by retail
buyers, or in any face-to-face negotiations with retail buyers shall deliver
the two copies of the receipt to a retail buyer whose principal language is
such other language one in English and one in the other language.
(e) The receipt required to be delivered to the retail buyer,
other than the notice provision required under subsection (b) of this
section, shall be in a type-size less than 10 points high and in type
other than bold.
L.1968, c. 223, s. 6, eff. July 30, 1968. Amended
by L.1973, c. 182, s. 3; L.1975, c. 77, s. 1.
17:16C-61.7. Action to recover
amount paid
When a retail seller, who has received
notice of intent to rescind a retail installment sale or retail
installment contract, fails to pick up the goods and refund any monies or
goods paid by the retail buyer within 10 business days as provided in
section 5 of this act, the retail buyer may bring suit against the retail
seller in any court of competent jurisdiction and recover the amount paid
by the retail buyer upon entering into such retail installment sale or
retail installment contract. The court in such action shall, in addition
to any judgment awarded to the plaintiff, require defendant to pay a
plaintiff a reasonable attorney's fee and costs of the action.
L.1968, c. 223, s. 7, eff. July 30, 1968.
17:16C-61.8. Violations by
seller
Any retail seller who willfully
destroys, within 18 months after its receipt, record of a retail buyer's notice
of intent to rescind a sale; or who willfully fails to pick up the
goods and refund the purchase price within the 10 business days provided
in section 5 of this act, or who willfully fails to deliver a receipt
setting forth all the information required by section 6 of this act;
or who willfully fails to set forth such information in the manner
required by section 6 of this act; or who attempts to secure a waiver of
the retail buyer's rights under this act in violation of section 6 of
this act, shall be a disorderly person and, upon conviction thereof,
shall be subject to a fine of not more than $500.00 for each offense.
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Telemarketing laws
Every local exchange
telephone company the principal business of
which is the provision of
telephone service within this State shall:
a. Enclose, at least annually, in every
telephone bill a notice
informing telephone
customers how they may have their names removed from
telephone
solicitation lists; and
b. Include in every
telephone directory published after the
effective date of this act information on how
telephone customers may have their names
removed from telephone
solicitation lists.
For purposes of this section, "telephone
solicitation list" means a tangible or
electronic compilation of names and
telephone numbers which are called to solicit
business.
L.1991,c.150,s.1.
48:17-26.
Regulations
The Board of Public Utilities,
pursuant to the provisions of the "Administrative Procedure Act," P.L.1968,
c.410 (C.52:14B-1 et seq.), may promulgate regulations necessary to implement
this act.
L.1991,c.150,s.2.
48:17-27.
Definitions
1. As used in this act:
"Caller" means a person who attempts to contact or contacts a
subscriber in this State by telephone or using a telephone line.
"Subscriber" means a person who has subscribed to telephone service
from a telephone company regulated as a public utility under Title 48 of the
Revised Statutes or from a company offering mobile telephone service.
48:17-28 Delivery of certain recorded telephone messages prohibited.
2.A
caller within the State shall not use a telephone or telephone line to contact
a subscriber within the State to deliver a recorded message other than for
emergency purposes, unless the recorded message is introduced by an operator
who shall obtain the subscriber's consent before playing the recorded message,
or unless a prior or current relationship exists between the caller and the
subscriber.
As used in this section,
"emergency purposes" means calls made necessary in any situation affecting the
immediate health and safety of consumers; and "recorded message" shall not
include automated recorded telephone operator introductions for the purposes of
accepting a call or message.
L.1993,c.252,s.2; amended
1997, c.345.
48:17-29. Use of
certain devices; violation
3. The use of automated
dialing, push button, or tone activated devices which operate sequentially or
are otherwise unable to avoid contacting subscribers who have not consented to
the playing of the recorded message as provided in section 2 of this act is
prima facie evidence of an intention to violate this act.
L.1993,c.252,s.3.
48:17-30.
Exceptions
4. Nothing in this act
shall prohibit the use of automatic dialing equipment or the delivery of a
recorded message for the purpose of advising customers concerning merchandise
or goods or services previously ordered or purchased, including the collection
of lawful debts or prohibit a telephone company from providing a service that
is utilized for relaying messages for private purposes, such as a message
delivery service.
Home Sales Act
The
Legislature hereby finds and declares that the consumer is frequently induced
to enter into retail
installment sales
contracts for goods which he does not need through the unsolicited and often
unethical persuasion of certain
door-to-door sellers. It is the purpose of this act
to enable the consumer
to reconsider his purchase
within a reasonable period of time and
to rescind the sale if he acts before 5 p.m.
of the third business day following the day on which the contract is
executed.
17:16C-61.4. Definitions
As used in this act, unless the context
clearly indicates otherwise:
(a) "Business day" means any day other than a
Saturday, Sunday or holiday.
(b) "Place of business" means the main or branch
office or local address of a retail seller.
(c) "Purchase price" means the total price paid
or to be paid for goods sold or to be sold pursuant to a retail installment
contract, such amount to include all interest and service charges, including,
without limitation, time sales price.
17:16C-61.5. Rescission;
duties of buyer and seller; exception of certain sales;
record of buyer's notice
(a) Any retail installment sale of
goods or retail installment contract for the sale of goods, other than a
motor vehicle, a boat, and motor vehicle or boat accessories, for a
purchase price in excess of $25.00, which is entered into at a place
other than the place of business of the retail seller may be rescinded by
the retail buyer if the retail buyer:
(1) Furnishes to the retail seller a notice of intent
to rescind the retail installment sale or retail installment contract by
certified mail, return receipt requested, postmarked not later than 5
p.m. of the third business day following the day on which the retail
installment sale or retail installment contract is executed; and
(2) Gives up possession of any goods, subject to such
retail installment sale or retail installment contract, delivered to the retail
buyer prior to receipt by the retail seller of such notice of intent to
rescind.
(b) Within 10 business days after receipt of such notice of
intent to rescind the retail installment sale or retail installment contract, a
retail seller shall:
(1) Pick up, at his own expense, any goods subject to
such sale or contract, delivered to the retail buyer prior to receipt by the
retail seller of such notice;
(2) Refund to the retail buyer all amounts of money
paid by the retail buyer (less reasonable charges for any damage to such goods
which occurred while in the possession of the retail buyer); and
(3) Redeliver to the retail buyer any goods traded-in
to the retail seller on account of or in contemplation of the retail
installment sale or retail installment contract (less any reasonable
charges actually incurred in making the goods ready for sale).
(c) This section does not apply to mail order sales,
telephone sales, catalog sales where an order is placed by mail or telephone,
or sales in which the retail buyer has requested the retail seller to enter
into the sale at a place other than the retail seller's place of business, but
it does apply to sales in which the retail buyer has requested the retail
seller to conduct a demonstration or exhibition at a place other than the
retail seller's place of business and has not also requested to enter into a
sale at that place at the same time he has requested such demonstration or
exhibition.
(d) Each retail seller shall maintain a record of the receipt
of any retail buyer's notice of intent to rescind a sale under this act
for at least 18 months after the receipt of such notice of intent to
rescind.
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Licensing Adjusters
17B:17-11. Authorized insurer,
unauthorized insurer defined
a. An "authorized insurer"
is one duly authorized by a current certificate of authority issued by the
commissioner pursuant to this code to act as an insurer in this State.
b. An "unauthorized insurer" is an insurer
not so authorized.
L.1971, c. 144, s. 17B:17-11.
17B:17-12. Certificate of
authority; license defined
a.
A "certificate of authority is a certificate issued by the commissioner
evidencing the authority of an insurer to transact insurance in this State.
b. A "license" is
authority granted by the commissioner pursuant to this code authorizing the
licensee to engage in a business or operation of insurance in this State as an
agent, broker, or solicitor, as the case may be, and the written evidence of
such authority.
17B:17-13. Misdemeanor to do
business unless authorized
a. No person shall act as an
insurer in this State without complying with the applicable provisions of this
Code.
b. No person by himself, or by his brokers, agents,
solicitors, surveyors, canvassers or other representatives of whatever
designation, nor any such broker, agent, solicitor, surveyor, canvasser,
or other representative, shall solicit, negotiate or effect any contract
of insurance of any kind or sign, deliver or transmit, by mail or
otherwise, any policy or annuity contract or receive any premium,
commission, fee or other payment thereon, or maintain or operate any
office in this State for the transaction of the business of insurance, or
in any manner, directly or indirectly, transact the business of insurance
of any kind whatsoever, within this State, unless specifically authorized
under the laws of this State.
c. Specific authorization under the laws of this State
shall not be required with respect to the following:
(1) Investigation, settlement, or litigation of claims
under an insurer's policies lawfully written in this State, or liquidation of
such insurer's assets and liabilities (other than the collection of new
premiums) all as resulting from its former authorized operation in this State.
(2) Transactions involving a policy subsequent to
issuance thereof lawfully solicited, written, or delivered outside this
State.
(3) Reinsurance when transacted as authorized under
section 17B:18-62.
(4) The continuation and servicing of life or
health insurance policies or annuity contracts remaining in force as to
residents of this State when the insurer is not transacting new insurance
therein.
(5) Group life or health insurance or annuity contracts
covering residents of this State under a group policy or contract
lawfully issued in another State.
d. Any person violating any of the provisions of this
section shall be guilty of a misdemeanor.
17B:30A-2. Licensing required
2.
a. A person shall not operate as a viatical settlement provider, viatical
settlement representative or viatical settlement broker without first having
obtained a license from the commissioner.
b.Application for a viatical settlement
provider, viatical settlement representative or viatical settlement broker
license shall be made to the commissioner by the applicant on a form prescribed
by the commissioner, and the application shall be accompanied by a fee, the
amount of which shall be set by the commissioner by regulation.
c.Licenses may be renewed from year to year on
the anniversary date upon payment of the annual renewal fee in an amount set by
the commissioner by regulation. Failure to pay the fee by the renewal
date shall result in expiration of the license.
d.The applicant shall provide information on
forms required by the commissioner. The commissioner shall have
authority, at any time, to require the applicant to fully disclose the identity
of all stockholders, partners, officers, members and employees, and the
commissioner may refuse to issue a license in the name of a legal entity if not
satisfied that any officer, employee, stockholder, partner or member thereof
who may materially influence the applicant's conduct meets the standards of
this act.
e.A license issued to a legal entity authorizes
all members, officers and designated employees to act as viatical settlement
providers, viatical settlement brokers or viatical settlement representatives,
as applicable, under the license, and all those persons shall be named in the
application and any supplements to the application.
f.Upon the filing of an application and the
payment of the license fee, the commissioner shall make an investigation of
each applicant and issue a license if the commissioner finds that the
applicant:
(1) Has provided a
detailed plan of operation;
(2) Is competent and
trustworthy and intends to act in good faith in the capacity of the license
applied for;
(3) Has a good
business reputation and has had experience, training or education so as to be
qualified in the business for which the license is applied for; and
(4) If a legal
entity, provides a certificate of good standing from the state of its domicile.
g.The commissioner shall not issue a license to
a nonresident applicant unless a written designation of an agent for service of
process is filed and maintained with the commissioner, or the applicant has
filed with the commissioner the applicant's written irrevocable consent that
any action against the applicant may be commenced against the applicant by
service of process on the commissioner.
h.A viatical settlement provider, viatical
settlement representative or viatical settlement broker transacting business in
this State prior to the effective date of this act may continue to do so
pending approval or disapproval of the provider, representative or broker's
application for a license as long as the application is filed with the
commissioner on or before the 180th day after the effective date of this act.
L.1999,c.211,s.2.
17B:30A-3. Suspension,
revocation, refusal to renew license
3.
a. The commissioner may suspend, revoke or refuse to renew the license of
a viatical settlement provider, viatical settlement representative or viatical
settlement broker if the commissioner finds that:
(1) There was any
material misrepresentation in the application for the license;
(2) The licensee or any
officer, partner, member or key management personnel has been convicted of
fraudulent or dishonest practices, is subject to a final administrative action
or is otherwise shown to be untrustworthy or incompetent;
(3) The viatical settlement
provider demonstrates a pattern of unreasonable payments to viators;
(4) The licensee has
been found guilty of, or has pleaded guilty or nolo contendere to, any felony,
or to a misdemeanor involving fraud or moral turpitude, regardless of whether a
judgment of conviction has been entered by the court;
(5) The viatical
settlement provider has entered into any viatical settlement contract that has
not been approved pursuant to this act;
(6) The viatical settlement
provider has failed to honor contractual obligations set out in a viatical
settlement contract;
(7) The licensee no
longer meets the requirements for initial licensure;
(8) The viatical
settlement provider has assigned, transferred or pledged a viaticated policy to
a person other than a viatical settlement provider licensed in this State or a
financing entity; or
(9) The licensee has
violated any provision of this act.
b.Before the commissioner shall deny a license
application or suspend, revoke or refuse to renew the license of a viatical
settlement provider, viatical settlement broker or viatical settlement
representative, the commissioner shall conduct a hearing.
L.1999,c.211,s.3.
17B:30A-4. Approval of
contracts, disclosure statements by commissioner required
4.A person shall not use a
viatical settlement contract or provide to a viator a disclosure statement form
in this State unless filed with and approved by the commissioner. The
commissioner shall disapprove a viatical settlement contract or disclosure
statement form if, in the commissioner's opinion, the contract or provisions
contained therein are unreasonable, contrary to the interests of the public, or
otherwise misleading or unfair to the viator.
Diminished Value
We have not found any law yet.
State Departments of Insurance
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