CHAPTER 405 FOREIGN INSURANCE COMPANIES AND THEIR AGENTS
Licenses for Companies
Section 405:14-a
405:14-a New License Required for Changed Conditions. –
The commissioner shall require a company licensed under this chapter to apply for a license in accordance with this chapter, if after notifying the company and after holding a hearing if requested, the commissioner finds that the company has undergone a substantial change in finances or managerial control since its last application for a license. The current license shall expire upon approval of the new application of the company or 30 days after the decision of the commissioner that a substantial change has occurred, whichever is sooner.