Bill Text: NJ S897 | 2010-2011 | Regular Session | Introduced
Bill Title: Allows Commissioner of Banking and Insurance to open administrative supervision proceedings to guaranty associations under certain circumstances.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-02-01 - Introduced in the Senate, Referred to Senate Commerce Committee [S897 Detail]
Download: New_Jersey-2010-S897-Introduced.html
Sponsored by:
Senator NIA H. GILL
District 34 (Essex and Passaic)
SYNOPSIS
Allows Commissioner of Banking and Insurance to open administrative supervision proceedings to guaranty associations under certain circumstances.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the administrative supervision of insurers and amending P.L.1993, c.245.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 4 of P.L.1993, c.245 (C.17:51A-4) is amended to read as follows:
4. a. Proceedings, hearings, notices, correspondence, reports, records and other information in the possession of the commissioner or the department relating to the supervision of any insurer are confidential except as provided by this section.
b. The personnel of the department shall have access to these proceedings, hearings, notices, correspondence, reports, records or information as permitted by the commissioner.
c. The commissioner may open the proceedings or hearings or disclose the notices, correspondence, reports, records or information to a department, agency or instrumentality of this or another state of the United States, including, but not limited to, any appropriate guaranty association, if the commissioner determines that the disclosure is necessary or proper for the enforcement of the laws of this or another state of the United States or the administration of any guaranty association. Any disclosure by the commissioner pursuant to this subsection may be made pursuant to and upon the execution of a confidentiality agreement if the commissioner determines that such an agreement is necessary.
d. The commissioner may open the proceedings or hearings or make public the notices, correspondence, reports, records or other information to the public if the commissioner deems that it is in the best interest of the public or in the best interest of the insurer, its insureds or creditors.
e. This section does not apply to hearings, notices, correspondence, reports, records or other information obtained upon the appointment of a receiver for the insurer by a court of competent jurisdiction.
(cf: P.L.1993, c.245, s.4)
2. This act shall take effect immediately.
STATEMENT
This bill amends the law
providing for the administrative supervision of insurers to allow the
Commissioner of Banking and
Insurance to open the proceedings or disclose documents to guaranty
associations, as necessary.
Proceedings and documents relative to the supervision of any insurer are generally confidential under the law, except to government agencies as permitted by the law, and subject to the commissioner's determination that disclosure is necessary for the enforcement of State law. This bill expands that exception to include specifically, guaranty associations. In addition, the bill authorizes the commissioner to execute a confidentiality agreement relative to any disclosure if the commissioner determines that such an agreement is necessary.
