17:48E-52 Approval of plan, certificate of authority.

4. a. The commissioner shall approve the plan of conversion and issue a certificate of authority to the converted insurer to transact business in this State as a domestic stock insurer only if the commissioner finds all of the following:

(1) The plan of conversion meets the requirements of sections 2 and 3 of this act.

(2) Upon conversion, the converted insurer will meet the applicable standards and conditions under this section, including applicable minimum capital and surplus requirements.

(3) The plan of conversion adequately protects the existing contractual rights of subscribers.

(4) The plan of conversion will promote the best interests of the health service corporation.

(5) The health service corporation has complied with all requirements of sections 2 and 3 of this act.

(6) The plan of conversion is fair and equitable.

(7) The plan provides for the enhancement of the operations of the converted insurer.

(8) The plan provides for the transfer at or before the effective time of the entire fair market value of the health service corporation to the foundation in accordance with section 6 of this act.

(9) The plan is consistent with the foundation plan.

(10) The plan does not adversely affect the distribution of the health service corporation's value to the foundation.

(11) The plan is not contrary to law.

(12) The plan promotes the public interest.

(13) The Attorney General has concurred:

(a) with any findings of the commissioner pursuant to paragraph (8) of this subsection and section 6 of this act; and

(b) with the actions of the commissioner under subsection c. of section 3 of this act.

b. The commissioner's order approving or disapproving a plan of conversion under this section shall be a final agency decision subject to appeal in accordance with, and within the time periods specified by, the Rules Governing the Courts of the State of New Jersey.

L.2001,c.131,s.4.