New Jersey § 17:1-14

§ 17:1-14.

a. The commissioner may appoint such deputy commissioners and assistant commissioners

as the commissioner shall deem necessary, to serve at the pleasure of the commissioner,

subject to the provisions of Title 11A of the New Jersey Statutes. Each deputy or assistant commissioner shall exercise those powers and perform those

duties of the commissioner as the commissioner may prescribe or delegate under the

commissioner's direction and supervision. Subject to the provisions of paragraph (2) of subsection d. and paragraph (2) of

subsection e. of this section, the commissioner shall designate one or more department

officials to exercise the powers and perform the duties of the commissioner during

the commissioner's absence, disability, or when otherwise specified by the commissioner. b. Subject to applicable laws and the provisions of subsections d. and e. of this

section, the commissioner shall have the authority to establish, engage, organize,

and maintain in the department administrative personnel and structure as the commissioner

deems necessary to perform all personnel, planning and budget and finance responsibilities,

examinations, investigations, regulatory responsibilities or other duties or services

as may be required for the efficient and effective operation of the department. c. There is established within the Department of Banking and Insurance, a Division

of Banking and a Division of Insurance. The Department of Banking and Insurance shall be organized so that, subject to the

supervision of the commissioner, the Director of the Division of Banking shall be

in charge of the functions and duties that relate to banking and supervise and regulate

those entities previously supervised and regulated by the Department of Banking, and

the Director of the Division of Insurance shall be in charge of the functions and

duties that relate to insurance and supervise and regulate those entities previously

supervised and regulated by the Department of Insurance. d. The Director of the Division of Banking shall be appointed by the Governor, with

the advice and consent of the Senate, and shall serve at the pleasure of the Governor,

provided however, that the person in office as the Deputy and Acting Commissioner

of Banking on June 30, 1996, shall, at the pleasure of the Governor, hold the office

of Director of the Division of Banking. The director shall devote his entire time and attention to the duties of the office. The Director of the Division of Banking shall not, within the five years immediately

preceding appointment as Director of the Division of Banking, have been employed by,

acted as agent or contractor for, or managed or controlled any entity, other than

an entity affiliated with a banking institution as defined pursuant to section 1 of

P.L.1948, c. 67 ( C. 17:9A-1 ), that was engaged in the insurance business pursuant to Subtitle 3 of Title 17 of

the Revised Statutes, Title 17B of the New Jersey Statutes, or P.L.1973, c. 337 ( C. 26:2J-1 et seq. ), except that the provision shall not apply to any person appointed as Director of

the Division of Banking on or before September 1, 1996. The duties and responsibilities of the Director of the Division of Banking shall

include the following: (1) to organize the work of the Division of Banking into the offices, bureaus and

other organizational units as the director may determine, subject to the approval

of the commissioner; (2) in the absence of the commissioner, to be acting commissioner for all matters

relating to banking; (3) to review all banking institutions and other lenders and depository institutions,

other than insurance entities, to ensure the safety and soundness of those institutions,

and to make recommendations to the commissioner for appropriate action to ensure the

safety and soundness of the institutions; (4) to monitor the comparability of New Jersey laws and regulations with the laws

and regulations governing federally chartered banks, savings banks and credit unions

and to prepare for inclusion in the department's annual report required pursuant to

subsection h. of section 6 of this 1996 amendatory and supplementary act, a report

on the operation of the dual banking system in New Jersey; (5) to exercise those powers and perform those duties as the commissioner may prescribe

or delegate under the commissioner's direction and supervision. e. The Director of the Division of Insurance shall be appointed by the Governor, with

the advice and consent of the Senate, and shall serve at the pleasure of the Governor,

provided however, that the person in office as the Deputy Commissioner of Insurance

for Property and Casualty on June 30, 1996, shall, at the pleasure of the Governor,

hold the office of Director of the Division of Insurance. The director shall devote his entire time and attention to the duties of the office. The Director of the Division of Insurance shall not, within the five years immediately

preceding appointment as Director of the Division of Insurance, have been employed

by, acted as agent or contractor for, or managed or controlled any entity that was

engaged in the banking business pursuant to Subtitle 2 of Title 17 of the Revised

Statutes, except that the provision shall not apply to any person appointed as Director

of the Division of Insurance on or before September 1, 1996. The duties and responsibilities of the Director of the Division of Insurance shall

include the following: (1) to organize the work of the Division of Insurance into the offices, bureaus and

other organizational units as the director may determine, subject to the approval

of the commissioner; (2) in the absence of the commissioner, to be acting commissioner for all matters

relating to insurance; (3) to exercise those powers and perform those duties as the commissioner may prescribe

or delegate under the commissioner's direction and supervision.