New Jersey § 17:1-2

§ 17:1-2.

a. The head of the reconstituted department, to be denominated the Commissioner of Banking and Insurance and hereinafter

in Title 17 of the Revised Statutes and Title 17B of the New Jersey Statutes, designated the “commissioner,” shall be appointed by the Governor, with the advice

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

the Governor's term of office and until the appointment and qualification of the commissioner's

successor. The person in office as the Commissioner of Insurance on June 30, 1996, shall at the

pleasure of the Governor hold the office of Commissioner of Banking and Insurance

reestablished by this 1996 amendatory and supplementary act for the unexpired term

for which the commissioner was appointed, and until a successor is appointed and qualified. No person shall be appointed commissioner who is in any way connected with the management

or control of any corporation, firm, association, institution, or licensee affected

by Title 17 of the Revised Statutes or Title 17B of the New Jersey Statutes , and the commissioner shall immediately be dismissed from office if at any time the commissioner becomes so interested. The commissioner shall receive such salary as shall be provided by law. The commissioner shall devote full time to the performance of the duties of commissioner. b. Neither the commissioner nor any officer or employee of the department shall have

any ownership of, interest in, or any dealings or transactions in any capacity with

any financial institution, insurance company or other entity chartered, licensed or

regulated by the department, except in the strict performance of the commissioner's,

officer's or employee's duties. This prohibition shall not preclude the commissioner, or officers or employees of

the department from continuing routine banking services with financial institutions,

including but not limited to, mortgages, checking and savings accounts, and personal

loans, entered into prior to their employment, or from establishing banking accounts

and from obtaining loans and other services normally obtained by members of the general

public, or from obtaining insurance or making claims involving their person, property

or affairs, under the same terms and conditions as are available to members of the

general public. This prohibition shall not apply to investments in mutual funds, deferred compensation

plans, blind trusts, or similar investments, in which the commissioner, officer or

employee does not make or influence the selection of individual investments. No department examiner shall examine any entity with which the examiner conducts personal

or family banking or insurance activities. Any violation of this section shall be cause for dismissal of the violator by the

appointing authority.