New Jersey § 45:21-8
Full text of New Jersey New Jersey Statutes § 45:21-8, with citation guidance and answers to common questions.
§ 45:21-8.
Such owner, if a corporation of this state with a paid-up cash capital of not less
than two hundred thousand dollars, may carry its own liability insurance, as required
by the provisions of this chapter, if it can reasonably satisfy the commissioner of
banking and insurance as to the permanence and financial standing of its business. Any owner desiring to be exempt from obtaining or filing an insurance policy as
required by this chapter shall make application to said commissioner, showing its
financial ability to pay such damages, whereupon the commissioner, if reasonably satisfied
of the applicant's financial ability, shall by written order make such exemption and
deliver a certified copy thereof to said clerk, which certified copy shall remain
with him in lieu of such policy or policies of insurance so long as the paid-up cash
capital of said corporation remains at not less than two hundred thousand dollars,
and the order of the commissioner remains in force. The clerk shall issue to a corporation so exempted a certificate showing such exemption
in lieu of the certificate required to be issued by section 45:21-6 of this title. The commissioner may from time to time require further statements of the financial
ability of such corporation, and if, at any time in his opinion, the corporation appears
no longer able to pay damages, he shall revoke his order granting exemption and notify
the clerk of such revocation; whereupon the clerk shall revoke the certificate showing
exemption issued by the commissioner, and the corporation shall immediately insure
its liability as required by the provisions of this chapter.
Frequently Asked Questions About New Jersey § 45:21-8
What does New Jersey Statutes § 45:21-8 cover?
Section 45:21-8 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 45:21-8?
A common citation format is "New Jersey Statutes § 45:21-8" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 45:21-8 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.