New Jersey § 48:16a-7
Full text of New Jersey New Jersey Statutes § 48:16a-7, with citation guidance and answers to common questions.
§ 48:16a-7.
Any corporation organized under the laws of this State having a paid up cash capital
of not less than $300,000.00 may carry its own liability insurance, if it can reasonably
satisfy the Commissioner of Banking and Insurance as to the permanence and financial
standing of its business. If the commissioner shall by written order make such an exemption, the company in
lieu of the insurance policy or bond provided for by sections 2 and 3 of this act, 1 may file a copy of the order with a statement sworn to by its president, vice-president,
treasurer or assistant treasurer that the corporation is the owner of vehicles and
that the copy of the order attached to the affidavit and filed therewith is a true
copy of the original order and that the same has not been revoked. The copy of the order of exemption and statement shall remain in lieu of an insurance
policy or bond so long as the paid up cash capital of the corporation shall be not
less than $300,000.00 and the order of the commissioner shall remain in force. 1
N.J.S.A. §§ 48:16A-2, 48:16A-3.
Frequently Asked Questions About New Jersey § 48:16a-7
What does New Jersey Statutes § 48:16a-7 cover?
Section 48:16a-7 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 § 48:16a-7?
A common citation format is "New Jersey Statutes § 48:16a-7" (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 § 48:16a-7 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.