N.J.S.A. 48:16A-8 — Revocation of exemption order

48:16A-8. Revocation of exemption order If it shall appear to the Commissioner of Banking and Insurance, after a hearing, that the company no longer has a paid up cash capital of at least $300,000.00 and is no longer able to pay damages which may result from an accident occurring by reason of the ownership, maintenance or use of the vehicles owned by it, upon any public street, he shall revoke his order granting exemption. Thereupon the company shall immediately file an insurance policy or bond as required by sections 2 and 3 of this act. L.1965, c. 40, s. 8.

This is the verbatim text of N.J.S.A. 48:16A-8, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.