New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 1-1

The Department of Banking and Insurance, hereinafter in Title 17 of the Revised Statutes and Title 17B of the New Jersey Statutes designated as the “department,” created and established by an act entitled “An act to establish a Department of Banking and Insurance,” approved February 10th, one thousand eight hundred and ninety-one (L.1891, c. 6, p.17), and charged with the execution of all laws relative to insurance, banking, savings, trust, guarantee, safe deposit, indemnity, mortgage, investment and loan corporations, continued and constituted as a principal department in the executive branch of the State Government by the “Department of Banking and Insurance Act of 1948,” P.L.1948, c. 88 (C. 17:1-1.1 et al.), is reconstituted as a principal department in the executive branch of State Government by this 1996 amendatory and supplementary act.The department, having been divided into two separate principal departments, the Department of Banking, pursuant to P.L.1970, c. 11 (C. 17:1B-1 et seq.), and the Department of Insurance, pursuant to P.L.1970, c. 12 (C. 17:1C-1 et seq.), is recombined and designated as the Department of Banking and Insurance by this 1996 amendatory and supplementary act. Such department shall be vested with all the powers and charged with all the duties and subject to all the obligations and penalties which, on February 10th, one thousand eight hundred and ninety-one, were vested in, conferred and imposed upon the Secretary of State, acting as commissioner of insurance, or upon the board of bank commissioners or any other officer or board charged with the execution of the laws relative to subjects herein above recited, as well as any additional duties, powers, and obligations prescribed in this 1996 amendatory and supplementary act or by any other law.

All the powers, functions and duties of the existing Department of Banking and Department of Insurance and the commissioners thereof are continued in the Department of Banking and Insurance, and in the office of the commissioner thereof.