1. Before issuing any certificate of registration or annual
renewal thereof, the Division shall require satisfactory proof that the asset
(a) Is covered by a policy of insurance written by an
insurance company authorized to do business in this State which is sufficient
to reimburse real property owners for, without limitation, any damage to real
property in foreclosure, the wrongful disposal of property or wrongful
(b) Possesses and will continue to possess sufficient means
to act as a self-insurer against that liability.
2. Every asset management company shall maintain the policy
of insurance or self-insurance required by this section. The registration of
every such asset management company is automatically suspended 10 days after
receipt by the asset management company of a notice from the Division that the
required insurance is not in effect, unless satisfactory proof of insurance is
provided to the Division within that period.
3. Proof of insurance or self-insurance must be in such a
form as the Division may require.