N.J. Stat. § 17B:18-3: Mutual insurer defined

A domestic mutual insurer is an insurer incorporated in accordance with the laws of this State without permanent capital stock, the governing body of which, except while temporary capital stock is outstanding as provided in section 17B:18-9 and except as provided in section 17B:18-20, is elected by its policyholders.

L.1971, c. 144, s. 17B:18-3.