New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 15 - GROUP SELF-INSURANCE
Subchapter 2 - JOINT INSURANCE FUNDS FOR LOCAL GOVERNMENTAL UNITS PROVIDING PROPERTY AND LIABILITY COVERAGES
Section 11:15-2.12 - Voluntary dissolution of a fund

1. A majority of the fund's members must have voted in favor of a resolution to dissolve the fund, pursuant to a written plan adopted pursuant to the procedures set forth in the fund's bylaws, at a meeting duly called for such purposes;

2. The plan of dissolution must provide for the payment of all unpaid losses of the fund and its members, including all incurred but not reported losses, as certified by an actuary, before any assets of the fund or the trust fund accounts may be used for any other purpose;

3. The plan of dissolution shall contain a statement of the fund's current financial condition computed both on a statutory basis and according to generally accepted accounting principles as attested to by any independent certified public accountant; and

4. The plan of dissolution, and such other information as may be required, must be filed with and approved in writing by the Commissioner and the Commissioner of the Department of Community Affairs. The plan shall be filed with the Commissioner and the Commissioner of the Department of Community Affairs not later than 90 days prior to the proposed effective date of dissolution.