New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 15 - GROUP SELF-INSURANCE
Subchapter 4 - JOINT INSURANCE FUNDS FOR SCHOOL BOARDS PROVIDING PROPERTY AND LIABILITY COVERAGES
Section 11:15-4.16 - Supplemental assessments

Universal Citation: NJ Admin Code 11:15-4.16

Current through Register Vol. 56, No. 18, September 16, 2024

(a) Each fund shall levy upon its members an additional assessment whenever needed or so ordered by the Commissioner, to supplement the fund's claim or loss retention or administrative accounts to assure payment of the fund's obligations, including payment of benefits under the workers' compensation law.

1. The fund shall assess each participating member an additional proportionate amount, as provided in the fund's bylaws and risk management program or as directed by the Commissioner, to replenish claims or loss retention or administrative accounts.

(b) The board of trustees shall submit to the Commissioner a report of the causes of the fund's or account's insufficiency, the assessments necessary to replenish it and the steps taken to prevent a recurrence of such circumstances.

(c) The participants shall provide such additional assessments in accordance with the provisions of 18A:22-1 et seq., any other applicable law, and this subchapter.

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