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 11:15-4.20 - Investments; application of investment income

Universal Citation: NJ Admin Code 11:15-4.20

Current through Register Vol. 56, No. 24, December 18, 2024

(a) The free balance of any account maintained by a joint insurance fund, whether for claim or loss retention, administrative, or contingency, shall be invested to obtain the maximum interest return practicable. All investments shall be made in accordance with the fund's cash management plan and consistent with the statutes and regulations of the State Investment Council governing the investment of surplus public monies of the State or otherwise transferred to the Director of the Division of Investment pursuant to N.J.S.A. 18A:18B-4b.

(b) The investment and interest income earned by the investment of the assets of each claim or loss retention fund account shall be allocated to each such account by fund year.

(c) The investment and interest income earned by investment of the assets of the administrative account shall be credited to that account.

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