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 11:15-4.8 - Revocation of approval

Universal Citation: NJ Admin Code 11:15-4.8

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

(a) After notice and opportunity for a hearing, the Commissioner may suspend or terminate the authority of any fund, or direct or take any action deemed necessary for good cause, to enable a fund to meet its obligations, cover its expected losses, or to liquidate, rehabilitate or otherwise modify its affairs if a fund:

1. Is found to be insolvent or has experienced a deterioration in financial condition to the extent that it causes or may cause an adverse affect upon the ability of the fund to pay expected losses;

2. Fails to timely pay any fee or assessment;

3. Fails to pay any claim within 30 days after a final judgment is rendered against the fund or the fund's obligation for such claim otherwise becomes final;

4. Fails to comply with any of the provisions of N.J.S.A. 18A:18B-1 et seq. or this subchapter, or with any lawful order of the Commissioner within the time prescribed; or

5. Fails to follow its approved bylaws or risk management program.

(b) In addition, the Commissioner may suspend or terminate a fund's authority if, after notice and opportunity for hearing, he or she finds that:

1. There was a material misrepresentation in any of the information supplied to the Commissioner;

2. The fund or any of its trustees, administrator, servicing organization or agents has otherwise shown itself to be untrustworthy or incompetent; or

3. The fund, its trustees, administrator, servicing organization or agents has misappropriated, converted, illegally withheld, or refused to pay over upon proper demand any monies that belong to a member, an employee of a member, or a person otherwise entitled thereto.

Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.