New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 15 - GROUP SELF-INSURANCE
Subchapter 6 - JOINT INSURANCE FUNDS FOR NONPROFIT CORPORATIONS AND KEYS AMENDMENT FACILITIES
Section 11:15-6.15 - Assessments

(a) Each participating member of a joint insurance fund shall pay to the fund its assessments as required by the joint insurance fund. During the first year of operation of a joint insurance fund these contributions shall be paid in two equal installments, the first installment payable no later than January 15 and the second installment payable no later than May 15 or in any other manner that the Commissioner in his discretion may direct. Subsequent years' assessments may be paid in such installments as shall be provided in the fund's bylaws, provided, however, that the full assessment shall be paid by each member no later than August 1 or in such other manner as provided in the fund's bylaws as approved by the Commissioner.

(b) Each member's annual assessment shall consist of an amount allocated for the administrative account, contingency trust fund account where appropriate, a specific assessment to establish and/or replenish the claim or loss retention trust fund account for each type of coverage provided by the fund and in which such member participates, plus an assessment to establish a surplus in each claim or loss retention trust fund account established in an amount equal to 20 times the maximum per occurrence loss limitation for the applicable line of coverage.

(c) The total amount of each member's annual assessments to the joint insurance fund shall be certified by the commissioners to the board or owner, as appropriate, of each participant at least one month prior to the beginning of the next fiscal year. As a condition of continued participation in the joint insurance fund, each member shall pay the amount certified at such time and in such manner provided in the fund's bylaws.

(d) Unless otherwise approved by the Commissioner, the annual assessment of each fund member providing for the self-insurance of workers' compensation and employers' liability coverages shall be based upon the Experience Rating Plan provided for in the New Jersey Workers' Compensation and Employers' Liability Insurance Manual on file with the Commissioner. The Commissioner may withdraw his or her approval of any assessment if he or she finds that such assessment is unreasonable or inadequate for the members of the fund to which it applies. In taking any action under this section, the Commissioner may require that the fund commissioners, administrator, any servicing organization or agent of the fund provide such information as he or she deems necessary.

(e) Nothing contained in this section shall preclude the assessment and payment of supplemental assessments as provided in 11:15-6.1 6.