N.J. Admin. Code § 11:1-36.5

Current through Register Vol. 56, No. 21, November 4, 2024

Section 11:1-36.5 - Payment of expenses

(a) Pursuant to N.J.S.A. 17:23-22d, the reasonable expenses of any examination and proceedings conducted under that statute shall be fixed and determined by the Commissioner, and he or she shall collect them from the company examined, which shall pay them on a presentation of an account of expenses. Any and all such receipts shall be appropriated to the Department for use in defraying the expenses of such examination. If any company, after examination, is adjudged insolvent by a court of competent jurisdiction, the expense of the examination, if unpaid, shall be ordered out of the assets of the company.

(b) Pursuant to N.J.S.A. 17:23-23d, the Commissioner may, in making an examination under that statute, retain attorneys, appraisers, independent actuaries, independent certified public accountants, or other professionals as examiners, the cost of which shall be borne by the company being examined. Upon presentation of a detailed invoice for such fees and expenses, and upon review and approval by the Commissioner of the adequacy and reasonableness of such fees and expenses, the Commissioner shall authorize and direct that the company pay such amount directly to the third party retained by the Commissioner to assist in the examination. The company shall make such payment within 30 days of the Commissioner's approval of the adequacy and reasonableness of such fees and expenses.

Amended by R.2001 d.135, effective 5/7/2001.
See: 32 N.J.R. 4328(a), 33 N.J.R. 1387(a).
In (a), substituted "N.J.S.A. 17:23-22d" for "P.L. 1993, c.236, section 3d"; in (b), substituted "N.J.S.A. 17:23-23d" for "P.L. 1993, c.236, section 4d".