N.J. Admin. Code § 11:1-46.3

Current through Register Vol. 57, No. 1, January 6, 2025

Section 11:1-46.3 - Contributions to fund

(a) The Department shall periodically evaluate the amount of funds in the fund. When the aggregate amount of all payments into the fund, together with accumulated interest thereon, less all its expenditures and known liabilities of all carriers for the payment of benefits, shall be reduced below three percent of the loss reserves of all carriers for the payment of benefits under N.J.S.A. 34:15-1 et seq. or 33 U.S.C. § 901 et seq. by reason of payments from and known liabilities of the fund, then the Commissioner shall by Order require that contributions to the fund be made based on the net premiums of each carrier, as shown on the carrier's most recently filed annual statement and that such contributions continue until the fund, over and above its known liabilities, shall be equal to not less than three percent nor more than five percent of such reserves.

(b) All payments shall be made in the amount specified in and pursuant to the Order of the Commissioner.

Amended by R.2007 d.365, effective 12/3/2007.
See: 39 N.J.R. 3275(a), 39 N.J.R. 5083(a).
Section was "Contributions to stock fund". In (a), deleted "stock" preceding "fund" and "carriers" throughout, and substituted "carrier's" for "insurer's".