N.J. Admin. Code § 11:15-1.4

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

Section 11:15-1.4 - Issuance of certificate of approval

(a) The Commissioner shall issue a certificate of approval to the group upon finding that the group:

1. Guarantees benefit levels equal to those required by the Workers' Compensation Law;

2. Demonstrates sufficient aggregate financial strength and liquidity to assure that all obligations under the Workers' Compensation Law will be promptly met;

3. Proposes a plan for the prompt payment of such benefits; and

4. Has satisfactorily met all requirements of the Act and these regulations.

(b) Such certificate shall remain in effect until terminated at the request of the group or revoked by the Commissioner.

(c) If the Commissioner determines that an application does not satisfactorily meet all requirements, he or she shall notify the group of the reasons for rejection and requirements to be met for approval to be granted.

(d) No person or entity shall act as a group except as so authorized by the Commissioner.

N.J. Admin. Code § 11:15-1.4

Amended by R.2005 d.112, effective 4/4/2005.
See: 36 New Jersey Register 4625(a), 37 New Jersey Register 1075(a).
In (c), inserted "or she" preceding "shall notify".