N.J. Admin. Code § 11:15-2.1

Current through Register Vol. 56, No. 11, June 3, 2024

Section 11:15-2.1 - Purpose and scope

(a)40A:10-36 et seq. authorizes two or more local units of government to join together to establish a joint insurance fund for the purpose of insuring against liability, property damage, workers' compensation, and loss or theft of money or securities, providing blanket bond coverage, the sole purpose of insuring against bodily injury and property damage claims arising from environmental impairment liability and legal representation therefor to the extent and for coverage approved by the Commissioner, and insuring against loss from liability associated with sick leave payment for service connected disability as provided by 18A:30-2.1. A fund may also provide its members with safety and loss control programs and may jointly purchase, on behalf of its membership, safety and loss control services, training equipment and apparatus, in connection with the provision of the coverages set forth above. This subchapter provides rules for the establishment, operation, oversight, modification and dissolution of such funds.

(b) No local unit of government shall join together with any local unit or units to act as a joint insurance fund except as authorized by the Commissioner in accordance with the provisions of 40A:10-36 et seq. and this subchapter.

(c) Except as otherwise specifically provided, all of the requirements of this subchapter shall apply to any joint insurance fund formed to insure against liability, property damage, loss or theft of money or securities, providing blanket bond coverage, or workers' compensation, or for the sole purpose of insuring against bodily injury and property damage claims arising from environmental impairment liability and legal representation therefor.

N.J. Admin. Code § 11:15-2.1

Amended by R.1991 d.16, effective 1/7/1991.
See: 22 New Jersey Register 16(a), 23 New Jersey Register 112(a).
Amended definition of "actuary".
Amended by R.1995 d.408, effective 8/7/1995.
See: 26 New Jersey Register 2725(a), 26 New Jersey Register 3592(a), 27 New Jersey Register 2938(a).
Amended (a) to allow funds to provide members with safety and loss control programs and services; Added (c) regarding applicability of this subchapter.
Amended by R.1999 d.350, effective 10/18/1999.
See: 31 New Jersey Register 2125(b), 31 New Jersey Register 3091(a).
In (a) and (c), inserted references to insuring against loss or theft of money securities and providing blanket bond coverage.
Amended by R.2005 d.112, effective 4/4/2005.
See: 36 New Jersey Register 4625(a), 37 New Jersey Register 1075(a).
In (a), deleted "and for" preceding "the sole purpose" and inserted "and insuring against loss from liability associated with sick leave payment for service connected disability as provided by N.J.S.A. 18A:30-2.1" in the first sentence.