N.J. Admin. Code § 11:15-2.25

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

Section 11:15-2.25 - Examination of funds possibly in financial condition detrimental to the public

(a) In addition to any examination conducted pursuant to 11:15-2.6(f), the Commissioner may conduct an examination of any fund as he or she deems necessary, or at any time the Commissioner has reasonable cause to believe the fund may be insolvent or in a financial condition detrimental to its members or to the public. It shall be the duty of the fund members, commissioners, executive committee, administrator and chairman to notify the Commissioner of any information indicating that any fund may be insolvent or in a financial condition detrimental to the fund's members or the public.

(b) The fund's members, commissioners or executive committee, if any, may, upon majority vote, request that the Commissioner order an examination of the fund, or any fund member, which they, in good faith, believe may be in a financial condition detrimental to the fund's members or to the public.

(c) Any examination made pursuant to 40A:10-36 et seq. and this subchapter shall be conducted in accordance with the procedures set forth in 11:15-2.6(f).

N.J. Admin. Code § 11:15-2.25

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).
Substantially amended (a) through (c).
Amended by R.2003 d.366, effective 9/15/2003.
See: 35 New Jersey Register 1487(a), 35 New Jersey Register 4285(b).
Rewrote (b).