N.J. Admin. Code § 11:15-2.29

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

Section 11:15-2.29 - Orders

(a) After notice and opportunity for a hearing, as provided in 11:15-2.2 8, the Commissioner may issue an order revoking or suspending a fund's authority or requiring a person or fund to cease and desist from engaging in an act or practice to be in violation of any provision of 40A:10-36 et seq. or this subchapter.

(b) Upon a finding, after notice and opportunity for a hearing, as provided at 11:15-2.2 8, that a fund has violated any cease and desist order, the Commissioner may revoke his or her approval of the fund.

(c) Upon a finding, after notice and opportunity for a hearing, as provided at 11:15-2.2 8, the Commissioner may issue an order requiring the fund commissioners, or the executive committee, if any, to dismiss an administrator or servicing organization or terminate the service contract of an administrator or servicing organization because of any fraud, material misrepresentation, incompetence or untrustworthiness, misappropriation or conversion of monies or violation of any fiduciary responsibility by such administrator or servicing organization, or any of the employees, officers or directors thereof.

(d) A copy of any notice issued pursuant to this section shall be furnished to the Commissioner of the Department of Community Affairs.

N.J. Admin. Code § 11:15-2.29

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).
Substituted "fund" for "joint insurance fund" and added references to "servicing organizations" throughout.