N.J. Admin. Code § 11:15-2.5

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

Section 11:15-2.5 - Bylaws and plan of risk management; filing requirements

(a) Each joint insurance fund shall file with the Department for approval by the Commissioner and the Commissioner of the Department of Community Affairs, as provided in 40A:10-41, its bylaws and plan of risk management and any amendments thereto. In addition, the initial filing shall contain and be accompanied by the information and documentation specified at 11:15-2.6, and such other information as the Commissioner may request. All filings shall be in loose-leaf form inserted into standard two-ring or three-ring binders tabbed or otherwise indexed to correspond to the requirements set forth in N.J.A.C. 11:15-2.6. The loose-leaf sheets used shall be eight and one-half inches wide by 11 inches long and punched for two-ring and three-ring binders, as appropriate. The fund shall submit five copies of a filing in the format set forth in this subsection to the Department and one copy to the Department of Community Affairs. All information shall be submitted completely and accurately.

(b) All of the information and documentation set forth in 11:15-2.6 shall constitute the fund's bylaws and plan of risk management for purposes of 40A:10-41. No joint insurance fund shall begin providing insurance coverage to its member units until its bylaws and plan of risk management, including all of the information required pursuant to 11:15-2.6, have been approved by the Commissioner.

(c) No amendment to a fund's bylaws or plan of risk management shall take effect until such amendment is approved by the Commissioner.

(d) Within 10 days following any change in the information or documentation required to accompany the filing of the fund's bylaws or amendments thereto, as provided in (a) above, the fund shall file notice of the change, with the Department and the Department of Community Affairs.

(e) The bylaws and plan of risk management and all information required to accompany the initial filing shall set forth an identifying number or code and the filing date on each page of the specific document filed. For example, each page of the bylaws shall set forth an identifying number or code; each page of the plan of risk management shall set forth a different identifying number or code; the sample resolution and trust agreement shall set forth a different identifying number or code; etc. Any amendment or supplemental form to any information previously filed shall contain the original identifying number or code, indicate that the document is an amendment or supplement to the information previously filed, and set forth the date of revision.

(f) In addition to the information set forth in 11:15-2.6, the fund shall provide a cover letter stating the name, telephone number(s) and telefax number(s) of two contact persons (one primary, one secondary) familiar with the filing to whom the Department may direct any questions, as well as the fund's official mailing address for the purpose of disseminating Department information, in accordance with N.J.A.C. 11:1-25.

(g) All information required to be submitted shall be sent to the Department and the Department of Community Affairs at:

1. New Jersey Department of Banking and Insurance

Division of Financial Examinations

Attn: Municipal JIF Admissions

20 West State Street

PO Box 325

Trenton, NJ 08625-0325; and

2. New Jersey Department of Community Affairs

Division of Local Government Services

101 South Broad Street

PO Box 803

Trenton, NJ 08625-0803

N.J. Admin. Code § 11:15-2.5

Emergency amendment, R.1984 d.616, effective 12/24/1984 (expires February 22, 1985).
See: 17 New Jersey Register 218(a).
(a) substantially amended.
Adopted by R.1985 d.128, effective 2/22/1985.
See: 17 New Jersey Register 218(a), 17 New Jersey Register 709(a).
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) and (b) and added (e) through (g).
Amended by R.1996 d.534, effective 11/18/1996.
See: 28 New Jersey Register 4027(a), 28 New Jersey Register 4877(a).