N.J. Admin. Code § 11:15-3.16

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

Section 11:15-3.16 - Supplemental assessments

(a) Each fund shall levy upon its members an additional assessment whenever needed or so ordered by the Commissioner, to supplement the fund's claim or loss retention accounts or administrative accounts to assure payment of the fund's obligations.

1. The fund shall assess each participating member an additional proportionate amount, as provided in the fund's bylaws and plan of risk management or as directed by the Commissioner, to replenish claims or loss retention or administrative accounts.

(b) The joint insurance fund commissioners shall submit to the Commissioner and the Commissioner of the Department of Community Affairs a report of the causes of the fund's or any account's insufficiency, the assessments necessary to replenish it and the steps taken to prevent a recurrence of such circumstances.

(c) The members shall provide the additional assessments in accordance with the provisions of the Local Budget Law (40A:4-1 et seq.), or Local Authorities Fiscal Control Law (40A:5A-1 et seq.), as applicable.

N.J. Admin. Code § 11:15-3.16