N.J. Admin. Code § 11:15-5.16

Current through Register Vol. 57, No. 1, January 6, 2025

Section 11:15-5.16 - 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 risk management program or as directed by the Commissioner, to replenish claims or loss retention or administrative accounts.

(b) The board of trustees shall submit to the Commissioner 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 participants shall provide such additional assessments in accordance with the provisions of N.J.S.A. 18A:22-1 et seq., any other applicable law, and this subchapter.

N.J. Admin. Code § 11:15-5.16