N.J. Admin. Code § 11:15-5.25

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

Section 11:15-5.25 - Examination of funds possibly in financial condition detrimental to the public

(a) 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, trustees, and administrator 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 or trustees 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 other fund members or to the public.

(c) Any examination made pursuant to N.J.S.A. 18A:18B-7 and this subchapter shall be conducted in accordance with the procedures set forth in N.J.A.C. 11:15-5.6(g).

N.J. Admin. Code § 11:15-5.25

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).