N.J. Admin. Code § 11:15-5.7

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

Section 11:15-5.7 - Disapproval of bylaws and risk management program

(a) If the Commissioner determines that the bylaws or risk management program of the fund and all other information required pursuant to N.J.A.C. 11:15-5.6, or any subsequent amendments or changes thereto, do not contain all of the information set forth in N.J.A.C. 11:15-5.6, is not submitted in the proper format set forth in N.J.A.C. 11:15-5.5, or otherwise do not meet the requirements of N.J.S.A. 18A:18B-1 et seq. or this subchapter, the Commissioner shall disapprove the bylaws or risk management program and shall notify the fund in writing, which notice shall contain the specific reasons for disapproval, and the requirements to be met before approval may be granted.

(b) If, after submission of all of the information set forth in N.J.A.C. 11:15-5.6, the bylaws and risk management program containing all of the information required by N.J.A.C. 11:15-5.6 in the format required by N.J.A.C. 11:5-5.5 are not disapproved by the Commissioner within 60 days of receipt of the supplemental information set forth in N.J.A.C. 11:15-5.6(f), the bylaws and program shall be deemed approved, pursuant to N.J.S.A. 18A:18B-4. Such approval shall become effective 60 days after the date of approval pursuant to N.J.A.C. 11:15-5.5 (c).