N.J. Admin. Code § 11:15-7.16

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

Section 11:15-7.16 - Supplemental assessments

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

1. The group shall assess each participating member an additional proportionate amount, as provided in the group'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 group's or 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 any applicable law and this subchapter.

N.J. Admin. Code § 11:15-7.16