N.J. Admin. Code § 11:15-7.5

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

Section 11:15-7.5 - Bylaws and risk management program; filing requirements

(a) Each risk management group shall file with the Department for approval by the Commissioner, as provided in 18A:64-91, its bylaws and risk management program and any amendments thereto. In addition, in order to ensure that the joint liability funds of State college groups are developed and operated in accordance with sound actuarial principles, the initial filing shall contain and be accompanied by the information and documentation specified at 11:15-7.6, and such other information the Commissioner may request. All filings shall be in loose-leaf form inserted into standard two-ring or three-ring binders tabbed or otherwise indexed to correspond to the requirements set forth in N.J.A.C. 11:15-7.6. The loose-leaf sheets used shall be eight and one-half inches wide and 11 inches long and punched for two-ring and three-ring binders, as appropriate. The group shall submit either five copies of a filing in the format set forth in this section or, at the filer's option, one copy in the format set forth herein and four additional copies electronically on compact disc or via e-mail to mailto:admissionspc@dobi.state.nj.us. All information shall be submitted completely and accurately.

(b) All of the information and documentation set forth in 11:15-7.6 shall constitute the group's bylaws and risk management program pursuant to 18A:64-89. No risk management group shall begin providing insurance coverage to its members until its bylaws and risk management program, including all of the information required pursuant to 11:15-7.6, have been approved by the Commissioner.

(c) No amendment to a group's bylaws or risk management program shall take effect until such amendment is approved by the Commissioner.

(d) Within 10 days following any change in the information or documentation required to accompany the filing of the group's bylaws or amendments thereto, as provided in (a) above, the group shall file notice of the change with the Department.

(e) The bylaws and risk management program and all information required to accompany the initial filing shall set forth an identifying number or code and the filing date on each page of the specific document filed. For example, each page of the bylaws shall set forth an identifying number or code; each page of the risk management program shall set forth a different identifying number or code; the sample resolution and trust agreement shall set forth a different identifying number or code; etc. Any amendment or supplemental form to any information previously filed shall contain the original identifying number or code, indicate that the document is an amendment or supplement to the information previously filed, and set forth the date of revision.

(f) In addition to the information set forth in 11:15-7.6, the group shall provide a cover letter stating the name, telephone number(s), telefax number(s) and email addresses of two contact persons (one primary, one secondary) familiar with the filing to whom the Department may direct any questions, as well as the group's official mailing address for the purpose of disseminating Department information, in accordance with N.J.A.C. 11:1-25.

(g) All information required to be submitted shall be sent to the Department at:

New Jersey Department of Banking and Insurance

Office of Solvency Regulation

Attn: State College Risk Management Group Admissions

20 West State Street

PO Box 325

Trenton, NJ 08625-0325.

N.J. Admin. Code § 11:15-7.5