N.J. Admin. Code § 11:4-1.4

Current through Register Vol. 56, No. 24, December 18, 2024

Section 11:4-1.4 - Relief

(a) In accordance with N.J.S.A. 17B:32B-9e, the Association shall exempt, abate or defer, in whole or in part, the assessment of a member organization if, in the opinion of the Commissioner, payment of the assessment would endanger the ability of the member organization to fulfill its contractual obligations or place the member organization in an unsafe or unsound financial condition, as determined by indicia that relate to the ability to pay the assessment by a member organization. If an assessment is exempted, abated or deferred, in whole or in part, the amount exempted, abated or deferred shall be assessed against other member organizations in a manner consistent with N.J.S.A. 17B:32B-9c and the Association Plan of Operation approved by the Commissioner.

(b) Any member organization seeking relief from its obligation to pay assessments shall comply with N.J.A.C. 11:4-1.5 through 1.8.