N.J. Admin. Code § 5:37-7.9

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

Section 5:37-7.9 - Bonding and evidence of insurance-prototypical service agreement

(a) A contractor who provides a prototypical service agreement shall post a bond obtained from an organization duly authorized and licensed to provide such bond in the State of New Jersey, to protect the plan and the employer from any loss resulting from fraud or dishonesty by such contractor. Evidence of such bond or ability to obtain such bond if the service agreement is awarded shall be provided to the employer and to the Director.

(b) The amount of bond shall not be less than 100 percent of the amount of funds managed by such contractor.

(c) A contractor providing services in accordance with these rules shall provide the employer and Director with evidence of appropriate liability insurance and errors and omissions insurance.

N.J. Admin. Code § 5:37-7.9

Amended by R.1997 d.371, effective 9/2/1997.
See 29 New Jersey Register 2743(a), 29 New Jersey Register 3805(a).
Changed the section name and in (a), substituted "prototypical service agreement" for "prototypical plan".