N.J. Admin. Code § 11:15-1.16

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

Section 11:15-1.16 - Deficits

(a) If the assets of a group are at any time insufficient to enable the group to discharge its legal liabilities and other obligations and to maintain the reserves required of it under the Act and these regulations, it shall forthwith make up the deficiency or levy an assessment upon its members for the amount needed to make up the deficiency.

(b) In the event of a deficiency in any fund year, such deficiency shall be made up immediately.

(c) If the group fails to assess its members or to otherwise make up such deficit within 30 days, the Commissioner shall order it to do so.

(d) If the group fails to make the required assessment of its members within 30 days after the Commissioner orders it to do so, or if the deficiency is not fully made up within 60 days after the date on which such assessment is made, or within such longer period of time as may be specified by the Commissioner, the group shall be deemed to fall within the condition in N.J.S.A. 34:15-77.1c.

N.J. Admin. Code § 11:15-1.16

Amended by R.1989 d.585, effective 11/20/1989.
See: 21 New Jersey Register 1817(a), 21 New Jersey Register 3668(a).
Correction to N.J.S.A. cite in (d).