N.J. Admin. Code § 11:15-1.5

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

Section 11:15-1.5 - Financial statement and other reports

(a) Annually (or more frequently if the Commissioner deems it necessary), each group shall submit to the Commissioner, on or before the last day of the sixth month following the end of the group's fiscal year, a sworn statement of financial condition audited by an independent certified public accountant in accordance with generally accepted accounting principles. The financial statement shall be on a form prescribed by the Commissioner and shall include, but not be limited to, actuarially appropriate reserves for:

1. Known claims and expenses associated therewith;

2. Claims incurred but not reported and expenses associated therewith;

3. Unearned contributions; and

4. Bad debts, which reserves shall be shown as liabilities.

(b) The opinion of an actuary regarding reserves for known claims and expenses associated therewith and claims incurred but not reported and expenses associated therewith shall be submitted with the audited financial statement. The opinion shall comply with the provisions of Rule 9 (other than paragraph (1) thereof) for completing the fire and casualty annual statement blank as promulgated for this State.

(c) The Commissioner may prescribe a uniform accounting system for all groups to ensure the accurate and complete reporting of groups' financial information.

(d) The Commissioner may prescribe the format and frequency of other reports, which may include, but shall not be limited to, payroll audit reports, summary loss reports, and quarterly financial statements.

(e) An annual filing fee of $ 100.00 times the number of members of the group.

N.J. Admin. Code § 11:15-1.5