N.J. Admin. Code § 11:15-3.20

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

Section 11:15-3.20 - Refunds

(a) A fund may seek to make refund payments from a claims or loss retention account remaining from any year which has been completed for at least 12 months by filing a notification of its intent to do so with the Department with appropriate documentation, including, but not limited to, an actuarial certification that the loss and expense reserves are adequate and that monies are available for release.

(b) A refund for any fiscal year shall be paid only in proportion to the member's participation in the fund for the fiscal year. Payment of a refund on a previous year shall not be contingent on the member's continued membership in the fund after that year.

(c) At the option of the member, the refund may be retained by the fund and applied toward the member's next assessment payment.

(d) The commissioners or executive committee may appropriate a portion of any refund to the appropriate contingency account subject to the provisions of 11:15-3.1 3(b).

N.J. Admin. Code § 11:15-3.20

Amended by R.1996 d.535, effective 11/18/1996.
See: 28 New Jersey Register 4036(a), 28 New Jersey Register 4885(a).