N.J. Admin. Code § 11:15-3.24
Current through Register Vol. 56, No. 21, November 4, 2024
Section 11:15-3.24 - Financial statement and reports(a) A sworn annual report in a form acceptable to the Commissioner shall be prepared by each fund, filed currently with the Department and Department of Community Affairs and made available to each fund member not later than 120 days after the end of the immediately preceding fiscal year. The report shall include: 1. An annual audited statement of the financial condition of the fund prepared by an independent certified public accountant or registered municipal accountant and performed in accordance with generally accepted accounting principles and 40A:10-46, which shall include a statement of the organization of the fund, including its balance sheet and receipts and disbursements for the preceding year;2. Reports of outstanding liabilities by line of coverage showing the number of claims, amounts paid to date and current reserves for losses, claims and unearned assessments as certified by a qualified actuary;3. Reports of all incurred but not reported liabilities certified by a qualified actuary;4. Any material changes in information from that previously submitted;5. The number of covered individuals by line of coverage; and6. Such other information, as may be requested by the Department from a particular fund.(b) In addition to the reports required pursuant to (a) above, a fund shall file quarterly unaudited statements of the financial condition of the fund in a form acceptable to the Commissioner with the Department and Department of Community Affairs within 60 calendar days after the end of each calendar quarter. The statements filed pursuant to this subsection shall include the information set forth in (a) above, except that certification by a certified public accountant or a qualified actuary shall not be required.N.J. Admin. Code § 11:15-3.24
Amended by R.1996 d.535, effective 11/18/1996.
See: 28 New Jersey Register 4036(a), 28 New Jersey Register 4885(a).