N.J. Admin. Code § 11:15-5.15

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

Section 11:15-5.15 - Assessments

(a) Each participating member of a joint insurance fund shall appropriate and pay to the fund its assessments as required by the joint insurance fund. Assessments for contributory or non-contributory group health insurance and term life insurance may be paid in monthly installments.

(b) Each member's assessment shall consist of an amount allocated for the administrative account, contingency trust fund account when appropriate, plus a specific assessment to establish and/or replenish the claim or loss retention trust fund account for each type of coverage provided by the fund and in which the member participates.

(c) The total amount of each member's assessments to the joint insurance fund shall be certified by the trustees to the governing body of each participant at least one month prior to the next fiscal quarter. As a condition of continued participation in the joint insurance fund, each member shall pay the amount certified at the time and in the manner provided in the fund's bylaws.

(d) Nothing contained in this section shall preclude the assessment and payment of supplemental assessments as provided in 11:15-5.1 6.

N.J. Admin. Code § 11:15-5.15