N.J. Admin. Code § 11:15-5.24

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

Section 11:15-5.24 - Financial statement and reports

(a) A sworn annual report in a form acceptable to the Commissioner shall be prepared by each fund, filed with the Department, and made available to each fund member not later than December 31 for 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 and performed in accordance with generally accepted accounting principles, 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; and

6. 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 within 60 calendar days after the end of each calendar quarter. All 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 § 11:15-5.24