N.J. Admin. Code § 11:15-5.9

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

Section 11:15-5.9 - Approval of non-member school boards

(a) Prospective new members of the fund shall submit an application for membership to the fund's board of trustees on a form acceptable to the Commissioner. The application shall include a copy of the resolution of participation and executed indemnity and trust agreement. The trustees may approve or disapprove the application for additional members, pursuant to the admissions criteria and bylaws of the fund.

(b) Any application approved by the fund shall within 15 days of approval by the fund be filed with the Department and shall be accompanied by a revised budget with assessment detail, if the addition of the new member changes the total budget five percent from the original budget or the latest filed amended budget, as well as any amendments to fund's bylaws or risk management program as may be necessary. The fund shall file only the specific changes to the bylaws or risk management program in effect for the current fund year. In addition, the fund shall file the following information in the form of Exhibit D in the Appendix incorporated herein by reference with the Department within 15 days after approval of a new member:

1. The name and address of the new member;

2. The effective date of coverage;

3. The name of the new member's risk manager;

4. The name of the new member's trustee or contact person;

5. The lines of coverage for which the new member participates;

6. The amount of assessment, if not otherwise provided; and

7. An affirmative statement from the fund that in accepting the new member, an application has been filed, the fund has adhered to its bylaws and risk management program, and the agreement to participate and indemnity and trust agreement have been filed with the fund.

(c) If a non-member is not approved for membership, the fund shall set forth in writing the reasons for disapproval and send the reasons for disapproval to the non-member. The fund shall retain a copy of all disapprovals for five years.

N.J. Admin. Code § 11:15-5.9