N.J. Admin. Code § 11:15-6.24

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

Section 11:15-6.24 - Examination of funds

(a) In addition to any examination conducted pursuant to 11:15-6.6(g), the Commissioner may conduct an examination of any fund as he or she deems necessary, or at any time the Commissioner has reasonable cause to believe the fund may be insolvent or in a financial condition detrimental to its members or the public. It shall be the duty of the fund members, commissioners, executive committee, administrator and chairman to notify the Commissioner of any information indicating that any fund may be in a financial condition detrimental to the fund's members or the public.

(b) The fund's members, commissioners, or executive committee, if any, may, upon majority vote, request that the Commissioner order an examination of the fund, or any fund member, which they, in good faith, believe may be in a financial condition detrimental to other fund members or to the public.

(c) Any examination made pursuant to 17:49A-14 and this subchapter shall be conducted in accordance with the procedures set forth in 11:15-6.6(g).

N.J. Admin. Code § 11:15-6.24

Amended by R.2003 d.366, effective 9/15/2003.
See: 35 New Jersey Register 1487(a), 35 New Jersey Register 4285(b).
Rewrote (b).