N.J. Admin. Code § 11:21-2.3

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

Section 11:21-2.3 - Powers of the Board

(a) The Board has the specific authority pursuant to the Act to:

1. Adopt rules and regulations to establish a voluntary risk pooling arrangement.

2. Enter into contracts as are necessary or proper to carry out the provisions and purposes of the Act;

3. Sue or be sued, including taking any legal actions as may be necessary for recovery of any assessments due to the Program or to avoid paying any improper claims;

4. Establish benefit levels, deductibles and copayments, exclusions, and limitations for the standard health benefits plans in accordance with applicable law;

5. Assess members in accordance with the provisions of the Act, including such interim assessments as may be reasonable and necessary for organization and reasonable operating expenses. Such interim assessments shall be credited as offsets against any regular assessments due following the close of the fiscal year;

6. Establish rules, conditions and procedures pertaining to the assessment of the members of the Program;

7. Establish standard policy forms for the standard health benefits plans and rider packages, as provided in the Act;

8. Appoint from among the members appropriate legal, actuarial, and other committees as necessary to provide technical and other assistance in the operation of the Program, policy and other contract design, and any other functions within the authority of the Program;

9. Employ or retain such persons, firms or corporations to perform such functions as are necessary for the Board's performance of its duties. The Board may use the mailing address of such person, firm or corporation as the official address of the Program. Such persons may include an Executive Director with such authority as may be delegated by the Board to implement and carry out broad directives of the Board made pursuant to statutory powers. Such persons may include actuaries, accountants, auditors, insurance producers and such other specialists or persons whose advice or assistance is deemed by the Board to be necessary to the discharge of its duties under the Act. The Board may agree to compensate such persons so as best to serve the interests of the Program and the public. Such persons, firms or corporations shall keep and maintain such records of their activities as may be required by the Board.

10. Develop a method of handling and accounting for assets and moneys of the Program and an annual fiscal reporting to the Commissioner;

11. Develop a means of providing for the filling of vacancies on the Board, subject to the approval of the Commissioner;

12. Address any additional matters which are appropriate to effectuate the provisions of this Act; and

13. Develop a buyers' guide or other informational material for the Program.

N.J. Admin. Code § 11:21-2.3

Amended by 48 N.J.R. 2360(a), effective 11/7/2016