N.J. Admin. Code § 11:21-2.7

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

Section 11:21-2.7 - Executive Director selection and duties

(a) The Executive Director shall be selected by the Board.

(b) The Executive Director shall perform the administrative functions required under the Act and the Plan. The Executive Director is responsible, along with the Board, for the fair, equitable and reasonable administration of the Program.

(c) The Executive Director shall perform all administrative functions developed by the Board including the following:

1. Preparing and submitting an annual report to the Board and the Commissioner no later than September 1;

2. Establishing the procedures and installing the systems needed to properly administer the operations of the Program;

3. Establishing with Board approval, one or more depository accounts for the transaction of Program business;

4. Collecting assessments due to the Program on a timely basis;

5. Depositing all moneys collected on behalf of the Program on a timely basis in the State Treasury in an account established for that purpose;

6. Issuing checks or drafts on and/or approving charges against bank accounts of the Program;

7. Keeping all accounting, administrative and financial records of the Program;

8. Acting as a resource for carriers in complying with the Program;

9. Calculating all assessments in accordance with the methodology approved by the Board; notifying members of amounts due; tracking the amount of assessments in dispute or subject to deferral request; coordinating with the Department and other appropriate parties, including State agencies, regarding fiscal administrative matters;

10. Preparing an annual estimate of the operating and administrative expenses of the Program; and

11. Performing other functions as agreed between the Board and the Executive Director.

(d) The Executive Director shall maintain calendar year records of premiums, reimbursements, and fiscal year operating and administrative expenses of the Program and shall retain these records for a period of seven years following the end of such calendar year or as otherwise required pursuant to 47:3-15et seq.

(e) The Board may select, and establish compensation for, such other staff as may be necessary for the administration of the Program.

N.J. Admin. Code § 11:21-2.7

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