34:15-77.4. Termination of plan; surety bond; insurance policy
129 words·~1 min read·
/nj/title-34/chapter-15/34-15-77-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If such a group self-insurance plan is terminated, the securities or surety bond on deposit with the commissioner shall remain in the custody of the commissioner for a period of at least 26 months. At the expiration of such time or such further period as the commissioner may deem proper and necessary, he may accept in lieu thereof, and for the additional purpose of securing such further and future contingent liability as may arise from prior injuries to workers and be incurred by reason of any change in the condition of such workers which warrant awards for additional compensation, a policy of insurance furnished by the group self-insurer, its successor, assigns, or others carrying on or liquidating such self-insurance group.
L.1983, c. 376, s. 5, eff. Nov. 10, 1983.