39:6-63 Creation, maintenance of fund.
387 words·~2 min read·
/nj/title-39/chapter-6/39-6-63·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
3. For the purpose of creating and maintaining the fund:
(a)(Deleted by amendment, P.L.1968, c.323, s.3.)
(b)(Deleted by amendment, P.L.1968, c.323, s.3.)
(c)(Deleted by amendment, P.L.1968, c.323, s.3.)
(d)Commencing on or before December 30, 2003, and on or before December 30 in each year thereafter, the association shall calculate the probable amount which will be needed to carry out its responsibilities under section 35 of P.L.2003, c.89 (C.39:6-86.7), section 9 of P.L.1952, c.174 (C.39:6-69) and section 7 of P.L.1972, c.198 (C.39:6-86.1) during the ensuing year. In that calculation, the association shall take into consideration the amount presently reserved for pending claims, anticipated payments from the fund during that year and during the two years after that year, anticipated amounts to be reserved for claims pending during that year, and the desirability of maintaining a surplus over and above those anticipated payments and present and anticipated reserves, which surplus shall not exceed the amount actually paid from the fund during the 12 full calendar months immediately preceding the date of calculation. The probable amount needed to carry out the provisions of this section shall be assessed against insurers for that year's contribution to the fund.
(e)Whenever any of the provisions concerning the method and sources of assessments on insurers, the maximum amounts payable from the fund, eligibility or qualifications of claimants, or amounts to be deducted from payments made from the fund are amended by law, the association may, if the association deems it necessary, rescind any assessment on insurers. The association shall then, within 30 days of the adoption of such amendment, recalculate the probable amount which will be needed to carry out the provisions of P.L.2003, c.89 (C.17:30A-2.1 et al.) during the ensuing fiscal year, in accordance with the provisions of subsection
(d)of this section. If, in the judgment of the association, the estimated balance of the fund at the beginning of the next year will be sufficient to meet those needs, the association shall determine the contributions of insurers, if any, in accordance with the provisions of subsection
(d)of this section.
L.1952,c.174,s.3; amended 1955, c.1, s.2; 1956, c.22, s.2; 1958, c.99, s.1; 1965, c.72; 1968, c.323, s.2; 1972, c.198, s.1; 1977, c.310, s.3; 1983, c.125, s.1; 1985, c.148, s.4; 1988, c.119, s.2; 1990, c.8, s.85; 2003, c.89, s.9.