39:6-64.1 Plan of operation.
203 words·~1 min read·
/nj/title-39/chapter-6/39-6-64-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
18. a. The association may from time to time, adopt and amend a plan of operation, subject to the approval of the commissioner, necessary or desirable in connection with its functions, duties and responsibilities in administering this act.
The plan of operation shall provide that the Unsatisfied Claim and Judgment Fund may
(1)borrow and separately account for moneys from any source, including, but not limited to, the New Jersey Property-Liability Insurance Guaranty Association and the New Jersey Surplus Lines Insurance Guaranty Fund, in such amounts and on such terms as the board of directors may determine, are necessary or appropriate and
(2)make loans, in such amounts and on such terms as the board of directors may determine are necessary or appropriate, to the New Jersey Property-Liability Insurance Guaranty Association and the New Jersey Surplus Lines Insurance Guaranty Fund.
b. There shall be no liability on the part of and no cause of action of any nature shall arise against the association, its agents, employees, or the commissioner or his designees for any action taken by them in the performance of their powers and duties under P.L.2003, c.89 (C.17:30A-2.1 et al.).
L.1955,c.1,s.18; amended 1961, c.69, s.1; 1985, c.148, s.6; 2003, c.89, s.10.