40A:10-40. Plan of risk management

145 words·~1 min read·/nj/title-40a/chapter-10/40a-10-40

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The commissioners shall prepare, or cause to be prepared, a plan of risk management for the joint insurance fund. The plan shall include, but not be limited to:

a. The perils or liability to be insured against;

b. Limits of coverage, whether self-insurance, direct insurance purchased from a commercial carrier, or reinsurance;

c. The amount of risk to be retained by the fund;

d. The amount of reserves to be established;

e. The proposed method of assessing contributions to be paid by each member of the fund;

f. Procedures governing loss adjustment and legal fees;

g. Coverage to be purchased from a commercial insurer, if any;

h. Reinsurance to be purchased, if any, and the amount of premium therefor;

i. Such other procedures and information as the Commissioner of Insurance may require by rule or regulation.

L.1983, c. 372, s. 5, eff. Oct. 28, 1983.