N.J. Admin. Code § 12:16-8.5

Current through Register Vol. 56, No. 23, December 2, 2024

Section 12:16-8.5 - Dissolution

(a) Request for dissolution of a group account will require the consent of two-thirds of its active members. The effective date of dissolution will be determined by the Controller or his or her designee.

(b) The group agent must advise the Controller or his or her designee of the ratio of each member's liability to the total liability of the group, if there is any group liability outstanding at the time of dissolution. Such liability will be due immediately from each employer in accordance with the balance of group liability remaining in its individual account as determined by the group agent.

(c) A group account may be dissolved by the Controller or his or her designee for reporting or payment delinquency, failure to post required bond or other security, or similar good cause.

(d) Except as required herein, the Controller or his or her designee is not a party to any agreement between the group, the group agent or any of its members.

N.J. Admin. Code § 12:16-8.5

Amended by R.1995 d.138, effective 3/6/1995.
See: 27 New Jersey Register 61(a), 27 New Jersey Register 919(a).