N.J. Stat. § 17:49A-7

Current through L. 2024, c. 62.

Section 17:49A-7 - Plan of risk management

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 liabilities 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 contributions to be paid by each participating nonprofit corporation or Keys amendment facility, as the case may be;

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

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

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

For purposes of this section "a plan of risk management" is a plan, and activities carried out under the plan, binding upon the participants in a joint insurance fund to reduce risk of loss with respect to a particular line of insurance protection or coverage provided by a fund. Plans of risk management also include the administration of one or more funds, including the processing and defense of claims brought against or on behalf of participants.

N.J.S. § 17:49A-7

L.1987, c.431, s.7.