17:30D-4 - Medical malpractice reinsurance association; creation; members; funds and reserves; accounts - New Jersey Statutes

17:30D-4.  Medical malpractice reinsurance association;  creation; members;   funds and reserves;  accounts
    There is hereby created an unincorporated, nonprofit association to be known  as the New Jersey Medical Malpractice Reinsurance Association constituting a  legal entity separate and distinct from its members.  Every insurer authorized  to write, and engaged in writing within this State, on a direct basis, personal  injury and property damage liability insurance as provided in R.S. 17:17-1 d.  and e., excluding such insurers which are engaged in writing only workmen's  compensation and employer's liability insurance written in connection therewith  shall be and shall continue to be a member of the association and shall be  bound by the plan of operation thereof as a condition of its authority to  continue to transact such personal injury and property damage liability  insurance in this State.  All funds and reserves of the association shall be  separately held and invested.  The association shall maintain complete accounts  of all moneys received including investment income and all losses and expenses  incurred in connection with its operation.  No part of the net earnings of the association shall inure to the benefit of any member insurer.

     L.1975, c. 301, s. 4, eff. Jan. 30, 1976.  Amended by L.1978, c. 153, s. 3.