17:45-10 - Reserve fund; increases; amount annually certified to commissioner - New Jersey Statutes

17:45-10.  Reserve fund;  increases;  amount annually certified to commissioner
    Every such association shall maintain a reserve fund which shall consist of  the net reserve on all death benefit certificates issued after January second,  one thousand nine hundred and thirty-seven, according to the table of mortality  and rate of interest specified therein.  When an association has completed the  transfer of funds provided for in section 17:45-9 of this title and all  contributions to the benefit fund on account of death benefit certificates have  ceased, the reserve fund of such association shall be increased by the amount  of the net reserve on death benefit certificates, issued prior to January  second, one thousand nine hundred and thirty-seven, according to the reserve  standard specified in section 17:45-5 of this title. Each year every such  association shall file in the department of banking and insurance with its  annual statement, as required by section 17:45-12 of this title, the  certification of a competent actuary as to the amount of the reserve fund  required by this chapter.