40A:10-40 - Plan of risk management - New Jersey Statutes

40A:10-40.  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 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.