New Jersey Statutes 18A:64-86. Definitions, State college risk management groups, joint liability funds
Terms Used In New Jersey Statutes 18A:64-86
- Board: means the board of education. See New Jersey Statutes 18A:1-1
- Commissioner: means the Commissioner of Education. See New Jersey Statutes 18A:1-1
- Higher education: means that education which is provided by any or all of the public institutions of higher education as herein defined and any or all equivalent private institutions. See New Jersey Statutes 18A:1-1
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
“Board of trustees” or “trustees” means the board of trustees established pursuant to the bylaws of the public college risk management group to govern or manage the risk management programs, joint liability funds, and related services of the group.
“Certified audit” means an audit upon which an auditor expresses a professional opinion that the accompanying statements present fairly the financial position of a joint liability fund in conformity with generally accepted accounting principles consistently applied, and includes tests of the accounting records and other auditing procedures as considered necessary in the circumstances.
“Commissioner” means the Commissioner of Banking and Insurance.
“Contributions” means the moneys paid by a member of a public college risk management group in amounts as may be set by the board of trustees or other officers as provided in the group’s bylaws for the purposes of participating in a joint liability fund or funds, or securing risk management programs or related services.
“Joint liability fund” or “fund” means a joint liability fund established by a public college risk management group pursuant to P.L.2010, c.99 (C. 18A:64-86 et seq.). The joint liability fund is a fund of public moneys from contributions made by members of a public college risk management group for the purpose of securing insurance, risk management programs, or related services as authorized by this act.
“Public college risk management group” or “group” means an association formed by two or more four-year public institutions of higher education for the development, administration, and provision of risk management programs, joint liability funds for the payment of liabilities incurred by the institutions and not funded by the State of New Jersey pursuant to the provisions of the “New Jersey Tort Claims Act,” N.J.S. 59:1-1 et seq., and related services.
“Risk management program” means a plan, and activities carried out under the plan, by a public college risk management group to reduce risk of loss with respect to liabilities incurred by the four-year public institutions of higher education, including safety engineering and other loss prevention and control techniques. A risk management program also includes the administration of one or more joint liability funds, including the processing and defense of claims brought against or on behalf of members of the group.
L.2010, c.99, s.1; amended 2023, c.65, s.8.