New Jersey Statutes 18A:64-91. Bylaws required for functioning; annual report
Terms Used In New Jersey Statutes 18A:64-91
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the Commissioner of Education. 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
b. A State college risk management group shall file an annual report, on a form to be prescribed by the commissioner, and shall include a financial statement of the group’s assets and liabilities, the claims paid during the preceding 12 months, current reserves, incurred losses, and any other information that the commissioner may require.
c. The commissioner shall have authority to examine the books, records and affairs of any State college risk management group or any of its liability funds at a time to be fixed by the commissioner. The reasonable costs of any examination or review shall be chargeable to the State college risk management group.
d. If at any time the commissioner determines that the State college risk management group has experienced a deterioration in its financial condition which adversely affects or will adversely affect its ability to pay expected losses, the commissioner may:
(1) require an increase in the reserves of the group as required by section 4 of this act; or
(2) require the purchase of excess insurance or reinsurance.
L.2010, c.99, s.6.