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New Jersey Statutes, Title: 40A, MUNICIPALITIES AND COUNTIES
Chapter 10: Power to insure
Section: 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.
This section added to the Rutgers Database: 2012-09-26 13:37:52.
Older versions of 40a:10-40 (if available):
Court decisions that cite this statute:
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