N.J. Admin. Code § 11:15-3.7

Current through Register Vol. 56, No. 21, November 4, 2024

Section 11:15-3.7 - Disapproval of bylaws and plan of risk management

(a) If the Commissioner determines that the bylaws or plan of risk management of the fund and all other information required pursuant to 11:15-3.6, or any subsequent amendments or changes thereto, do not contain all of the information set forth in N.J.A.C. 11:15-3.6, is not submitted in the proper format set forth in 11:15-3.5, or otherwise do not meet the requirements of 40A:10-36 et seq. or this subchapter, the Commissioner shall disapprove the bylaws or plan of risk management and shall notify the fund in writing, which notice shall contain the specific reasons for disapproval, and the requirements to be met before approval may be granted.

(b) If, after submission of all of the information set forth in N.J.A.C. 11:15-3.6, the bylaws and plan of risk management containing all of the information required by N.J.A.C. 11:15-3.6, in the format required by N.J.A.C. 11:15-3.5, are not disapproved by the Commissioner within 30 working days of receipt of the supplemental information set forth in 11:15-3.6(e), the bylaws and plan shall be deemed approved, pursuant to N.J.S.A. 40A:10-41c. Such approval shall become effective 60 days after the date of approval pursuant to 11:15-3.3(c).

Amended by R.1996 d.535, effective 11/18/1996.
See: 28 New Jersey Register 4036(a), 28 New Jersey Register 4885(a).