40A:10-39. Bylaws for joint insurance fund
The commissioners shall prepare and, after the approval, by resolution, of the governing body of each participating local governmental unit, shall adopt bylaws for the joint insurance fund. The bylaws shall include, but not be limited to:
a. Procedures for the organization and administration of the joint insurance fund, the insurance fund commission and, if appropriate, the executive board of the fund. The procedures may include the designation of one member local unit to serve as the lead agency to be responsible for the custody and maintenance of the assets of the fund and such other duties as may be assigned by the commissioners of the fund;
b. Procedures for the assessment of members for their contributions to the fund and for the collection of contributions in default;
c. Procedures for the maintenance and administration of appropriate reserves in accordance with sound actuarial principles;
d. Procedures for the purchase of commercial direct insurance or reinsurance, if any;
e. Contingency plans for paying losses in the event that the fund is exhausted;
f. Procedures governing loss adjustment and legal fees;
g. Procedures for the joining of the fund by a non-member local unit;
h. Procedures for the withdrawal from the fund by a local unit;
i. Procedures for the expulsion of a member local unit;
j. Procedures for the termination and liquidation of the joint insurance fund and the payment of its outstanding obligations;
k. Such other procedures and plans as the Commissioner of the Department of Insurance may require by rule and regulation.
L.1983, c. 372, s. 4, eff. Oct. 28, 1983.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.