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Section 17:30B-5 - Powers

NJ Rev Stat § 17:30B-5 (2019) (N/A)
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17:30B-5. Powers

An association shall, pursuant to the provisions of this act and the plan of operation, have the power:

a. To assume the unexpired policy obligations of insolvent insurance companies:

b. To assess each of its members and to reimburse them for such assessments, at such times as directed by the commissioner;

c. To reimburse the servicing carriers out of the Joint Underwriting Association Fund;

d. To present claims to the Guaranty Association for unearned premiums on the assumed policies;

e. To adopt bylaws for the regulation of its affairs and the conduct of its business;

f. To sue and be sued;

g. To employ, subject to the approval of the commissioner, such employees as may be required in the judgment of the association, to carry out the purposes of this act, and to fix and pay their reasonable compensation from the Joint Underwriting Association Fund;

h. To borrow funds at prevailing interest rates;

i. To perform such other functions as may be deemed necessary by the commissioner to carry out the purposes of this act.

L.1974, c. 106, s. 5, eff. Sept. 19, 1974.

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