34:15-120.21. Written notice of bankruptcy proceedings, determination of insolvency
7. a. A member employer which files for relief in bankruptcy under Title 11 of the United States Code, 11 U.S.C. s.101 et seq.; or against which involuntary bankruptcy proceedings are filed under that title; or for which a receiver is appointed by a court of competent jurisdiction, shall file written notice of that fact with the commissioner and the board of directors of the association within 30 days of the occurrence of such an event.
b. Upon receipt of the notice required by subsection a. of this section, the board shall review the member employer's ability to pay compensation pursuant to R.S.34:15-77 and make a determination as to insolvency. If the board determines at any time that the member employer is insolvent, it shall notify the commissioner and the members of the association not later than three business days after the determination of insolvency.
L.1993,c.107,s.7.
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