N.J. Admin. Code § 11:15-2.12 - Voluntary dissolution of a fund

(a) A fund may not voluntarily dissolve or otherwise cease to do business and distribute its assets to its members, unless and until it satisfies the following requirements:

1. A majority of the fund's members must have voted in favor of a resolution to dissolve the fund, pursuant to a written plan adopted pursuant to the procedures set forth in the fund's bylaws, at a meeting duly called for such purposes;

2. The plan of dissolution must provide for the payment of all unpaid losses of the fund and its members, including all incurred but not reported losses, as certified by an actuary, before any assets of the fund or the trust fund accounts may be used for any other purpose;

3. The plan of dissolution shall contain a statement of the fund's current financial condition computed both on a statutory basis and according to generally accepted accounting principles as attested to by any independent certified public accountant; and

4. The plan of dissolution, and such other information as may be required, must be filed with and approved in writing by the Commissioner and the Commissioner of the Department of Community Affairs. The plan shall be filed with the Commissioner and the Commissioner of the Department of Community Affairs not later than 90 days prior to the proposed effective date of dissolution.

Notes

N.J. Admin. Code § 11:15-2.12

Amended by R.1995 d.408, effective 8/7/1995.
See: 26 New Jersey Register 2725(a), 26 New Jersey Register 3592(a), 27 New Jersey Register 2938(a).
At (a)4 plan of dissolution must be filed not later than 90 days prior to effective date of dissolution.
Amended by R.1996 d.534, effective 11/18/1996.
See: 28 New Jersey Register 4027(a), 28 New Jersey Register 4877(a).