N.J. Admin. Code § 11:15-3.19 - Investments; application of investment income
(a) The free
balance of any account maintained by a joint insurance fund , whether for
administrative, contingency or claims or loss purposes, shall be invested to
obtain the maximum interest return practicable. All investments shall be in
accordance with the fund 's cash management plan and consistent with the
statutes and rules governing the investment of public funds of local
governments and pursuant to N.J.S.A. 40A:10-10b. In addition, the fund
commissioners may transfer monies held to the Director of the Division of
Investment in the Department of the Treasury for investment on behalf of the
fund in accordance with standards governing the investment of other funds which
are managed under the rules of the State Investment Council, N.J.A.C. 17:16.
Any monies transferred to the Director for investment may not thereafter be
withdrawn except under the conditions set forth in N.J.S.A.
40A:10-38b.
(b) The investment and
interest income earned by the investment of the assets of each claim or loss
retention fund account shall be allocated to each account by fund
year .
(c) The investment and
interest income earned by investment of the assets of the administrative and
contingency accounts shall be credited to each such account.
Notes
See: 28 New Jersey Register 4036(a), 28 New Jersey Register 4885(a).
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