N.J. Admin. Code § 11:15-7.25 - Examination of groups

(a) In addition to any examination conducted pursuant to N.J.A.C. 11:15-7.6(g), the Commissioner may conduct an examination of any group as he or she deems necessary, or at any time the Commissioner has reasonable cause to believe the group may be insolvent or in a financial condition detrimental to its members or the public. It shall be the duty of the group members, trustees, and administrator to notify the Commissioner of any information indicating that any fund may be in a financial condition detrimental to the group's members or the public.

(b) The group's members or trustees may, upon majority vote, request that the Commissioner order an examination of the group, or any group member, which they, in good faith, believe may be in a financial condition detrimental to other group members or to the public.

(c) Any examination made pursuant to N.J.S.A. 18A:64-91c and this subchapter shall be conducted in accordance with the procedures set forth in N.J.A.C. 11:15-7.6(g).

Notes

N.J. Admin. Code § 11:15-7.25