MCMJIF Bylaws
9.01 The Fund shall maintain a contract or contracts of specific and aggregate excess insurance or reinsurance consistent with N.J.A.C. 11:15-2.23.
9.02 No later than forty five (45) days before the beginning of the fiscal year, the Fund shall notify all members of changes in the coming year’s excess insurance or reinsurance policies. The Fund shall also notify the members of any changes in the policies which occur during the year.
9.03 Certificates of excess insurance and/or reinsurance showing policy limits and specific and aggregate retentions, if applicable, and other information shall be filed with each member and with the Commissioner.
9.04 The Fund may also participate as a unit in an excess joint insurance fund pursuant to applicable laws and regulations.
Notwithstanding the above:
A. The Fund is not required to maintain single accident (single occurrence) excess insurance if the Fund’s single accident (single occurrence) limit of liability as set forth in its approved plan of risk management is equal to or less than its single accident (single occurrence) self- insured retention as approved by the Department.
B. The Fund is not required to maintain aggregate excess insurance if its accumulated budgeted losses defined at N.J.A.C. 11:15-2.23(g) qualify the Fund for an exemption pursuant to N.J.A.C. 11:15-2.23(f), or the Fund maintains an excess loss contingency account or Fund in the claims or loss retention account in conformance with N.J.A.C. 11:15-2.23(f).
