New Jersey § 18a:64-86

§ 18a:64-86.

As used in P.L.2010, c. 99 ( C.18A:64-86 et al.) : “ Board of trustees ” or “ trustees ” means the board of trustees established pursuant to the bylaws of the public college risk management group to govern or manage the risk management programs, joint

liability funds, and related services of the group. “ Certified audit ” means an audit upon which an auditor expresses a professional opinion that the accompanying

statements present fairly the financial position of a joint liability fund in conformity

with generally accepted accounting principles consistently applied, and includes tests

of the accounting records and other auditing procedures as considered necessary in

the circumstances. “ Commissioner ” means the Commissioner of Banking and Insurance. “ Contributions ” means the moneys paid by a member of a public college risk management group in amounts as may be set by the board of trustees or

other officers as provided in the group's bylaws for the purposes of participating

in a joint liability fund or funds, or securing risk management programs or related

services. “ Joint liability fund ” or “ fund ” means a joint liability fund established by a public college risk management group pursuant to P.L.2010, c. 99 ( C.18A:64-86 et al.) . The joint liability fund is a fund of public moneys from contributions made by members

of a public college risk management group for the purpose of securing insurance, risk management

programs, or related services as authorized by this act. “ StatePublic college risk management group ” or “ group ” means an association formed by two or more four-year public institutions of higher education for the development, administration, and provision of risk management programs, joint

liability funds for the payment of liabilities incurred by the institutions and not funded by the State of New Jersey pursuant to the provisions of the “New

Jersey Tort Claims Act,” N.J.S.59:1-1 et seq. , and related services. “ Risk management program ” means a plan, and activities carried out under the plan, by a public college risk management group to reduce risk of loss with respect to liabilities

incurred by the four-year public institutions of higher education , including safety engineering and other loss prevention and control techniques. A risk management program also includes the administration of one or more joint

liability funds, including the processing and defense of claims brought against or

on behalf of members of the group.