New Jersey § 34:15-120
Full text of New Jersey New Jersey Statutes § 34:15-120, with citation guidance and answers to common questions.
§ 34:15-120.
Upon the adoption of a plan of operation or the adoption of rules by the commissioner
pursuant to subsection a. of section 6 of this act, 1 there shall be created an Insolvency Fund to be managed by the association. a. The Insolvency Fund is created for purposes of meeting the obligations of insolvent
members incurred while members of the association and other insolvent self-insurers
as provided in section 15 of this act 2 and after the exhaustion of any bond, as required under chapter 15 of Title 34 of
the Revised Statutes. However, if the bond, surety, or reinsurance policy is payable to the association,
the association shall commence to provide benefits out of the fund and be reimbursed
from the bond, surety, or reinsurance policy. The method of operation of the fund shall be defined in the plan of operation pursuant
to section 6 of this act. b. The department shall have the authority to audit the financial soundness of the
fund annually. c. The commissioner may offer certain amendments to the plan of operation to the board
of directors for purposes of assuring the ongoing financial soundness of the fund
and its ability to meet the obligations of this act. d. The department actuary may make recommendations to improve the orderly payment
of claims. 1
N.J.S.A. § 34:15-120.20. 2
N.J.S.A. § 34:15-120.29.
Frequently Asked Questions About New Jersey § 34:15-120
What does New Jersey Statutes § 34:15-120 cover?
Section 34:15-120 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 34:15-120?
A common citation format is "New Jersey Statutes § 34:15-120" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 34:15-120 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.