New Jersey § 40a:10-36

§ 40a:10-36.

a. The governing body of any local unit, including any contracting unit as defined

in section 2 of P.L.1971, c. 198 ( C.40A:11-2 ), may by resolution agree to join together with any other local unit or units to

establish a joint insurance fund for the purpose of insuring against liability, property

damage, and workers' compensation as provided in Articles 3 and 4 of chapter 10 of

Title 40A of the New Jersey Statutes, 1 insuring against loss or theft of moneys or securities, providing blanket bond coverage

of certain county or municipal officers and employees for faithful performance and

discharge of their duties as provided under section 1 of P.L.1967, c. 283 ( C.40A:5-34.1 ), insuring against bodily injury and property damage claims arising from environmental

impairment liability and legal representation therefor to the extent that such coverages,

as approved by the Commissioner of Banking and Insurance, are provided by the purchase

of insurance and no risk is retained by the fund, providing contributory or non-contributory group health insurance or group term life

insurance, or both, to employees or their dependents or both, through self insurance,

the purchase of commercial insurance or reinsurance, or any combination thereof, and insuring against any loss from liability associated with sick leave payment for

service connected disability as provided by N.J.S.18A:30-2.1 , and may appropriate such moneys as are required therefor. The maximum risk to be retained for group term life insurance by a joint insurance

fund on a self-insured basis shall not exceed a face amount of $5,000 per covered

employee or dependent or more if approved by the Commissioners of Banking and Insurance and Community Affairs. As used in this subsection: (1) “ life insurance ” means life insurance as defined pursuant to N.J.S.17B:17-3 ; (2) “ health insurance ” means health insurance as defined pursuant to N.J.S.17B: 17-4 or service benefits

as provided by health service corporations, hospital service corporations or medical

service corporations authorized to do business in this State; and (3) “ dependent ” means dependent as defined pursuant to N.J.S.40A:10-16 . b. The governing body of any local unit, including any contracting unit as defined

in section 2 of P.L.1971, c. 198 ( C.40A:11-2 ), may by resolution agree to join together with any other local unit or units to

establish a joint insurance fund for the sole purpose of insuring against bodily injury

and property damage claims arising from environmental impairment liability and legal

representation therefor to the extent and for coverages approved by the Commissioner

of Banking and Insurance. 1

N.J.S.A. § 40A:10-6 et seq.