New Jersey § 40a:10-43

§ 40a:10-43.

The commissioners may, from time to time, amend the bylaws and plan of risk management

of the fund; provided, however, that no such amendment shall take effect until approved

as hereinafter provided. a. The commissioners shall file with the Commissioner of Insurance for his approval

a copy of any amendment to the bylaws of the fund, upon approval by resolution of

the governing bodies of three fourths of the member local units, or any amendment

to the plan of risk management, upon adoption by the commissioners. b. Upon receipt of the amendment, the Commissioner of Insurance shall immediately

notify the Commissioner of Community Affairs and shall immediately provide that commissioner

with a copy of the amendment. The Commissioner of Community Affairs, or by his designation, the Director of the

Division of Local Government Services in the Department of Community Affairs, is empowered

to approve or disapprove any amendment on the basis of whether or not it conforms

with rules and regulations governing the custody, investment or expenditure of public

moneys. Within 25 working days of the receipt of the amendment, the Commissioner of Community

Affairs, or his designee, shall notify the Commissioner of Insurance of his approval

or disapproval. As a condition of approval, the Commissioner of Community Affairs, or his designee,

may require a modification of the amendment in order to bring its provisions into

conformity with rules and regulations governing the custody, investment or expenditure

of public moneys. No amendment disapproved by the Commissioner of Community Affairs, or his designee,

shall take effect. If the Commissioner of Community Affairs, or his designee, fails to approve or disapprove

any amendment within 25 working days of receipt, the amendment shall be deemed to

be approved. c. Within 30 working days of receipt, the Commissioner of Insurance shall either approve

or disapprove any amendment to the bylaws or plan of risk management. If the Commissioner of Insurance shall fail to either approve or disapprove the

amendment within that 30 working day period, the amendment shall be deemed approved. d. If any amendment shall be disapproved, the Commissioner of Insurance shall set

forth in writing the reasons for disapproval. Upon the receipt of the notice of disapproval, the commissioners of the affected

joint insurance fund may request a public hearing. The public hearing shall be convened by the Commissioner of Insurance in a timely

manner. e. Within 90 days after the effective date of any amendment to the bylaws, a member

local unit which did not approve the amendment may withdraw from the fund provided

that it shall remain liable for its share of any claim or expense incurred by the

fund during its period of membership.