New Jersey § 43:21-54

§ 43:21-54.

If a private plan does not provide for the assumption by an insurer, duly authorized

and admitted to do business in this State, of the liability to pay the benefits afforded

by such plan, the commission 1 shall not approve it unless the employer files with the commission the bond of an

admitted surety insurer conditioned on the payment of obligations under the plan,

or deposits with the commission securities approved by the commission to secure the

payment of such obligations. The penal sum of the bond or the amount of the deposit shall be determined by the

commission and shall be not less than one-half of the contributions which would have

been paid by the employees to be covered by the plan during the previous year, or

one-half of the estimated contributions of such employees for the ensuing year, whichever

is greater; provided, however, that any employer who is a self-insurer and is exempt from insuring his workmen's

compensation liability, as provided by law, shall so long as such exemption remains

in effect be exempt from the surety bond and security deposit requirements of this

section; and any other employer who shall satisfy the commission as to the permanence

of his business and his financial ability to pay the benefits provided by a private

plan submitted for approval may, upon application, be exempted from such requirements

by written order of the commission, which order shall be revocable at any time. 1

Now Division of Employment Security in Department of Labor. See N.J.S.A. §§ 34:1A-14,

34:1A-21.