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New Jersey Statutes Title 17B. Insurance 17B § 32B-6

Current as of January 01, 2024 | Updated by Findlaw Staff

a. For purposes of administration and assessment, the New Jersey Insolvent Health Maintenance Organization Assistance Fund is created, and shall be held in trust and maintained by the association as provided in this act for the purposes specified in this act.

b. The New Jersey Insolvent Health Maintenance Organization Assistance Fund is created as a limited purpose trust fund consisting of not more than $100,000,000 as follows:

(1) $50,000,000 to be deposited in the fund pursuant to section 17 of this act;  1 and

(2) an additional aggregate sum of not more than $50,000,000 collected through assessments over a three-year period as provided in section 9 of this act. 2

Moneys deposited in the fund pursuant to this section shall be deposited with the State Treasurer in the State of New Jersey Cash Management Fund established pursuant to section 1 of P.L.1977, c. 281 (C.52:18A-90.4), pending disbursement for the payment of eligible claims as provided in this act.

c. Moneys deposited in the fund in accordance with this act shall be used by the association to pay eligible claims of the insolvent organizations and loss adjustment expenses associated with the claims, including the cost of claims adjudication.

1 Appropriation.
2 N.J.S.A. § 17B:32B-9.
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Cite this article: FindLaw.com - New Jersey Statutes Title 17B. Insurance 17B § 32B-6 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-17b-insurance/nj-st-sect-17b-32b-6/

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