New Jersey Statutes Title 18A. Education 18A § 64-88

a. Any two or more four-year public institutions of higher education may form and become members of a public college risk management group. A four-year public institution of higher education may take this action by resolution of the governing board of the institution. Through membership in a public college risk management group, a four-year public institution of higher education may participate in any joint liability funds, risk management programs or related services offered or provided by the group. The group shall have the power to establish funds for coverages authorized in section 2 of P.L.2010, c. 99 (C.18A:64-87) and to jointly purchase insurance or coverages under a master policy or contract of insurance for participating members. The group shall have the power to take other actions necessary to developing, administering, and providing risk management programs, joint liability funds, joint insurance purchases, and related services.

b. The bylaws of the public college risk management group shall provide that any four-year public institution of higher education may join the group, provided it agrees to comply with the standards for membership, including risk management programs, which shall be established by the group, and may be a member as long as it complies with the standards for membership.

c. A public college risk management group may sue or be sued for the liabilities and coverages authorized by section 2 of P.L.2010, c. 99 (C.18A:64-87) and shall appoint a natural person residing in this State or a corporation authorized to do business in this State as its agent for service of process. The group shall notify the commissioner and the Office of the Attorney General of the appointment.

d. A public college risk management group shall not be considered or deemed to be an insurance company or an insurer under the laws of this State and the development, administration or provision by a group of joint liability funds, risk management programs, and related services shall not constitute the transaction of insurance or the conducting of an insurance business. A group shall not be subject to the provisions of Title 17, Subtitle 3 of the Revised Statutes.  1