The commissioners shall have the following powers and authority:
a. Employ necessary clerical assistants, whose compensation shall be fixed and paid
by the governing body of the local unit in the same manner as is that of other employees
of the local unit;
b. Invest the fund and all additions and accretions thereto in such securities as
they shall deem best suited for the purposes of this article;
c. Adopt rules and regulations for the control and investment of the fund;
d. Keep on hand at all times sufficient money, or have the same invested in such securities
as can be immediately sold for cash, for the payment of losses to any buildings or
property of the local unit or of a county college which participates in the fund pursuant
to P.L. 1988, c. 144 (C. 18A:64A-25.40 et al.) or of a county vocational school which participates in the fund pursuant
to P.L. 1988, c. 143 (C. 18A:18B-8 et al.), or liability resulting from the operation of publicly owned motor vehicles,
equipment or apparatus;
e. Fix reasonable rates of premium for all insurance carried by the insurance fund,
and shall effect all insurance in the insurance fund or with any insurance company
or companies authorized to do business in this State;
f. Premiums for insurance, whether carried in the insurance fund or placed with insurance
companies, shall be paid to the commissioners by the board, commission, department,
committee or officer having charge or control of the property insured;
g. All insurance upon property owned or controlled by a local unit or any of its departments,
boards, agencies or commissions, or by a board of education of a participating county
vocational school or by a board of trustees of a participating county college shall
be placed and effected by the commissioners;
h. If provided by the rules and regulations of the commission, the secretary to the
insurance fund commission shall be entrusted with the daily operation of the insurance
fund and shall submit a report to the commissioners at least once a month.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.