a. In any fire district maintaining a volunteer fire department, or wherein there
shall exist one or more incorporated volunteer fire companies affording fire protection
to the fire district, the membership whereof are serving under the jurisdiction of
and with the consent of the fire district and have formed, or may hereafter form themselves
into a group or groups, for the purpose of obtaining the advantages of the group plan
of life insurance, in any of the plans now in vogue, or any plan which may hereafter
be inaugurated, it shall be lawful for the board of commissioners of such fire district,
by resolution, to appropriate moneys for the purpose of defraying the cost of such
insurance and to pay the premiums therefor.
No board of commissioners of any fire district shall pay any premiums on account of
any policy of group life insurance as provided herein where the amount payable upon
the death of each assured under the terms of the policy exceeds the sum of $25,000.
b. The board of commissioners of a fire district may, by resolution, contract for
and appropriate money to defray the cost of any individual life insurance policy which
provides cash value, non-forfeiture benefits and loan provisions for volunteer firefighters
in its jurisdiction. Any such policy may provide for additional benefits by means of a rider.
The amount payable upon the death of each insured on any individual life insurance
policy contracted for pursuant to the provisions of this section shall not exceed
the sum of $16,500.
The Director of the Division of Local Government Services in the Department of Community
Affairs, after consultation with the Commissioner of Banking and Insurance, shall
promulgate rules and regulations in accordance with the provisions of the “Administrative
Procedure Act,” P.L.1968, c. 410 (C.52:14B-1 et seq.), to regulate the provision of insurance under this subsection.
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