§ 18A:64-86 — Definitions, State college risk management groups, joint liability funds.

1. As used in P.L.2010, c.99 (C.18A:64-86 set seq.): "Board of trustees" or "trustees" means the board of trustees established pursuant to the bylaws of the public college risk management group to govern or manage the risk management programs, joint liability funds, and related services of the group. "Certified audit" means an audit upon which an auditor expresses a professional opinion that the accompanying statements present fairly the financial position of a joint liability fund in conformity with generally accepted accounting principles consistently applied, and includes tests of the accounting records and other auditing procedures as considered necessary in the circumstances. "Commissioner" means the Commissioner of Banking and Insurance. "Contributions" means the moneys paid by a member of a public college risk management group in amounts as may be set by the board of trustees or other officers as provided in the group's bylaws for the purposes of participating in a joint liability fund or funds, or securing risk management programs or related services. "Joint liability fund" or "fund" means a joint liability fund established by a public college risk management group pursuant to P.L.2010, c.99 (C.18A:64-86 et seq.). The joint liability fund is a fund of public moneys from contributions made by members of a public college risk management group for the purpose of securing insurance, risk management programs, or related services as authorized by this act. "Public college risk management group" or "group" means an association formed by two or more four-year public institutions of higher education for the development, administration, and provision of risk management programs, joint liability funds for the payment of liabilities incurred by the institutions and not funded by the State of New Jersey pursuant to the provisions of the "New Jersey Tort Claims Act," N.J.S.59:1-1 et seq., and related services. "Risk management program" means a plan, and activities carried out under the plan, by a public college risk management group to reduce risk of loss with respect to liabilities incurred by the four-year public institutions of higher education, including safety engineering and other loss prevention and control techniques. A risk management program also includes the administration of one or more joint liability funds, including the processing and defense of claims brought against or on behalf of members of the group. L.2010, c.99, s.1; amended 2023, c.65, s.8.