[HISTORY: Adopted by the Mayor and Council of the Borough of River Edge 9-8-1992 as Ord. No. 1054. Amendments noted where applicable.]
Establishment. Pursuant to the provisions of N.J.S.A. 40A:10-6, there is hereby established a Self Insurance Fund of the Borough of River Edge.
Pursuant to the provisions of N.J.S.A. 40A:10-8, there is hereby established a Board of Insurance Commissioners to consist of three (3) members of the governing body of the Borough of River Edge.
The Mayor shall nominate and, by and with the advice and consent of the Council, shall appoint all members of the Board of Insurance Commissioners in the manner provided by law for the appointment of borough officers.
The Commissioners shall hold office for two (2) years or for the remainder of their term of office as members of the governing body, whichever shall be less, and then until their successors shall have been duly appointed and qualified.
Vacancies in the office of Insurance Fund Commissioners, caused by any reason other than expiration of term as a member of the local unit governing body, shall be filled for the unexpired term.
The Commissioners shall serve without compensation.
The Commissioners shall, forthwith after their appointment, organize for the ensuing year by election from their membership of a Chairman and a Secretary, who shall serve for the year.
Powers and authority of Commissioners. Subject to the general authority of the governing body, the Board of Insurance Commissioners shall have the following powers and duties:
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.
Invest the fund and all additions and accretions thereto in such securities as they shall deem best suited for the purposes of this chapter.
Adopt rules and regulations for the control and investment of the fund.
Keep on hand 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 liability resulting from the operation of publicly owned motor vehicles, equipment or apparatus.
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.
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.
All insurance upon property owned or controlled by a local unit or any of its departments, boards, agencies or commissions shall be placed and effected by the Commissioners.