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.
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:
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
chapter.
C. Adopt rules and regulations for the control and investment
of the fund.
D. 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.
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 shall
be placed and effected by the Commissioners.