• Attend, through its designated representative, such meetings of the FUND’s Executive Committee as may be requested. • Review all new applicants to the FUND, compute annualized loss projections by line of coverage and assist the FUND’s Executive Director/Administrator in developing an appropriate assessment. It shall be the responsibility of the FUND’s Executive Committee to certify the assessment as required applicable to the New Jersey statutes or regulations. • To professionally perform such other duties as may be determined by the FUND’s Executive Committee, by the FUND’s Bylaws, N.J.S.A. 40A:10-36 as well as the regulations under N.J.A.C. 11:15-2. • On a quarterly basis calculate the Incurred But Not Reported (IBNR) claims for the purpose of establishing loss reserves in conjunction with the case reserves established by the FUND’s Claim Service Company. All calculations must be submitted to the FUND’s Executive Director/Administrator and Auditor within forty-five (45) days of the close of each quarter. • Certify to the actuarial soundness of the FUND and report to the FUND’s Executive Committee in a manner prescribed by them, no later than five (5) working days after receipt of the finalized June 30 and December 31 Auditor’s Statements. • Certify loss reserves, reserves for “Incurred But Not Reported” (IBNR) losses and unearned assessments. • Promulgate the loss funds for the upcoming FUND year by line of coverage. Computations must be submitted to the FUND’s Executive Director/Administrator by September 1 of the current FUND Year. • Certify the adequacy of the upcoming FUND year’s budgeted loss fund accounts by November 15 of the current FUND year.
