1. Whenever the accumulated deficits of a municipal health insurance fund established pursuant to P.L.1983, c.372 (C. 40A:10-36 et seq.) exceed an amount equal to 10% of the current year’s total assessments, the commissioners of the fund may adopt a resolution declaring a special emergency for the purpose of funding obligations to satisfy the accumulated deficits of the employee group insurance programs administered by the fund. The resolution must be adopted no later than 90 days after the fund year end. No resolution adopted by the commissioners for the purpose of authorizing special emergency appropriations for the insurance fund shall take effect without the approval of the Local Finance Board and the Commissioner of Banking and Insurance. The special emergency may be funded for up to three years pursuant to the provisions of either section 3 of P.L.1961, c.22 (C. 40A:4-55.3) or section 4 of P.L.1961, c.22 (C. 40A:4-55.4).

L.2009, c.231, s.1.