8.01 Any monies for a Fund year in excess of the amount necessary to fund all obligations for the fiscal year as certified by the actuary may be declared to be refundable by the Fund in accordance with 11:15- 2.21. Such refund shall be returned to each eligible participant in a manner established and approved by the executive committee, and in accordance with applicable regulations of the New Jersey Department.

8.02 The initial and any subsequent refund for any year shall be made in any amount approved by the Fund subject to the procedures and limitations set forth in the regulations promulgated by the New Jersey Department.

8.03 A refund for any Fund Period shall be paid in proportion to the member's participation in the Fund for such year in a manner established and approved by the commissioners or executive committee or any other method as may be allowed by law and approved by the commissioners. Payment of a refund on a previous period is not contingent on the member's continued membership in the Fund after that period.

8.04 At the option of the member, the refund may be retained by the Fund and applied towards the member's next annual assessment. In the event of termination of membership in any program of coverage offered by the Fund a member shall be entitled to its share of unearned assessments as determined by the Fund commissioners and any surplus available for distribution to the member which had been retained within that Fund program.

8.05 In the event of any inconsistency between the refund provisions of this Article 8 of the Bylaws and the regulations of the New Jersey Department now or hereinafter promulgated, the New Jersey Department regulations shall control and these Bylaws shall be deemed amended to be consistent with the provisions of such regulations.

8.06 The Fund may seek approval to make interyear fund transfers in accordance with N.J.A.C. 11:15-2.21 (h).