Experience Review. The Com mittee will also meet every six (6) months to review the financial experience under these coverages. The specifications for tender will describe the information to be included in the semi-annual financial statements to be prepared by the insurance carrier(s). These statements will include paid premiums, paid claims, changes in reserve requirements for open and for unreported claims, incurred claims, the retention elements of commissions, taxes, administrative expenses, contingency reserve charges and interest credits on claim and other reserves. The insurance carrier(s) will also be required to report on the level and method of administering the Employer’s and employees’ deposit accounts. The Committee shall request the insurance carrier(s) to provide such additional information for the Committee’s consideration as may be required by either the Employer or the OPSEU. If the Joint Insurance Benefits Review Committee fails to agree on a recom mendation to the Government of Ontario on the selection of the insurance carrier(s) to underwrite the group insurance plan, the members of the said Committee nominated by the Employer and the OPSEU may each make a recom mendation in writing to the Government of Ontario on the selection of the insurance carrier(s) supported by reasons for their respective recommendations. It is understood that the Government at all times retains the right to select whatever carrier(s) (to underwrite the Group Insurance Plan) it may consider would best serve the “public interest” and, in so doing, is under no obligation to select a carrier(s) that may be recommended by the Joint Insurance Benefits Review Committee.
Experience Review. The Com mittee will also meet every six (6) m onths to review the financial experience under these coverages. The specifications for tender will describe the information to be included in the semi-annual financial statements to be prepared by the insurance carrier(s). These statements will include paid premium s, paid claims, changes in reserve requirem ents for open and for unreported claims, incurred claims, the retention elements of commissions, taxes, administrative expenses, contingency reserve charges and in terest credits on claim and other reserves. The insurance carrier(s) will also be required to report on the level and method of administering the Employer’s and employees’ deposit accounts. The Comm ittee shall request the insurance carrier(s) to provide such additional information for the Committee’s consideration as may be required by either the Employer or the OPSEU. If the Joint Insurance Benefits Review Committee fails to agree on a recom mendation to the Government of Ontario on the selection of the insurance carrier(s) to underwrite the group insurance plan, the members of the said Committee nominated by the Employer and the OPSEU may each make a recom mendation in writing to the Government of Ontario on the selection of the insurance carrier(s) supported by reasons for their respective recommendations. It is understood that the Government at all times retains the right to select whatever carrier(s) (to underwrite the Group Insurance Plan) it may consider would best serve the “public interest” and, in so doing, is under no obligation to select a carrier(s) that may be recommended by the Joint Insurance Benefits Review Committee.
Experience Review. The Committee will also meet as required to review the financial experience under the Plans. The specifications for tender will describe the information to be included in the financial statements to be prepared by the insurance carrier(s). These statements will include paid premiums, paid claims, changes in reserve requirements for open and for unreported claims, incurred claims, the retention elements of commissions, taxes, administrative expenses, contingency reserve charges and interest credits on claims and other reserves. The Committee shall request the insurance carrier(s) to provide such additional information as may be necessary.
Experience Review. The committee will meet every six months to review the financial experiences subsequent to the date of the signing of this Collective Agreement, under these coverages. The specifications for tender will describe the information to be included in the semiannual financial statements to be prepared by the insurance carrier(s). These statements will include paid premiums, paid claims, changes in reserve requirements for open and for unreported claims, incurred claims, the retention elements of commissions, taxes, administrative expenses, contingency reserve charges and interest credits on claim and other reserves. The insurance carrier(s) will also be required to report on the level and method of administering the employer's and employees' deposit accounts. The Committee shall request the insurance carrier(s) to provide such additional information for the committee's consideration as may be required by either the Employer or the Union. If the Joint Insurance Benefits Review Committee fails to agree on a recommendation to the Board on the selection of the insurance carrier(s) to underwrite the Employee Benefit Plan, the members of the said Committee nominated by the Employer and the Union may each make a recommendation in writing to the Board on the selection of the insurance carrier(s) supported by reasons for their respective recommendations. It is understood that the Board at all times retains the right to select whatever Collective Agreement Between WCB & CUPE, Local 1750 carrier(s) (to underwrite the Employee Benefit Plan) it may consider would best serve the "public interest" and, in so doing, is under no obligation to select a carrier(s) that may be recommended by the Joint Insurance Benefits Review Committee.
