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.
Appears in 5 contracts
Samples: Collective Agreement, Collective Agreements, Collective Agreements
