Common use of Insurance Renewal Procedure Clause in Contracts

Insurance Renewal Procedure. At the end of any insurance year, if the total premiums paid exceed the total amount of claims paid for the year, any excess shall be paid into the health insurance stabilization fund to reduce any deficit in the stabilization fund and will not be distributed to the members. Thereafter, if any surplus remains, such surplus shall be used to pay any increase in the cost of health insurance premiums for the following year. Any interest earned from the money in the health insurance stabilization fund will remain in the fund. The Association will be provided with a copy of the balance of this account monthly. The base salary will reflect an adjustment for any increase in the Board’s renewal premium for the insurance benefit package, to be determined as follows:

Insurance Renewal Procedure. ‌ At the end of any insurance year, if the total premiums paid exceed the total amount of claims paid for the year, any excess shall be paid into the health insurance stabilization fund to reduce any deficit in the stabilization fund and will not be distributed to the members. Thereafter, if any surplus remains, such surplus shall be used to pay any increase in the cost of health insurance premiums for the following year. Any interest earned from the money in the health insurance stabilization fund will remain in the fund. The Association will be provided with a copy of the balance of this account monthly. The base salary will reflect an adjustment for any increase in the Board’s renewal premium for the insurance benefit package, to be determined as follows: