Insurance Risk Sharing Sample Clauses

Insurance Risk Sharing. 1. Effective for implementation on January 1, 2021, the Board and the GEA agree to implement a process for health insurance plan cost containment/reduction. 2. In the event the Board experiences an annual increase in premium equivalent rates (as recommended by the District plan consultant) in excess of five percent (5%) over the prior year’s premium equivalent rates, the District Cost Containment Committee will be charged with recommending changes to plan design which will result in a reduction in the amount of the increase over the 5% threshold. Any such recommended changes will take effect on January 1 following the announced final premium equivalent rates. 3. Premium equivalent increases at or under 5% will be shared by the Board and the employees as required by Article XIII, Section M. 4. In the event that premium equivalent rates are reduced over the prior year’s rates, the Cost Containment Committee will be charged with recommending ways to share the reduction in premiums with employees insured under the affected insurance plan. Such recommendations might include benefit enhancements, wellness benefits, declaring a partial “premium holiday”, building District insurance reserves, etc. 5. In the event the Cost Containment Committee is unwilling or unable to eliminate the increases in premium equivalent rates over 5%, the Board of Education may determine the plan design changes or premium increases necessary to eliminate the increases over 5%. a. As an example of the implementation of this provision, assume the prior year’s premium equivalent rate totaled $1,000. The new premium equivalent rate announced in September is $1,100 (an increase of 10%). b. Under this scenario, the first 5% (i.e. $50) would be shared by the Board and the employee pursuant to Article XIII, Section M, Subsections 1 and 2 (i.e. 95% Bd./5% employee or 88% Bd./12 % employee). The remaining $50 would be the targeted amount Cost Containment must eliminate or the Board would make the necessary decision(s) before open enrollment and a January 1 implementation. 6. It is anticipated that this process would occur as follows: a. The new premium equivalent rates will be announced annually in September. b. Cost Containment will formulate its recommendations no later than the end of October. c. Open enrollment would occur in November, with the resulting rates known to employees prior to electing coverage. d. The resulting premium equivalent rates would be implemented in January.
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Insurance Risk Sharing. Effective January 1, 2020, the Board and the GEA agree to implement a process for health insurance plan cost containment/reduction. In the event the Board experiences an annual increase in premium equivalent rates (as recommended by the District plan consultant) in excess of five percent (6.25%) over the previous year’s premium equivalent rates, the District Insurance Committee will be charged with recommending changes to plan design which will result in a reduction in the amount of the increase over the 6.25% threshold. Any such changes will take effect on January 1 following the announced final premium equivalents. Premium equivalent increase at or under 6.25% will be shared by the Board and the teacher as required above in this Section D. In the event the premium equivalent rates are reduced over the prior year’s rates, the Insurance Committee will be charged with recommending ways to share the reduction in premiums with employees insured under the affected plan. Such recommendations might include benefit enhancements, declaring a partial “premium holiday”, building District insurance reserves, etc. In the event the Insurance Committee is unwilling or unable to eliminate the increase in premium equivalent rates over 6.25%, the Board may determine the plan design changes or premium increases necessary to eliminate the increases over 6.25%. It is anticipated that this process would occur as follows: 1. New premium equivalent rates will be announced annually by October 1st following Board approval. 2. The Insurance Committee will formulate its recommendations, if needed, no later than August 1st. 3. Open enrollment would occur in November, with the resulting rates known to teachers prior to electing coverage.
Sample 1

Related to Insurance Risk Sharing

  • Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

  • Group Insurance All employees covered by this Agreement shall receive the same group insurance benefits as provided to other County employees in accordance with the County Benefit Program.

  • Insurance Plans The Executive is eligible to participate in the life, health, dental, short and long-term disability plans made available to the employees of the Company pursuant to the terms and conditions of such plans.

  • Insurance Plan 19.01 The Employer agrees to contribute the indicated percentage of the premium cost of the following group plans for full-time employees (and their families where applicable) who have completed their probationary period.

  • Reinsurance The Contractor shall purchase reinsurance from a commercial reinsurer and shall establish reinsurance agreements meeting the requirements listed below. The Contractor shall submit new policies, renewals or amendments to OMPP for review and approval at least one hundred and twenty (120) calendar days before becoming effective.  Agreements and Coverage  The attachment point shall be equal to or less than $200,000 and shall apply to all services, unless otherwise approved by OMPP. The Contractor electing to establish commercial reinsurance agreements with an attachment point greater than $200,000 must provide a justification in its proposal or submit justification to OMPP in writing at least one hundred and twenty (120) calendar days prior to the policy renewal date or date of the proposed change. The Contractor must receive approval from OMPP before changing the attachment point.  The Contractor’s co-insurance responsibilities above the attachment point shall be no greater than twenty percent (20%).  Reinsurance agreements shall transfer risk from the Contractor to the reinsurer.  The reinsurer's payment to the Contractor shall depend on and vary directly with the amount and timing of claims settled under the reinsured contract. Contractual features that delay timely reimbursement are not acceptable.  The Contractor shall maintain a plan acceptable to the IDOI commissioner for continuation of benefits in the event of receivership. The Contractor must finance the greater of $1,000,000 or total projected costs as calculated by the form set forth in 760 IAC 1-70-8.  The Contractor shall obtain continuation of coverage insurance (insolvency insurance) to continue plan benefits for members until the end of the period for which premiums have been paid. This coverage shall extend to members in acute care hospitals or nursing facility settings when the Contractor’s insolvency occurs during the member’s inpatient stay. The Contractor shall continue to reimburse for its member’s care under those circumstances (i.e., inpatient stays) until the member is discharged from the acute care setting or nursing facility.  Requirements for Reinsurance Companies  The Contractor shall submit documentation that the reinsurer follows the National Association of Insurance Commissioners' (NAIC) Reinsurance Accounting Standards.  The Contractor shall be required to obtain reinsurance from insurance organizations that have Standard and Poor's claims-paying ability ratings of "AA" or higher and a Xxxxx’x bond rating of “A1” or higher, unless otherwise approved by OMPP.  Subcontractors  Subcontractors’ reinsurance coverage requirements must be clearly defined in the reinsurance agreement.  Subcontractors should be encouraged to obtain their own stop-loss coverage with the above-mentioned terms.  If subcontractors do not obtain reinsurance on their own, the Contractor is required to forward appropriate recoveries from stop-loss coverage to applicable subcontractors.

  • Fire Insurance The LESSEE shall not permit any use of the leased premises which will make voidable any insurance on the property of which the leased premises are a part, or on the contents of said property or which shall be contrary to any law or regulation from time to time established by the New England Fire Insurance Rating Association, or any similar body succeeding to its powers. The LESSEE shall on demand reimburse the LESSOR, and all other tenants, all extra insurance premiums caused by the LESSEE's use of the premises.

  • All Risk Property Insurance (i) During construction, an All Risk Property insurance policy including earthquake and flood (with sublimits as appropriate) shall be maintained during the course of Work being performed and include Start-up and testing for installed equipment and delayed opening coverage. Such policy shall include coverage for materials and equipment while under the care, custody and control of the Seller during the course of Work, at the Site, offsite or while in transit to the Site.

  • Insurance Programs 35.1 Fringe Benefits a. The Board agrees to provide the: Individual core plan premium on behalf of each regular full time employee Part-time regular employees may receive pro-rated insurance benefits if eligible by the carrier. b. When an employee and legally recognized spouse are both employed by the district and are eligible for the school district group plan, the district shall, at the employees' option, combine the district's insurance contribution toward the family plan.

  • Retiree Insurance Retired employees and their dependents shall be entitled to continued coverage under the district sponsored group health insurance program, provided the retired employee makes written application with the clerk of the board of education for such continued coverage within thirty (30) days following the retirement of the employee. Retired employees electing continued coverage shall be required to make the monthly premium payment for such continued coverage in advance of the due date of the premium to the carrier. The premium amount will be determined by the carrier. Such payment shall be made to the Board of Education or directly to the insurance carrier, as may be determined by the board. The coverage under the group health-care benefits will cease at such time as (1) the retired employee attains eligibility for Medicare, (2) the retired employee fails to make the required premium payments on a timely basis, or (3) the retired employee becomes covered or is eligible to be covered under a group plan of another employer. For purposes of this provision, retired means those employees who have terminated employment and are receiving a retirement or disability benefit from K.P.E.R.S.

  • Insurance Contracts To the extent that any Welfare Plan is funded through the purchase of an insurance contract or is subject to any stop loss contract, the Parties shall cooperate and use their commercially reasonable efforts to replicate such insurance contracts for SpinCo or Parent as applicable (except to the extent that changes are required under applicable Law or filings by the respective insurers) and to maintain any pricing discounts or other preferential terms for both Parent and SpinCo for a reasonable term. Neither Party shall be liable for failure to obtain such insurance contracts, pricing discounts, or other preferential terms for the other Party. Each Party shall be responsible for any additional premiums, charges, or administrative fees that such Party may incur pursuant to this Section 7.06.

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