Common use of Compensation Trust Clause in Contracts

Compensation Trust. Provide an annual actuarial analysis of the Trust. This analysis should include, but not necessarily be limited to, an estimate of claims liability including incurred but not reported claims, as well as recommendations for future funding. Provide premium rate evaluations, including annually updating the rates and the rating base amounts. Rather than using NCCI rates, the Trust has adopted a premium methodology which utilizes its members’ actual loss experience in establishing premium rates each year. Using actual claims data from the Trust’s twenty-nine years of experience, the Consulting Actuary will be expected to annually perform the necessary analysis and provide the Trust with recommended individual composite rates for each participating agency. As requested by DFA on behalf of the Trust, provide assistance in preparation of a Request for Proposals (RFP) for procuring the third party claims administration contract, loss control contract, and other necessary contracts. As requested by DFA on behalf of the Trust, review various reports submitted by the third party claims administrator and make suggestions on the format and content of the reports, with the overall purpose of making the reports useful and meaningful to the Trust. As requested by DFA on behalf of the Trust, provide testimony to the Mississippi State Agencies Self-Insured Workers’ Compensation Board of Trustees, the Mississippi Workers' Compensation Commission, the State Legislature, and Trust members as needed. Maintain full and accurate records with respect to all matters covered under this Contract. Additionally, upon request by DFA, the Consulting Actuary shall provide copies of all spreadsheets, assumptions, and calculations upon completion of any project approved by the DFA in a format acceptable to DFA. As requested by DFA on behalf of the Trust, provide such advice and consultative services regarding issues and matters of impact or interest to the Trust, and for which the Consulting Actuary has the technical capability to render.