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.
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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:
Sample 1
Insurance Risk Sharing. The Board and the Association 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 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 increases at or under 6.25% will be shared by the Board and the employee as required above in subparagraph “1”. In the event the premium equivalent rates are reduced over the prior year’s rates, the District 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 District 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:
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 38.01 The Group Insurance Plan presently in effect shall remain in effect during the term of this Agreement.

  • 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.

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