A contract or agreement madepursuant to this Article must contain provisions:
(1) For a system orprogram of loss control;
(2) For termination ofmembership including either:
a. Cancellation ofindividual members of the pool by the pool; or
b. Election by anindividual member of the pool to terminate its participation;
(3) Requiring the poolto pay all claims for which each member incurs liability during each member'speriod of membership, except where a member has individually retained the risk,where the risk is not covered, and except for amount of claims above thecoverage provided by the pool.
(4) For the maintenanceof claim reserves equal to known incurred losses and loss adjustment expensesand to an estimate of incurred but not reported losses;
(5) For a finalaccounting and settlement of the obligations of or refunds to a terminatingmember to occur when all incurred claims are concluded, settled, or paid;
(6) That the pool mayestablish offices where necessary in this State and employ necessary staff tocarry out the purposes of the pool;
(7) That the pool mayretain legal counsel, actuaries, claims adjusters, auditors, engineers, privateconsultants, and advisors, and other persons as the board of trustees or theadministrator deem to be necessary;
(8) That the pool maymake and alter bylaws and rules pertaining to the exercise of its purpose andpowers;
(9) That the pool maypurchase, lease, or rent real and personal property it deems to be necessary;and
(10) That the pool mayenter into financial services agreements with financial institutions and thatit may issue checks in its own name. (1985 (Reg. Sess., 1986), c.1027, s. 26.)
A contract or agreement madepursuant to this Article must contain provisions:
(1) For a system orprogram of loss control;
(2) For termination ofmembership including either:
a. Cancellation ofindividual members of the pool by the pool; or
b. Election by anindividual member of the pool to terminate its participation;
(3) Requiring the poolto pay all claims for which each member incurs liability during each member'speriod of membership, except where a member has individually retained the risk,where the risk is not covered, and except for amount of claims above thecoverage provided by the pool.
(4) For the maintenanceof claim reserves equal to known incurred losses and loss adjustment expensesand to an estimate of incurred but not reported losses;
(5) For a finalaccounting and settlement of the obligations of or refunds to a terminatingmember to occur when all incurred claims are concluded, settled, or paid;
(6) That the pool mayestablish offices where necessary in this State and employ necessary staff tocarry out the purposes of the pool;
(7) That the pool mayretain legal counsel, actuaries, claims adjusters, auditors, engineers, privateconsultants, and advisors, and other persons as the board of trustees or theadministrator deem to be necessary;
(8) That the pool maymake and alter bylaws and rules pertaining to the exercise of its purpose andpowers;
(9) That the pool maypurchase, lease, or rent real and personal property it deems to be necessary;and
(10) That the pool mayenter into financial services agreements with financial institutions and thatit may issue checks in its own name. (1985 (Reg. Sess., 1986), c.1027, s. 26.)
A contract or agreement madepursuant to this Article must contain provisions:
(1) For a system orprogram of loss control;
(2) For termination ofmembership including either:
a. Cancellation ofindividual members of the pool by the pool; or
b. Election by anindividual member of the pool to terminate its participation;
(3) Requiring the poolto pay all claims for which each member incurs liability during each member'speriod of membership, except where a member has individually retained the risk,where the risk is not covered, and except for amount of claims above thecoverage provided by the pool.
(4) For the maintenanceof claim reserves equal to known incurred losses and loss adjustment expensesand to an estimate of incurred but not reported losses;
(5) For a finalaccounting and settlement of the obligations of or refunds to a terminatingmember to occur when all incurred claims are concluded, settled, or paid;
(6) That the pool mayestablish offices where necessary in this State and employ necessary staff tocarry out the purposes of the pool;
(7) That the pool mayretain legal counsel, actuaries, claims adjusters, auditors, engineers, privateconsultants, and advisors, and other persons as the board of trustees or theadministrator deem to be necessary;
(8) That the pool maymake and alter bylaws and rules pertaining to the exercise of its purpose andpowers;
(9) That the pool maypurchase, lease, or rent real and personal property it deems to be necessary;and
(10) That the pool mayenter into financial services agreements with financial institutions and thatit may issue checks in its own name. (1985 (Reg. Sess., 1986), c.1027, s. 26.)
