Laserfiche WebLink
1 <br /> <br />3 <br /> <br />5 <br /> <br /> 7 <br /> <br /> 9 <br /> <br /> tl <br /> <br />13 <br /> <br /> 15 <br /> <br /> 17 <br /> <br /> 19 <br /> <br />21 <br /> <br />23 <br /> <br />25 <br /> <br />27 <br /> <br />29 <br /> <br />31 <br /> <br />33 <br /> <br />35 <br /> <br />37 <br /> <br />39 <br /> <br />41 <br /> <br />43 <br /> <br />45 <br /> <br />47 <br /> <br />49 <br /> <br />51 <br /> <br />in Schedule A for calculating Pure Premium may be amended other <br />than within the parameters stated therein only by unanimous <br />consent of the members of the Authority's Governing Board. The <br />Authority shall be obligated to assess the Total Pure Premium. <br />Notwithstanding the foregoing, the Pure Premium Rates <br />determined in any Coverage Period for the next three Coverage <br />Periods with respect to a given Risk Sharing Pool (and a given <br />Self-Insured Retention) shall be subject to the following <br />limitations on rate of increase: the increase per Coverage <br />Period of Pure Premium Rates from the first Coverage Period to <br />the second Coverage Period and from the second Coverage Period <br />to the third Coverage Period shall not exceed the greater of <br />fifteen percent (15%) per annum or the Consumer Price Index <br />percentage increase during the year preceding the date of the <br />determination; the increase of Pure Premium Rates from the <br />Coverage Period in which the Actuary makes such determination <br />to the first such Coverage Period is not subject to a <br />limitation on rate of increase. <br /> <br /> Notwithstanding the foregoing, the Pure Premium for each of <br />the first three Coverage Periods shall not exceed $1,250,000 <br />for any Participant. Amounts in excess of such limit shall be <br />assessable against such Participant as Special Pure Premium <br />Adjustments. <br /> <br /> With respect to the Coverage Period commencing July 1, 1989 <br />and all subsequent Coverage Periods, the Pure Premium payable <br />by each Participant shall be determined by multiplying its Pure <br />Premium Rates for each Risk Sharing Pool in which it is <br />participating by its Payroll divided by $1,000. <br />Notwithstanding the foregoing, the Pure Premium for any <br />Participant determined by application of such formula may be <br />changed upwards by up to twenty-five percent (25%) of the Pure <br />Premium to reflect loss history or any significant changes in <br />risk exposure, upon the direction and approval by a vote of <br />two-thirds of the Governing Board of the Authority, or, with <br />respect to changes of greater than twenty-five percent (25%), <br />with unanimous consent of the Governing Board. In no event <br />will Pure Premium be payable to establish Loss Reserves for <br />coverage in excess of $10,000,000 per occurrence. <br /> <br /> Commencing with the Coverage Period commencing on July 1, <br />1989, the determination of Total Pure Premium, Pure Premium <br />Rate and Pure Premium payable in each Coverage Period by each <br />Participant shall be made no later than the April 15 preceding <br />such Coverage Period, commencing April 15, 1989. <br /> <br /> As described above, prior to each Coverage Period the <br />Actuary shall determine Pure Premium Rates for each of the next <br />three Coverage Periods. Notwithstanding anything herein to the <br />contrary, the Pure Premium Rates determined for the second and <br /> <br /> 24 <br />2658002/2 <br /> <br /> <br />