Policy Renewals. Following receipt of an existing insurance carrier's proposal for renewal of an insurance contract, the Committee shall: (a) examine and analyze the proposal, assessing the completeness, fairness and validity of the proposal; (b) assess the funding methods employed in the insurance policy; (c) assess and monitor the deposit accounts; (d) suggest and discuss alternative proposals and funding methods with the carrier; and (e) make recommendations to the CEC with respect to acceptance of the carrier's renewal proposals, funding methods and deposit account administration. The basis for recommendations for renewal will take into account the level of service provided by the carrier and the expected long term net cost of benefits.
Appears in 2 contracts
Sources: Collective Agreement, Collective Agreement