4.8 SR 07-18-2022 - Laserfiche WebLink

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(b) The Pool has obtained an irrevocable commitment from a licensed insurer that provides for payment of all outstanding liabilities and provision of related services, including claims payment, preparation of reports, and the administration of transactions associated with the period when the Pool or Runoff Pool provided Coverage. 12.4.2 Pool Assets and Liabilities Upon Dissolution. Upon receipt of authorization to dissolve, the to Participating Members as follows: upon final dissolution of the Pool, all property purchased or owned pursuant to this Agreement shall be sold and the proceeds thereof, together with all other assets not necessary for satisfaction of obligations, shall be distributed in accordance with applicable law to the Participating Members. The amount distributed to each Participating Member shall be based on the following two-step formula: Step 1. 70% of remaining assets will be distributed based on the ratio of (1) the total consecutive Member Months associated with each Participating Member during the final 120 months of coverage provided by the Pool and, if dissolution occurs prior to January 1, 2032, the (the Sourcewell Risk Management Pool), divided by (2) the total Member Months for all Participating Members in the Pool during the final 120 months of such coverage. month of coverage for each Employee, Dependent, and Former Employee receiving coverage through the Pool and/or the Sourcewell Risk Management Pool. Step 2. 30% of remaining assets will be distributed only to Participating Members who have annual premiums in the last 12 months of coverage greater than the Community Rate of the entire Pool. 30% of remaining assets will be distributed based on the ratio of (1) the amount of annual premium paid by the Participating Member in the last 12 months of coverage that exceeds the Community Rate, divided by (2) the total amount of annual premium paid by all Participating Members that exceeds the Community Rate. Community Rate is calculated by determining the average premium amount for each Participating Member needed to fund the composition and the geography of each respective Participating Member. ARTICLE XIII.GENERAL PROVISIONS 13.1 Record Keeping. The Board of Trustees shall maintain within Minnesota all records necessary to verify the accuracy and completeness of all reports submitted to the Commissioner under Minnesota Rules, Part2785.1600. All records concerning claims, reserves, financial transactions, and other matters necessary for Pool operations are the property of the Board of Trustees. 13.2 Notice. Any notice required by this Agreement shall be in writing and shall be deemed to have been given when deposited in a U.S. Post Office, registered or certified mail, postage prepaid, return receipt requested and addressed as follows: If to the Board of Trustees or the Pool: Better Health Collective Page 20 of 24