Laserfiche WebLink
<br />2.23 Service Companyan entity engaged by the Board of Trustees to <br />provide services related to the day-to-day operation of the Pool that are not already reserved for <br />the Board, individual Trustees, Participating Members, the Financial Administrator, or another <br />service provider. <br />2.24 Sponsoring Associationrefers to Sourcewell and means a statewide <br />nonprofit organization of Political Subdivisions that sponsors or organizes a pool, and which has <br />as its primary purpose providing services to Minnesota Political Subdivisions that are not related <br />to insurance or self-insurance. <br />2.25 Surplus the Pool assets exceed its liabilities and includes <br />paid-in capital and retained earnings. <br />2.26 Trusteeselected pursuant to Article III to serve on the Board of <br />Trustees and act on behalf of Participating Members. <br />ARTICLE III. BOARD OF TRUSTEES <br />3.1 Powers, Duties, and Responsibilities. The Board of Trustees shall be responsible for the operations <br />and financial integrity of the Pool. <br />3.1.1 Authority to Delegate. The Board is responsible for operation of the Pool. The Board may <br />delegate some or all of its responsibilities to the Chairperson or other Trustees between <br />Board meetings. All responsibilities of the Pool not expressly delegated by the Board to <br />the Sponsoring Association, to a Participating Member, to a Service Company, to a <br />Financial Administrator, or other contractors, as authorized by Minnesota Rules, Part <br />2785.0800, are the responsibility of the Board. <br />3.1.2 Responsibilities. The Board of Trustees shall, at a minimum, have the following <br />responsibilities: <br />(a) , <br />including but not limited to the review and approval of annual budgets and <br />financial statements; <br />(b) Selection, supervision, and evaluation of the Service Company, Financial <br />Administrator, auditor, insurer, and other service providers; <br />(c) , authorizing changes in <br />practices related to premiums, reserve, or investmentpractices; and declaring <br />assessments or dividends, as appropriate; <br />(d) Approving all reports to the Commissioner regarding Pool operations and status; <br />(e) Monitoring for delinquent premiums, loss experience, and the financial condition <br />of members and authorizing disciplinary action or expulsion, as appropriate; <br />(f) Authorizing acceptance or rejection of applications for membership in the Pool; <br />Page 4 of 24 <br /> <br /> <br />