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O-2002-2598
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O-2002-2598
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Last modified
11/2/2016 3:39:09 PM
Creation date
7/27/2006 9:04:54 AM
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Legislative Records
Legislative Type
Ordinance
Date
12/9/2002
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<br />.' <br /> <br />,,- <br /> <br />.{ <br /> <br />....,.. <br /> <br />( <br /> <br />'" <br /> <br />e <br /> <br />e <br /> <br />Highlights of Requirements for <br />Risk Pool under Chapter 172 <br /> <br />Please consult your own legal counsel before <br />attempting to set up a Chapter 172 Pool <br /> <br />. Political Subdivision may self-fund accident, health, dental, and <br />long-term disability for employees/dependents/retirees <br />. Pool may be for single entity or multiple units through <br />Interlocal Agreement <br />. Contributions to the Pool must be maintained in a separate fund <br />. Must make thorough investigation of background, experience, <br />and financial qualifications of any Third Party Administrator or <br />other entity employed to administer benefits <br />. Must be operated by a Board of Trustees, and it is highly <br />recommended that a proper trust document be adopted <br />. Trustees must have 16 hours of training in specified areas <br />dealing with establishment and operation of the Pool, within <br />180, days of appointment <br />. Must either carry excess loss coverage or reinsurance, or notify <br />each covered person that that there is no coverage, or that it has <br />been cancelled ' <br />. Must invest according to the Public Funds Investment Act or the <br />Texas Trust Code <br />. Must have annual fin,,:ncial audit by CPA and file audit with <br />Texas Department of Insurance (TD!) <br />. Trustees must declare insolvency if Pool is unable to pay claims <br />within 60 days of verification <br />. Special restrictions placed on counties <br />. Pool coverage is not insurance and Pool is not subject to TDI <br />regulation (entities operating outside of Chapter 172 may not <br />enjoy this exemption) <br />
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