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Objective and Functions



OR-404 Review Committee of the Life and Medical Insurance Programs

 

July 2007 

 


 

PURPOSE

Assures that contributions by the Bank and employees to the life and medical insurance plans are made through a system in which both parties are represented. Permits recommendations to be made relative to financial strategy, as well as to the source and utilization of resources shown in the financial statements of the insurance plans.

 

MEMBERSHIP

 

Chair:

To be elected from among the members of the Committee: three members and one alternate each, appointed by the President of the Bank; two elected members from the Bank Staff with one alternate each, and one member and alternate elected from the retirees of the Bank.

  

Secretary:

Division Chief, Compensation and Benefits Division

  

Alternate:

Section Chief, Insurance Section 

 

FUNCTIONS

Reviews the financial statements of the life and medical insurance plans and recommends future action to the Human Resources Department General Manager.


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  • Analyzes the annual financial audit of the life and medical insurance plans, recommending any premium changes needed to maintain the financial integrity of the programs.

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  • Analyzes reports from external auditors and other audit reports and makes recommendations to the Human Resources Department General Manager.

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  • Reviews proposal for changes to insurable medical and life insurance benefits submitting comments to the Human Resources Department General Manager including proposals for eventual "Request for Proposals".  

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  • Reviews and submits for approval the final recommendations on "Request for Proposals" for insurance service providers.

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  • Reviews life and medical insurance programs taking into account relevant vendor and Bank's reports, other information concerning related program operations and other relevant information needed for the Committee's work.

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  • Recommends on negotiations on renewals of existing contracts with service providers.
  • Submits suggestions for review to the Human Resources Department General Manager, and pertinent recommendations related to both plans.

Informs staff on a periodic basis as to the achievement of both plans's objectives. Reviews and approves communications to members regarding actions emanating from the committee's work.