Orange County NC Website
Browse       Search
Trust shall be open to inspection by the Board of Trustees and the Plan Administrator or their agents <br /> at all reasonable times. <br /> Article V. Contributions to the Fund; Audits. <br /> 1. Contributions to the Fund by individual members shall be determined by the Board of Trustees. The <br /> Board of Trustees shall have the discretion to modify the contributions as may be necessary to <br /> maintain the soundness of the Fund. The Board of Trustees is authorized to determine the method <br /> and timing of payment of contributions to the Fund and the method and timing of the distribution of <br /> any accumulated reserves,with due regard..for the interests of the members and the financial security <br /> of the Fund. The Board of Trustees may distribute accumulated reserves in the form of a reduction <br /> of premiums and contributions if it so chooses. <br /> 2. The Fund shall be audited annually by a certified public accounting firm. The Board of Trustees shall <br /> obtain periodically an appropriate actuarial evaluation of the loss and loss adjustment expense <br /> reserves of the Fund including an estimate of losses and loss adjustment expenses incurred but not <br /> reported. <br /> Article VI. Amendment of the Agreement. <br /> The Board of Trustees of the North Carolina Association of County Commissioners Health Insurance Trust <br /> is hereby authorized to make any amendments to this agreement which would not fundamentally alter the <br /> contemplated arrangement. Any amendment shall be proposed by a member of the Trust or, alternatively, <br /> by the designated Plan Administrator,and submitted in writing to the Board of Trustees not less than thirty <br /> (30)days prior to the next regularly scheduled meeting of the Board of Trustees. A proposed amendment shall <br /> be adopted if approved by a two-thirds (2/3)vote of the Board of Trustees. Written notice of any amendment <br /> proposed for adoption by the Board of Trustees shall be mailed to each member not less than twenty(20)days <br /> in advance of the meeting at which such proposal is to be considered. Written notice of amendments finally <br /> adopted by the Board of Trustees shall be mailed to each member not more than thirty (30) days after <br /> adoption. Only such proposed amendment or amendments as are specifically submitted in writing in advance <br />