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1.5 "Claims Auditor" means an individual or an organization experienced in the <br />handling of public entity liability Claims, appointed by BICEP with the approval of a <br />majority of the Board who shall be independent of any party who administers Claims on <br />behalf of BICEP or its members. <br />1.6 "Claims Payment Fund" means the fund established for the payment of <br />Settlements pursuant to Section 3.2 hereof. Nothing in this Program is intended to <br />prohibit BICEP from designating the Claims Payment Fund as being comprised of <br />separate accounts for the purposes of issuing and securing funding. <br />1.7 "Coverage Period" means each year coextensive with the Memorandum Period <br />(as set forth in Section II, Paragraph 20 of the Memorandum) for which a Member pays <br />Participation Premium. <br />1.8 "Experience Percent Contribution" means each Member's percentages set forth <br />in the BICEP Experience Rating Study performed by BICEP's Actuary in each year prior <br />to the next Coverage Period using the methodology set forth in the Liability Rating Plan, <br />attached hereto as Exhibit A in this Program. <br />1.9 "Participation Premium" means with respect to each Member, the sum of the <br />Administrative Premium, Risk Sharing Premium and Insurance Premium, due and <br />payable by each Member on each Premium Payment Date as determined in <br />accordance with Article IV hereof. <br />1.10 "Payroll" means with respect to a Member, the workers' compensation payroll of <br />such Member as reported to the State of California or if a Member is not domiciled in <br />California, as required to be reported in the other state. <br />1.11 "Participation Premium Adjustment" means the actual accounting of revenue and <br />expenses and all Claims, including incurred but not reported (IBNR), for each Coverage <br />Period that occurred on or after July 1, 2004 versus the amounts deposited for each <br />Coverage Period commencing July 1, 2004 and thereafter, in accordance with the <br />Liability Rating Plan. <br />1.12 "Pure Premium Adjustment" means the annual adjustment on all risk-shared <br />Claims that occurred from October 1, 1988 (inception date of BICEP) up to July 1, 2004. <br />1.13 "Retained Earnings" shall be that as identified in the audited annual financial <br />statements of BICEP. <br />1.14 "Reverse Following Form" means suspending the terms and conditions of the <br />Memorandum and replacing them with terms and conditions of the policy of Insurance, <br />or with the terms and conditions of another public agency's memorandum of coverage. <br />Liability Program <br />OS31-06 <br />2- <br />