Laserfiche WebLink
include Termination Premium payments payable hereunder in its annual agency budgE <br />and to make the necessary annual appropriations for all such payments to BICEP. Th <br />obligations on the part of each Terminated Member herein contained shall be deeme <br />to be and shall be construed to be duties imposed by law and it shall be the duty c <br />each and every public official of each Terminated Member to take such action and d <br />such things as are required by law in the performance of the official duty of such official <br />to enable each Terminated Member to carry out and perform its obligations herein. Thi <br />obligation may not be imposed in any given year that a Terminated Member's accour <br />exceeds their charges for adjustments and allocations, depending on the condition c <br />the Claims Payment Fund and the Board's determination whether to release an <br />Retained Earnings after consideration of the Target Retained Earnings Policy Statemer <br />(Exhibit B). <br />4.2.2. Termination Premium. A Terminated Member shall pay a Terminati <br />Premium which is comprised of all costs, including but not limited to, any administrati <br />costs and any adjustments applicable pursuant to Section 4.1.3 of this Program, for a <br />Coverage Period in which the Terminated Member was an active Member of BICEP. <br />4.2.3 Determination of a Member's Retained Earnings Upon Withdrawal or <br />Expulsion. In connection with permitting withdrawal of a Member from Coverage <br />pursuant to Article VII of the Bylaws or expelling a Member pursuant to Article VIII of the <br />Bylaws, a portion of Retained Earnings shall at such time be allocated to the <br />Terminated Member in accordance with the most recent annual audited financial <br />statement of BICEP available as of the effective date of the Terminated Member's <br />withdrawal or expulsion. The sum of such amounts allocated to such Terminated <br />Member shall be applied first to the payment of Termination Premium pursuant to <br />Section 4.2.2. <br />4.2.4. After credit to pay the Termination Premium and all other obligations due <br />from such Terminated Member under the terms of this Program and any interest <br />thereon, BICEP shall hold the remaining balance of the Terminated Member's Retained <br />Earnings ("Remaining Assets") due to the Terminated Member, if any, in a segregated <br />account. BICEP will transfer to a Terminated Member its Remaining Assets on the <br />earliest practicable date when such Member is no longer subject to the payment of a <br />Termination Premium under the terms of this Program i.e., when all Claims within the <br />scope of Coverage prior to withdrawal or expulsion of such Member have been finally <br />determined and/or paid as Settlements, unless the Board upon consideration of its <br />Target Retained Earnings Policy Statement (Exhibit B) determines that release of the <br />Remaining Assets will substantially affect the financial condition of BICEP. If there are <br />insufficient Remaining Assets to meet the Terminated Member's continuing obligations <br />to BICEP, the Terminated Member shall be obligated to pay any such deficit amount. <br />4.2.5 The release of Retained Earnings to each Member upon the dissolution of <br />BICEP pursuant to Article VI of the Bylaws shall be handled in substantially the same <br />Liability Program <br />OS-3 ] -06 <br />]_ <br />