(A) The Risk Manager will determine the premiums to be charged by using accounting and actuarial principles.
(B) With regard to workers' compensation and liability reserved, the premium will be based on ultimate incurred losses as estimated by the actuary at not less than a 50% confidence level.
(C) Not later than June 1 of each year, for the prior coverage years, the Risk Manager will determine any premium adjustments due. The premium adjustment will be based on the ratio of the individual participant’s initial premium to the initial premium of all participants. Adjustments will result when the actual loss experience and other costs of the program are different from that estimated by the Risk Manager in establishing the initial premiums.
(‘72 Code, § 2-181) (Ord. O-89-42, passed 7-19-89; Am. Ord. O-2005-25, passed 11-2-05)