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JPA, CSAC-EIA Amended: February 28, 2006 <br /> Page 11 of 21 <br />the joint insurance funds for the program may be exhausted before the next annual premiums are due, <br />the Board of Directors may, upon consultation with a casualty actuary, impose premium surcharges on all <br />participating members; or <br /> (ii) If it is determined by the Board of Directors, upon consultation with a <br />casualty actuary, that the joint insurance funds for a program are insufficient to pay losses, fund known <br />estimated losses, and fund estimated losses which have been incurred but not reported, the Board of <br />Directors may impose a surcharge on all participating members. <br /> (iii) Premium surcharges imposed pursuant to (i) and/or (ii) above shall be in <br />an amount which will assure adequate funds for the program to be actuarially sound; provided that the <br />surcharge to any participating member shall not exceed an amount equal to three (3) times the member’s <br />annual premium for that year, unless otherwise determined by the Board of Directors. <br /> Provided, however, that no premium surcharge in excess of three times <br />the member’s annual premium for that year may be assessed unless, ninety days prior to the Board of <br />Directors taking action to determine the amount of the surcharge, the Authority notifies the governing <br />body of each participating member in writing of its recommendations regarding its intent to assess a <br />premium surcharge and the amount recommended to be assessed each member. The Authority shall, <br />concurrently with the written notification, provide each participating member with a copy of the actuarial <br />study upon which the recommended premium surcharge is based. <br /> (iv) A member which is no longer a participating member at the time the <br />premium surcharge is assessed, but which was a participating member during the policy year(s) for which <br />the premium surcharge was assessed, shall pay such premium surcharges as it would have otherwise <br />been assessed in accordance with the provisions of (i), (ii), and (iii) above. <br /> (c) Program Implementation and Effective Date. Upon establishment of an insurance <br />program by the Board of Directors, the Authority shall determine the manner of program implementation <br />and shall give written notice to all members of such program, which shall include, but not be limited to: <br />program participation levels, coverages and terms of coverage of the program, estimates of first year <br />premium charges, program development costs, effective date of the program (or estimated effective date) <br />and such other program provisions as deemed appropriate. <br /> (d) Late Entry Into Program. A member which does not elect to enter an insurance <br />program upon its implementation, pursuant to (c) above, or a county or public entity which becomes a <br />party to this Agreement following implementation of the program, may petition the Board of Directors for <br />late entry into the program. Such request may be granted upon a majority vote of the Board members, <br />plus a majority vote of those board members who represent participants in the program. Alternatively, a <br />county or public entity may petition the Executive Committee for late entry into the program, or a program <br />committee, when authorized by an MOU governing that specific program, may approve late entry into that <br />program. Such request may be granted upon a majority vote of the Executive Committee or program <br />committee. <br /> As a condition of late entry, the member shall pay the development charge for the <br />program, as adjusted at the conclusion of the development period, but not subject to further adjustment,