La. Admin. Code tit. 37 § XI-305
Certified Audit- an audit upon which the auditor expresses his professional opinion that the accompanying statements present fairly the financial position of the self-insurance fund in conformity with generally accepted accounting principles consistently applied, and accordingly, include such test of the accounting records and such other auditing procedures as considered necessary by such auditor.
Contingent Liability- the amount that the interlocal risk management agency may be obligated to pay in excess of a given year's normal premium collected or on hand.
Department- the Insurance Department of the State of Louisiana.
Experience Modification- the applicable experience debit or credit promulgated in accordance with those experience rating plans filed by and approved for the National Council on Compensation Insurance or the Insurance Services Office.
Fund- the interlocal risk management agency self-insurers fund.
Gross Premium- the premium determined by multiplying the payroll or other unit of exposure (segregated into the proper workmen's compensation job classification or general liability classification) times the appropriate manual rates.
Loss Fund- the retention of risk sharing for an interlocal risk management agency under the terms of an aggregate excess contract or contracts.
Manual Rate- for workmen's compensation purposes that rate filed by and approved for use in the state by the National Council on Compensation Insurance. For public liability exposure, the term means that rate filed by and approved for use by the Insurance Services Office.
Net Safety Factor- any amount needed in a given fund year, in addition to current loss' reserves to fund future loss development.
Normal Premium- the standard premium less any discount allowed.
Service Agent- a business which contracts with an interlocal risk management agency for the purpose of providing all services necessary to place and maintain a group self-insurance program.
Standard Premium- gross premium plus or minus applicable experience modification.
Statutory Workmen's Compensation Benefit- those prescribed by Title 23, Louisiana Revised Statutes of 1950, as amended.
Surplus- all other assets a fund may have on hand in excess of all loss reserves, actual and contingent liabilities, and net safety factors in all fund years.
Trustee Fund- any monies and investment under the control of the board of trustees of a self-insurance fund which are not part of the loss fund or which are not required to pay claims.
Trustees- the executive boards of the Louisiana Municipal Association or of the Police Jury Association of Louisiana, as the case may be, where those bodies have been designated in an intergovernmental agreement to administer an interlocal risk management agency or such members of such executive boards as do not decline to serve as trustees. In all other cases, trustee means a group of members elected by the inter local risk management agency, for stated terms of office, to administer a group self-insurance fund and whose duties shall include responsibilities for approving applications for new members of such fund. A trustee shall not be an owner, officer, or employee of the service agent.
La. Admin. Code tit. 37, § XI-305