Who recommends/approves benefit changes or rate changes?
The insurance companies reserve the right to change rates. They usually report “plan experience” (the number and size of claims made) twice a year and, if applicable, rate action recommendations. Using this information, the program Administrator works with the Trustees of the Engineering Associations Insurance Trust and/or the Engineering and Scientific Associations Accident and Health Insurance Trust (of which ASIS&T is a participating organization) to evaluate the recommendations and decide what, if any, action (i.e., a rate action, a change in benefits, or even a change in insurance companies) is appropriate to maintain each plan’s financial stability. The applicable Trustee(s) ultimately approves any such action, and insured members are informed of their decision, prior to implementation.
