Since 1994, most of the IUC Universities have purchased their group property and casualty insurance on a group basis. The IUC- Insurance Consortium (“IUC-IC”) formalized their pooling in 2006 and created the Board of Governors. The Board of Governors comprises representatives from each University and is the decision-making body for insurance issues of the group programs. There are 4 committees that report to the Board of Governors: Risk Management, Risk Control, Claims and Finance, Audit and Investment. Risk Management and Risk Control have representation from each University. In 2009, a Director was hired to coordinate the activities of the IUC-IC and act as a facilitator to other IUC committees and university departments to address insurance and risk related issues. In 2015, the consortium was incorporated as a non-profit corporation.
Each Member University acts through its respective representative on the Board of Governors. That representative is appointed and serves the Board as a Governor as provided in the Pooling Agreement and Article II of the By-Laws. The powers granted to the Organization by the Pooling Agreement or otherwise shall be vested in and exercised by the Governors. Each University has one vote on the Board of Governors.
Risk Management Committee
The Risk Management Committee will have the responsibility of reviewing and making recommendations as to the status of the Organization’s insurance programs, structure, including the amount of deductibles, premium allocations, and selection of the Organization Broker(s). The Risk Management Committee members will make decisions on appropriate lines of coverage benefiting the Organization.
Risk Control Committee
The Risk Control Committee will have the responsibility for preparing risk control analysis and implementation programs, in cooperation with the Organization Broker(s) and the Risk Management Committee, to support effective total risk control programs at the Member institutions.
The Claims Committee will have the responsibility for recommending policies and procedures for the resolution of claims against the Members. This will include authorization of settlements, and the structure of settlements.
Finance, Audit and Investment Committee
The Finance, Audit, and Investment Committee will have the responsibility for oversight of all financial and audit affairs of the Organization including consideration and recommendation of all policy matters relating to the Organization’s fiscal operations. The committee should include members with financial expertise. The Committee will oversee the integrity of the financial statements, external audit, and Organization investments, while monitoring the qualifications and performance of the independent accountant, bank, investment advisor, auditor, and actuary. The Finance, Audit, and Investment Committee also maintains oversight of the required state filings for the Organization’s business entity.