§ 12-3. Committee on Insurance and Risk Management.

(a) Established; members.

(1) There is established a Committee on Insurance and Risk Management, to be constituted of persons knowledgeable in the field of risk management.

(2) The Committee shall be appointed by the Mayor pursuant to Article IV, § 6 of the City Charter. The Committee shall have such number of members as the Mayor may deem appropriate to carry out its function.

(3) The Chairman shall be appointed and replaced from time to time by the Mayor.

(b) Evaluation of City's needs.

The Committee shall periodically employ a casualty actuary to conduct an actuarial review of the self-insured loss exposure of the City, and the Committee shall review the loss experience of the City, its claim and potential liability exposure, and any other factors which the Committee considers necessary or appropriate to evaluate the City's insurance and risk management needs.

(c) Recommendations; annual statement.

(1) The Committee shall recommend to the Mayor and the Board of Estimates such amount of money, if any, for inclusion in the annual Ordinance of Estimates that it deems necessary to be appropriated to sustain the Self-Insurance Fund at a level to protect the City's interest and meet the demands upon it.

(2) The Committee shall submit to the Mayor and the Board of Estimates annually not later than March 1, a statement showing the condition and amount of the Fund.