[Adopted 3-27-2002; amended in its entirety 3-23-2005]
An Insurance Committee of nine members is hereby created to perform the following duties:
A. 
To review the entire risk and insurance program of the City and to develop and approve proposals for specifications for the proper scope and form of the insurance risk program.
B. 
To establish minimum requirements for an agent of record to administer the City risk or insurance program.
C. 
To propose to the Mayor the names of at least three persons or agencies capable of being agent of record whenever such position shall be vacant or at least 60 days before a term expires.
D. 
To propose to the Mayor and the Board of Aldermen, for approval, an acquisition procedure that will best serve the City's interests in its risk or insurance program.
The Insurance Committee shall consist of nine members, appointed by the Mayor, at least two of whom shall be Aldermen; and at least two of whom shall be members of the Board of Apportionment and Taxation; and at least two of whom shall be members of the Board of Education, and each shall serve for a term consecutive his or her elected term, except three members not included above shall serve for two-year terms.
Subject to the approval by the Board of Aldermen, the Mayor shall appoint an agent of record or agents of record for a term to commence July 1, 2002, and to expire on June 30, 2005. All subsequent appointments of an agent or agents of record shall be for three-year terms, the first to commence on July 1, 2005. Should the nature of the City risk or insurance program require it, separate agents of record may be appointed for the fire-casualty coverage and for the group insurance-pension program. The Insurance Committee shall establish minimum requirements and prescribe the duties of all agents of record, subject to the approval of the Board of Aldermen. The agent of record or agents of record, as the case may be, shall be subject to removal from office, with or without cause, by the Mayor.
Members of the Committee shall serve without compensation. Compensation for the agent of record shall be as established by the Board of Aldermen after recommendation of the Committee. Such compensation shall be reviewed annually by the Committee, with a written report to the Board of Aldermen, considering changes in premium levels, other paid commissions, services performed by the agent of record and other changes in circumstances. As a result of this review, the Committee shall recommend any change in the compensation of the agent of record.