VERIS Termination & Run-Out FAQs
- Notice of termination must be submitted in writing 90 days prior to the intended termination date.
- IBNR (Incurred But Not Reported) Medical Considerations:
- Upon termination, the Group will continue to be responsible for all claims paid. The IBNR is an estimate of this amount.
- Benecon will continue its administrative role. This includes paying weekly claim runs, managing the group’s Consortium trust account and stop loss reporting.
- Any remaining surplus funds will be returned according to policy after the run-out period.
- The Group is under a “paid” stop loss contract. All claims incurred since joining the VERIS Consortium are eligible during the stop loss contract.
- Under this stop loss program there is no coverage for claims incurred during the policy period and paid after the policy is terminated.
- For Groups moving to a fully-insured arrangement, optional three month stop loss coverage is available.
- If the Group moves to another self-insured or level-funded platform, a stop loss contract with run-in protection is recommended to protect the Group on the run-out claims.
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