Risk Finance Sub-committee
Risk Finance Sub-committee is a standing committee created by the Risk Management Advisory Committee (RMAC), which was formed May 1, 1988, by Governor Booth Gardner to assist the Office of Risk Management (now the Risk Management Division) in restructuring the State of Washington's risk management program and controlling the costs of tort claims.
The Risk Management Advisory Committee (RMAC) is a policy advisory body to the Risk Management Division (formerly the Office of Risk Management, Department of General Administration). A section was added to RCW 4.92 by the 1989 legislature creating the Risk Management Advisory Committee as follows:
The Risk Management Advisory Committee will provide guidance in:- Determining appropriate roles, responsibilities of the office of Risk Management (now Risk Management Division), and policies regarding statewide risk management
- Establishing premiums or other cost allocation systemsq Determining appropriate programs and coverages for self-insurance versus insuranceq Developing risk retention pools
- Preparing recommendation for containment of risk exposures.
The Risk Management Advisory Committee shall focus on implementing the recommendations of the 1986 Legal Services Study, educating state officials, employees and citizens in their roles and responsibilities in effectively management public risk, and working toward a combination of appropriate legislative and administrative policies to control losses and tort costs
The Risk Management Advisory Committee shall cooperatively develop premium allocations for funding tort liability in state agencies and shall cooperatively develop insurance and self-insurance strategies with the Risk Management Division.
Article seven of the by-laws for the Risk Management Advisory Committee created the following standing committees:
- Risk Finance
- Loss Prevention
- Claims Administration
- Education and Research
Risk Finance Sub-committee
The Risk Finance Sub-Committee will oversee the state's mechanisms for funding risk and provide recommendations on programs to self-insure or secure outside insurance.
Additional Links
Current Members of the Risk Finance Sub-committee
Meeting Minutes» November 6, 2003
» February 6, 2003
» January 15, 2003
» April 16, 2003
» June 9, 2003
» July 16, 2003
