Financial Administration Manual

210 - Insurance Risk Management

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Effective: April 1, 2016
Section: Risk Management
Administrator: Deputy Secretary to the Financial Management Board
Applicability: GNWT Departments and Public Agencies

 

POLICY

GNWT Departments and Public Agencies shall identify and report risk exposures related to insurance requirements, and actively participate in risk assessments, analysis, and loss prevention activities performed by the Department of Finance.         

PURPOSE

To advise GNWT Departments and Public Agencies of their responsibilities in relation to insurance risk management and to ensure that all relevant information is gathered and considered when assessing insurance risk and determining the appropriate level of insurance coverage.

SCOPE

This policy applies to all insured and self-insured assets and related risks. This policy does not apply to the Northwest Territories Hydro Corporation, the Northwest Territories Power Corporation, or the Workers’ Safety and Compensation Commission.

RESPONSIBILITIES

Deputy Head

Ensure that all employees are advised of their obligation to report, in writing to the Department of Finance immediately, any suspected or known incidents which could expose the GNWT or a Public Agency to a claim; provide any additional reporting required under the Indemnification Policy of the Human Resource Manual.

Deputy Minister of Finance

The Deputy Minister of Finance, or delegate, may enter into a Contract of Insurance; Investigate, negotiate and settle all claims, regardless of policy deductible amounts, as applicable,

Minister Responsible

Enter into a Contract of Insurance.

Deputy Secretary to the Financial Management Board

May approve Interpretation Bulletins associated with this policy.

Financial Management Board

May issue a directive respecting the financial management or financial administration of a Public Agency.

AUTHORITIES and REFERENCES

  • Financial Administration Act (FAA)
    • s. 7 – Duties: Board
    • s. 10 – Board directives
    • s. 126 – Indemnity
    • s. 137 - Loss

INTERPRETATION BULLETINS