4467. Executive review

A Dealer Member’s policies and procedures must require the Executive responsible for insurance matters:

1. review regularly the terms of the Dealer Member’s insurance policies and design of the Dealer Member’s operating procedures so that the Dealer Member is in compliance with those terms,

2. monitor business changes and evaluate the need for changes in coverage or operating procedures, and

3. monitor business operations so that insured losses are identified, insurer notified and claimed on a timely basis and their effect on aggregate limits are taken into account.