With ongoing concerns over the threat of terrorism, the IOC discussed the potential of taking out an insurance policy on the Games for the first time should any security fears mean a cancellation of the event.
IOC president Jacques Rogge referred to the 'increasing risks' of disruption to a major world event such as the Olympics and pointed to the example of soccer governing body FIFA who took out a similar insurance policy against this year's World Cup Finals.
Such a contract for the Olympics would believed to incorporate a deal of over $192million to cover the IOC's running costs for a single Games in the event of cancellation.
Rogge announced that, due to the commercial success of the Salt Lake City Games, the IOC's reserves had jumped $27m in the last year but that it was still $52m short of its target - an aim that he believes the Athens Games in 2004 would help achieve.
At the meeting held in Mexico City, the IOC also voted to uphold its ban on members visting cities that have bid for the right to host the Games.
The committee elected to continue with the ban which was instigated in 1999 following the corruption scandals that blighted the build-up to the Salt Lake City Winter Games, held this year.
Only six of the 118 IOC members voted to throw out the legislation.
The second and final day of the meeting takes place today with a vote on the future inclusion of baseball, softball and modern pentathlon as Olympic sports high on the agenda.
Among the issues discussed during the first day of the International Olympic Committee's (IOC) 114th Session meeting, were the continuation of a ban on members visits to bidding cities and the potential for taking out an insurance policy on the Games.
