Update on TASB RMF Board of Trustees February Meeting
By June Kissinger
The Fund’s Board of Trustees met on February 25, 2011, at TASB headquarters in Austin. They heard reports from the Audit and Finance Committee, the Claims Committee, and the Member Services Committee.
The Audit Committee and full Board heard a presentation by Michael Murphy, Audit Partner with Deloitte & Touche. The Fund received an unqualified opinion on the 2009-10 audited financials and the Board accepted the audit results. Staff then presented the January 2011 financial statements. The Fund remains in very strong financial health with growth in members’ equity due to investment income. The committee chair then reported on the selection process for engaging a 2010-11 financial audit firm and discussed members’ equity target plans.
The Fund remains in very strong financial health with growth in members’ equity due to investment income.
The Claims Committee presented a report on notable claims activity since the last board meeting. Staff reported that, for the third time, the Fund was recognized as a high tier performer according to the Texas Department of Insurance (TDI), Division of Workers’ Compensation (DWC). Staff also reported that the preliminary results of the independent claims audit are very good. A full report will be made to the board at their April meeting. Finally the committee chair reported on a TDI Fund consent order, proposed changes to the crime coverage document for subrogation, and a report on the Fund attorney panel summit.
For the third time, the Fund was recognized as a high tier performer according to TDI DWC.
The Member Services Committee reported on membership changes, current marketing conditions, and preliminary indications for 2011-12 renewal and new business plans. The committee also reported on the selection of a London broker for property reinsurance and a tentative notice of termination for the equipment breakdown program. Further reports were presented regarding the selection of the 2011 Innovation Awards, 2011 member training activities, and the 2011 loss prevention grant program.
The Board then heard a presentation of legislative activities, the Fund/TASB service agreement, and approved new Fund board policies.
Before moving into executive session, the board heard reports on discussions with the IRS, the PREP reports for loss prevention and member services divisions, and an update on the enterprise risk management initiative.
If you have any questions about this report, contact June Kissinger at 800.482.7276, ext. 3545.
