Update on the TASB RMF Board of Trustees July Meeting
By June Kissinger
The Fund’s Board of Trustees met on July 30, 2011, in Austin, Texas. They heard reports from the Audit and Finance Committee, the Claims Committee, and the Member Services Committee.
The Audit and Finance Committee reported on the June 30, 2011, financial statements to the full board. The Fund remains in a very strong financial position with Members’ Equity of over $185 million. The Committee also presented an investment report.
The Claims Committee presented an overview of significant Workers’ Compensation (WC) and Property/Liability (P/L) claims. Of particular note were several large hail claims occurring in April and May 2011. The Committee also presented reports on strategies to address prescription drug abuse by WC claims and services rendered by a company called HailAlert Technologies. The Board heard a recommendation to allow property coverage on certain vacant buildings, which the Board approved.
The Member Services Committee presented an update on funding and renewal activities for the year and sought approval to bind stop-loss coverage for WC and the Liability lines of coverage, which the Board approved. Finally, the Committee presented a report on windstorm coverage for coastal members.
TASB Risk Management Services Associate Executive Director Dubravka Romano presented the 2011-12 unemployment compensation funding plan, which the Board approved. Other items approved by the Board were:
- TASB/Fund service agreement
- 2011-12 TASB administrative fee
- Endorsement agreements with TASB and TASA
- Broker contracts
- Assumed named certificate
Prior to adjourning for executive session, the Board heard a report from the nominations committee on the process for filling Fund Board vacancies and discussed future meetings and training opportunities.
If you have any questions about this report, contact June Kissinger at 800.482.7276, ext. 3545.
