Update on TASB RMF Board of Trustees November Meeting
by June Kissinger
The Fund’s Board of Trustees met on November 6, 2009 at the TASB offices in Austin, TX. The Fund Chair Kevin Carbo called the meeting to order and asked for approval of the minutes of the July meeting.
The Audit and Finance Committee reported on the following items.
- Dan Smereck of Strategic Asset Alliance and Michael Salvay of Payden & Rygel presented the Fund’s Annual Investment report to the full Board.
- The preliminary financial statements as of August 31, 2009 and September 30, 2009, both of which show an increase in members’ equity mostly comprised of investment income.
- A report of the Fund’s five year financial trends.
The Claims Committee made the following reports to the Board.
- The annual report on claim trends and activities for WC, Property and Liability, and UC.
- An update of the Fund’s Texas Department of Insurance Performance Based Oversight Results where the Fund was again an Outstanding Performer.
- A Report of TDI’s WC Network Report Cards, where the Alliance received a very favorable overall rating.
- The committee also acknowledged Herman Wilks who was recognized as a Risk innovator by Risk & Insurance Magazine for his work controlling medication costs in workers’ compensation for the Fund
The Member Services Committee reported the following items.
- A report on the 2009-10 renewal and marketing results that showed a small membership loss despite strong competition in an on-going soft market.
- A report on the 2009-10 reinsurance program where all coverages were renewed with the incumbent carrier.
- A report on the Fall Risk Management seminars showing that overall attendance was up from the previous year.
Paul Taylor, division director of RM Legal & Regulatory Affairs conducted the annual review of the Fund board policies and bylaws. Dubravka Romano, associate executive director, Risk Management Services, TASB, presented a report on the final 2008-09 TASB administrative fees. She then gave an overview of the program administrator’s evaluation process and reported on the program review and evaluation process (PREP) for RMS administration and the upcoming PREPs for member support services and loss prevention.
