Florida Self-Insurers Guaranty Association June 26 Board of Directors Meeting Recap

Jul 2, 2007

The Florida Self-Insurers Guaranty Association (“FSIGA”) Board of Directors (“Board”) met on June 26, 2007. 

To view the agenda, click here.

The highlights of the meeting are as follows:

 

Legislative Update

The Florida Legislature passed Senate Bill 746, relating to workers’ compensation for first responders.  The bill was signed into law by Governor Crist on June 8, 2007.

“First responders” connotes law enforcement officers, firefighters, emergency medical technicians and paramedics.  This bill provides a standard of proof for first responders in cases involving occupational disease.  To view Senate Bill 746, please click here. 

 

First Quarter Investment Performance

As of March 31, 2007, FSIGA’s investment portfolio totaled $58,530,900.00, as compared to $57,736,073.00 the previous quarter.  First quarter investment earnings were $588,299.00–a 5.3% annualized total return on investment.

 

First Quarter Financial Statements

Compared to the previous quarter, there was a decrease in net claims reserves as a result of large net claims payments.  There was also a significant increase in claims recoveries.  Net assets equaled $35,308,771.00 and total liabilities totaled $24,305,710.00, as of March 31, 2007.

 

Provider Contract

A motion to approve the annual contract between the State of Florida, Department of Financial Services (“DFS”), Division of Workers’ Compensation and FSIGA was passed.  The contract allowed the FSIGA Board to administer the association.  The Board did not propose changes to the contract, which is effective as of July 1, 2007.

 

Revision of Rules for Self-Insurers

The Rule revisions are close to completion.  FSIGA has commented on the proposed changes and has made recommendations to DFS.  Incorporated in the revised Rules will be the changes that took place in 2002 with respect to FSIGA and DFS.  The revisions are moving forward quickly–it will take about two (2) more weeks to complete them.

A Rule workshop will be held thirty (30) days from the date of completion, and it is estimated that the Rules shall be finalized by mid to late fall.  To review Rule Chapter 69L-5, click here.

 

Conflict of Interest and Whistleblower Policies 

A motion to adopt the presented Conflict of Interest Policy passed.  The Whistleblower Policy was adopted at the last meeting on March 16, 2007.  However, a motion to amend the Policy to include the term “Inspector General” instead of the existing term “Chief of Staff,” in the last sentence under “Reporting Violations” passed.

 

2007 Board Members

The 2007 Board Members are:

• Claude D. Revels, Chairman
• Mary M. Lester, Secretary
• Charles A. Bowden
• Michael Broussard, Esq.
• Sandra W. Callahan
• Trina M. Girimont
• Kathleen Jo Zehr
• Brian D. Gee
• Charles H. Lydecker
• Kevin J. Rader

Trina M. Girimont and Michael Broussard were named to replace Kathleen Davies and Arden Young in the Claims Committee.  Charles H. Lydecker was designated Vice-Chair and Sandra W. Callahan volunteered to be Treasurer.

The next meeting of the FSIGA Board will be held on August 14, 2007 at the Orlando World Center Marriott.

Should you have any questions or concerns, please feel free to contact this office.