Florida Workers’ Compensation Insurance Guaranty Association Investment Committee Agrees U.S. Securities Still Safe Investment
Aug 30, 2011
The Florida Workers’ Compensation Insurance Guaranty Association (“FWCIGA”) Investment Committee (“Committee”) met via teleconference yesterday, August 29, 2011, to review the FWCIGA’s investment policy in regard to the recent S&P downgrade of United States AAA-rated bonds.
The meeting was called to order by FWCIGA Chairman Tom Stahl, with a quorum of members in attendance.
The Committee, which had anticipated this downgrade at its most recent meeting, approved some changes to the investment policy guidelines in order to enable the FWCIGA to continue its investment activities until the Board of Directors (“Board”) can meet and complete its annual review of the organization’s investment portfolio.
The Committee still believes that federal securities are still the safest investments at this time.
Language describing investments as “fully guaranteed by the federal government or supported by the full faith and credit of the U.S. Government” was approved as part of the investment guidelines.
The next FWCIGA Board meeting will be held at the end of September 2011, during which the recommended policy changes will be reviewed.
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