Florida Workers’ Compensation Joint Underwriting Association Board of Governors Adopts Revised Investment Policy, Monthly Reports
Jul 18, 2012
The Florida Workers’ Compensation Joint Underwriting Association (“FWCJUA”) Board of Governors (“Board”) met on July 16, 2012, during which it adopted the revised Investment Policy discussed by the FWCJUA Investment Committee (“Committee”) at its meeting earlier this month. For a complete summary of the July 6 meeting, click here.
Prime Advisors, the FWCJUA’s investment manager, reviewed the current investment marketplace, after which the Board unanimously approved a motion to confirm the continued holding of HP Enterprises, Citigroup Inc., BellSouth Corp., Amgen and Coca-Cola HBC bonds within the FWCJUA’s portfolio as authorized investment policy exceptions.
Among other changes, the proposed revisions include diversifying the FWCJUA’s portfolio with the addition of BBB-rated securities, asset-backed securities such as credit card receivables and mortgage-backed securities.
Board Member Raquel “Rocky” Rodriguez suggested that Prime provide monthly, rather than quarterly reports to the Board.
“A quarter, or even a month, is a lifetime in a lot of financial circumstances,” she said. “Even if we have quarterly meetings, I personally would like to see some kind of status of our investments monthly so that we’re better informed.”
The Board then adopted a motion to revise language in the Investment Policy to reflect that reports should be provided at a minimum of each month.
The revised Investment Policy, which was unanimously adopted by the Board, is attached in PDF format, along with other meeting materials.
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