FWCIGA Investment Committee Meeting Report

The Florida Workers’ Compensation Insurance Guaranty Association (“FWCIGA”) Investment Committee (“Committee”) held a meeting on Thursday, February 7, 2008 to discuss the FWCIGA investment portfolio and review changes to the investment policy proposed in the November, 2007 meeting.

To view the meeting packet, click here.

The meeting was called to order by FWCIGA Board of Directors (“Board”) Chairman Tom Stahl with Board members Charles Bachand, Richard Palczynski, Brett Stiegel, John Tickner, Bill Willingham, Sandra Robinson and Michelle Lovern in attendance.

The Committee was given an overview of FWCIGA’s investment portfolio. As of December 31, 2007, FWCIGA had $10,739,913 in operating accounts, $150,941,074 in a Trusco General Account, $4,422,429 in a Trusco Early Access Account, $675,982 in the Florida Treasurer’s Single Premium Immediate Annuity, and $22,195,362 in a Capital City Trust Company Account.  FWCIGA’s investment portfolio totals $188,974,759.

Changes to the investment policy made during the November, 2007 meeting were reviewed, including provisions stating that investment services issuers’ long-term debt must be rated Aaa/Aa or better by both Moody’s and Standard & Poor’s for all investment types; and a provision was added stating that FWCIGA investments must be fully compliant with the requirements of the investment policy at the date of acquisition and must also be continually monitored for compliance.

In the event an investment rating falls below the FWCIGA’s policy requirement, the investment advisor must notify the Committee Chair and the FWCIGA Executive Director within five days.  An appropriate course of action then will be decided by the Committee Chair and Executive Director and a report made at the next Board meeting.

The Committee approved distributing investment securities information to the investment advisors so they can keep interested parties appraised of any rate changes.

The meeting was then adjourned.

The next FWCIGA Board of Directors meeting has been set for March 10, 2008 at 3 p.m. EST.

 

Should you have any questions or comments, please do not hesitate to contact this office.