Citizens Audit Committee Meeting Report: November 21

Citizens Property Insurance Corporation (“Citizens”) held an Audit Committee (“Committee”) meeting on November 21, 2008 to receive the Audit and Management Advisory Services Report and an update from the Office of the Internal Auditor (“OIA”).  To view the complete meeting agenda, click here.

The meeting was called to order by Chairman Jim Malone, with Committee members Sherill Hudson and Earl Horton Jr. in attendance.  Also in attendance were Scott Wallace, Citizens’ President and Executive Director; Joyce Bellows, Citizens’ Chief of Internal Audit; and Perry Cone, Citizens’ General Counsel. 

Ms. Bellows gave a brief update on the OIA after which the Committee approved its departmental procedures and budget.  Chairman Malone stated that management will have to be relied upon for the budgetary numbers, because this is the first year the OIA has been operational.  He informed Ms. Bellows that if her department needs additional funding, she should ask the Committee for approval.

The Internal Audit Report was briefly reviewed and Mr. Malone informed Committee members that if any audit issues arise before the next meeting date, a meeting can be held sooner.  The next Audit Committee meeting will be held in February, 2009.

Committee members asked about the scope of Florida’s Sunshine Laws and whether certain topics, such as a problem with Citizens’ data security, can be discussed in a closed forum.  Concern was expressed by committee members that public discussion of these types of sensitive issues could hurt policyholders.  Mr. Cone stated that the only items that could be discussed in a closed forum would be pending, pressing, litigation matters.

The meeting was then adjourned.

Should you have any questions or comments, please do not hesitate to contact Colodny Fass.

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