Florida Self-Insurers Guaranty Association Board Meeting Report

On Friday, November 30, 2007, this office attended the Florida Self-Insurers Guaranty Association, Inc. (“Association”) Board Meeting in Tallahassee, Florida.  Executive Director Brian Gee and Board Chairman Claude Revels led the meeting. 

The Association is primarily responsible for guaranteeing that injured workers of insolvent self-insurers continue to receive their benefits. 

During the meeting, the Association considered and took action on the following items:

·        Adoption of previous meeting minutes.

·        Adoption of amendments to Government Consultant contracts.

·        Approval to move stock gains into the Special Purpose Investment Account (“SPIA”).  During the discussion, it was noted that the SPIA is operating normally.  There were concerns that the account could be significantly liquidated in the same manner as recently occured with the Local Government Investment Pool.  However, the Board agreed that the risk was minimal and approved the motion.

·        Adoption of a motion to maintain assessments at the current level. 

·        Approval of the budget.

·        Approval of an internal control consulting agreement.

·        Adoption of a motion to support a proposed rule to be issued by the Division of Workers’ Compensation.  The proposed rule is being adopted to implement 2002 statutory changes and ensure the financial strength of self-insurers by establishing objective standards.  A workshop likely will be held on the proposed rule during the second week of January.

·        Adoption of a motion to keep the current Officers of the Association.

·        Approval of a budget item to secure an expert witness if necessary.

 

The meeting adjourned upon completing the above matters. 

Should you have any questions or require further clarification, please feel free to contact this office.