Florida Workers’ Compensation Insurance Guaranty Association Board Approves Investment Policy Revisions
Sep 13, 2011
Yesterday, September 12, 2011, the Florida Workers’ Compensation Insurance Guaranty Association (“FWCIGA”) Board of Directors (“Board”) met to take action on proposed revisions to the FWCIGA’s investment policy. The revisions have been deemed as necessary due to Standard and Poor’s downgrade of U.S. Treasury investments.
At its most recent meeting, the FWCIGA Investment Committee adopted a motion to amend the investment policy to:
- Bifurcate U.S. agency securities into two categories: Guaranteed securities and non-guaranteed securities
- Apply an n/a rating for guaranteed securities
- Apply AA/Aa3 for non-guaranteed securities
- Clarify that the 25 percent minimum only applies to guaranteed securities
The Board unanimously approved the Investment Committee recommendations.
The meeting ended with no other matters on the agenda.
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