FWCIGA Investment Committee Meeting Report: February 24
Feb 25, 2009
The Florida Workers’ Compensation Insurance Guaranty Association (“FWCIGA”) held an Investment Committee (“Committee”) meeting on February 24, 2009 to hear a report on FWCIGA investments, and review the organization’s investment management structure and bank account.
As of December 31, 2008, the FWCIGA held $204.4 million in its investment portfolio, which represents a $15.4 million increase from year-end 2007.
As of December 31, 2008, the FWCIGA investment portfolio was in compliance, with exceptions of one pre-approved U.S. Treasury notes and securities totaling just over one percent of the portfolio balance.
Committee members requested that more detailed information be included in the next investment report.
With FWCIGA Staff recommendations, the Committee determined that it would be appropriate to hire an outside consultant to review the current FWCIGA investment management policy. FWCIGA Staff will draft a request for proposal to hire an investment manager and will present candidates at the next Committee meeting.
The FWCIGA currently has two bank accounts: a main and a contingency account. When the FWCIGA was formed, it was determined that the contingency account was needed to hold funds that could be quickly accessed to reimburse insurers that had overpaid premiums. Staff recommended that the two accounts be combined because the FWCIGA has not utilized the contingency account throughout its 11 years of operation. The Committee approved the action.
The meeting was then adjourned.
Should you have any questions or comments, please contact Colodny Fass.
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