FWCJUA Investment Committee Meeting Report: January 30
Feb 2, 2009
On Friday, January 30, 2009, the Florida Workers’ Compensation Joint Underwriting Association (“FWCJUA”) Investment Committee (“Committee”) held a meeting to review its compliance and investment policy procedures.
FWCJUA Staff member Laura Lopez gave an update on the currently-authorized FWCJUA investment policy exceptions.
During its January 5, 2009 meeting, the Committee re-approved holding the following bonds that have been downgraded below an “A” rating in the FWCJUA investment portfolio: Home Depot, Anheuser Busch, Lehman Brothers and Vulcan Materials. Since the January 5 meeting, no further bonds have been downgraded. The Committee re-confirmed holding all currently-authorized investment policy exceptions within the FWCJUA’s portfolio.
To view a summary of the January 5, 2009 meeting, click here.
Ms. Lopez reported on the Certificate of Deposit Account Registry Service (“CDARS”) program, informing the Committee that $4 million in bonds were to be returned to the FWCJUA on January 30. FWCJUA Staff will be placing this money into additional CDARS and QwickRate programs, the latter of which is a membership-only non-brokerage CD listing service. Similar to CDARS, QwickRate enables members to maintain their CD deposits within FDIC insurance limits without utilizing a broker.
After discussion on the QwickRate program, the meeting was adjourned.
Should you have any questions or comments, please do not hesitate to contact Colodny Fass.
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