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General Information Administrative BulletinsNote: You will need an Adobe Acrobat Reader to view or print the bulletins, which you can download at no cost from Adobe
Return to top of page. Advisory CommitteeNote: You will need an Adobe Acrobat Reader to view or print the documents listed below, which you can download at no cost from Adobe Bylaws Minutes
Return to top of page. Oversight CommitteeNote: You will need an Adobe Acrobat Reader to view or print the documents listed below, which you can download at no cost from Adobe Minutes
Return to top of page. Financial InformationNote: You will need an Adobe Acrobat Reader to view or print the pdf reports, which you can download at no cost from Adobe ) Statutory Basis Financial Summary -
Year Ended June 30, 2004 Accountant Compilation Letter, February 11, 2008 Balance Sheet as of December 31, 2007 Return to top of page. FormsNote: you will need an Adobe Acrobat Reader to view or print the pdf forms below, which you can download at no cost from Adobe . Valuation Project Policy Provisions Return to top of page. General InformationThe purpose of the Fund is to make reasonably priced property insurance available for tax-supported local government property such as government buildings, schools, libraries, and motor vehicles. The Fund has a manager and is supervised by the Commissioner. The Fund provides policy and claim service to the policyholders. The Fund’s contract administrator is The ASU Group. The ASU Group office is located in Madison, Wisconsin. During fiscal year 2006 the Fund continued to enhance program and administrative operations relating to its computer system, the role of its advisory committee and claims and underwriting services. Specifically, a major enhancement to policy processing, including renewals and all policy changes continued in 2006. The Electronic Statement of Values (ESOV) project is a Web- based program that will allow policyholders to make all of their policy property changes on line. Functionality within ESOV will also give the policyholder the option to export their statement of values to Excel format and sort by department. The Fund’s advisory committee, comprised of Fund policyholders, provided input on policyholder matters including ongoing projects relating to a policy rewrite project, the electronic statement of values project, an electronic survey form, a probable maximum loss study and developing a policyholder loss control program. As of June 30, 2006, the Fund insured 1,156 policyholders: 62 counties, 326 schools, 162 cities, 212 towns, 269 villages, and 125 miscellaneous (libraries, etc.). With new business and terminations, the overall number of policyholders decreased by 4 since the previous fiscal year-end. Two graphs are included that reflect changes in the Fund’s policyholder base and growth in its insurance coverage in force. 
The Fund’s insurance in force represents property that is insured against loss. The more property insured, the greater the potential for a loss. The total amount of insurance in force as of June 30, 2006, was $39.9 billion, up from $37.2 billion as of the previous fiscal year-end. The Fund’s total insurance in force increased $2.7 billion over the prior year while its surplus (total assets minus total liabilities) increased approximately $4.5 million over the same time period. Below are three pie charts reflecting the premium earned and the percent of policies by type of policyholder entity, and a breakdown of the type of policy purchased. The majority of the Fund’s insureds are using the valuation project service that began in 1988. This method of valuing buildings, contents, property in the open and contractor’s equipment was developed to promote equity in premiums and the proper reporting of values. Valuation participants not only have broader coverage than those insureds that purchase a coinsurance policy but also enjoy the benefits of automatic computer-generated statements of value. The coinsurance policy requires the insured to establish the insurance value for the property, which caps the maximum recovery in the event of a total loss and can also impose limitations when paying partial losses if the property is not insured to full value. The Fund’s balance sheet and income statement for the fiscal year ending June 30, 2006, are included with this report. The Fund experienced an underwriting gain of approximately $2.4 million and a net income of almost $4.5 million after investment income was taken into consideration. Effective July 1, 2006, for new and renewal business the Fund implemented additional deductible credits of 5% for all deductible amounts. Also, effective July 1, 2006, for building and content rates the Fund adopted the Insurance Service Office’s (ISO) experience loss adjustments projected to result in a 8% overall reduction in the rate, on average. Fund management will continue to monitor insurance in force, claims trends and Fund surplus when evaluating the Fund’s rating structure. Claims costs coupled with higher self-insured Fund reinsurance retention levels and reinsurance premium will continue to be factors considered in the rate-setting analysis.
Balance Sheet and Income Statement - Fiscal Year Ending June 30, 2006 (pdf) Return to top of page. Miscellaneous State ReportsNote: You will need an Adobe Acrobat Reader to view or print the reports, which you can download at no cost from Adobe
Return to top of page. NewslettersNote: You will need an Adobe Acrobat Reader to view or print the newsletters listed below, which you can download at no cost from Adobe Return to top of page. |
| Updated: May 7, 2008 |
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