The Kentucky Association of Counties Workers' Compensation Fund held a Board of Directors' meeting at 11:00 a.m. on Thursday, March 28, 2012 at 400 Englewood Drive in Frankfort, Kentucky.
The roll was called. The following Directors were present: Chairman Tony Smith, Graves Co. Judge/Executive; Chris Harris, Pike Co. Magistrate; Greg Terry, Carlisle Co. Judge/Executive; and Stephen Stark, Trimble Co. Magistrate.
Others present were: Mark Miller, Director of Insurance; Larry Crigler, Interim Assistant Director of Insurance/Litigation Manager; Denny Nunnelley, Executive Director/CEO; Tim Sturgill, General Counsel; Bruce Lawson, Senior Accountant; Carolyn Jones, Chief Financial Officer; Michael Ray, Claims Manager; Crystal Hellard, Paralegal; Shawn Weir, Risk Manager; Rae Gina Beatty and Jody Ledesma, Customer Service Representatives; Joe Greathouse, Jerry Pace, Rob Brown, Mike Young, and Sue Porter, Marketing Agents; Ron Dolen and Gary Gilmour, Underwriters Safety & Claims; Grant Satterly, Director of Financial Services; Marie Skinner, Accounting Assistant; and Sonya Chesser, Executive Secretary.
Chairman Smith called the meeting to order at 11:05 a.m.
Motion made by Chris Harris, seconded by Greg Terry, to approve the minutes of the March 12, 2012 meeting as presented. Motion carried. Mr. Nunnelley presented a copy of the Board Orientation CD to the board members that were unable to attend the KACo Board Orientation on March 15th.
Mr. Miller presented and discussed the following reports: budget detail for the eight months ending February 29, 2012; check history report from February 1 - 29, 2012; PAF budget for period July 1, 2011 through February 29, 2012; FY 2011/12 premium receivables as of March 21, 2012; FY 2010/11 payroll audit receivables as of March 21, 2012; and investment portfolio summary for FY 2011/12. He noted that the spike in claims payments was due to a settlement from a FY 2006/07 claim, however, the Fund will receive reinsurance recovery for that claim.
Motion made by Greg Terry, seconded by Stephen Stark, to approve the reports as presented. Motion carried.
Mr. Weir presented and discussed the risk management, safety and loss control activities for period February 1 - 29, 2012.
Mr. Ray presented and discussed the following claims activity reports: summary of losses; graphs of new reported and closed claims during Fund year 2011, including 964 reclosed; open claims and total claim count for all years; and subro recoveries by Fund year 2005/06 through March 11, 2012 and projections through June 30, 2012 for both KALF and Workers Comp combined. There were a total of 141 newly reported claims totaling $678,597.48 for the month of February 2012 as compared to 147 reported claims totaling $578,442.12 for the month of February 2011.
The next regularly scheduled board meeting will be held April 25th at 11:00 a.m.
Motion made by Stephen Stark, seconded by Greg Terry, to go into closed session at 11:33 a.m. to discuss proposed or pending litigation involving the board as authorized by KRS 61.810 (1)(c). Motion carried.
The board returned to open session at 11:46 a.m. No action was taken in closed session.
Motion made by Greg Terry, seconded by Chris Harris, to adjourn the meeting at 11:46 a.m. Motion carried.
