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The Kentucky Association of Counties Insurance Agency, Inc. held a Board of Directors meeting at 1 p.m. on Thursday, March 30, 2023. This meeting was held at 400 Englewood Drive in Frankfort, Ky. and via video teleconference, pursuant to proper notice given in accordance with KRS 61.826 and 65.312(3).
The roll was called. The following Directors were present: Chair Amy Milliken, KACo President and Warren Co. Attorney; KACo President-elect and Scott Co. Magistrate David Livingston (via video teleconference); Stevie Givens, Butler Co. Magistrate; Ronnie Akers, Floyd Co. Magistrate; Harry Clark, Rowan Co. Judge/Executive; Joe Pat Covington, Scott Co. Judge/Executive; and Jim Henderson, KACo Executive Director/CEO.
Others participating included: Temple Juett, Director of Insurance and Business; Tim Sturgill, General Counsel; Karen Basham, Chief Financial Officer; Kris Dunn, Associate Director of Insurance; Andrea Morse, Insurance Agency Manager; Marie Skinner, Accounting Manager; Kelly Harding, Hub/Peel & Holland, Inc.; Rich Ornstein, Staff Attorney; Alyssa Rogers, Staff Accountant; Jesse Penn, Computer Support Specialist; and Sonya Chesser, Executive Assistant to CEO/Director of Administrative Assistant.
Chair Milliken called the meeting to order at 2:25 p.m.
Motion made by Stevie Givens, seconded by Ronnie Akers, to approve the minutes of the December 15, 2022 meeting as presented. Motion carried.
Mr. Sturgill provided an overview of the KACo Insurance Agency and KACo Medical Benefits Committee. He said each employer participating in the KACo Medical Benefit Plan received notice of the meeting and were given the opportunity to designate a representative to participate in the meeting by submitting a certified resolution from the employer's governing body by 4 p.m. (ET) on March 28. He said no resolutions have been received from any insured member, therefore, the KACo Insurance Agency Board will be the KACo Medical Benefits Committee.
Ms. Basham presented and discussed the balance sheet as February 28, 2023; income statement for period July 1, 2022 through February 28, 2022; and FY 2022/23 PAF budget for period July 1, 2022 through February 28, 2023.
Motion made by Stevie Givens, seconded by Harry Clark, to acknowledge receipt of the financial reports as presented. Motion carried.
Ms. Morse presented and discussed the bond report as of February 28, 2023.
Mr. Henderson requested approval to declare a dividend in the amount of $250,000 to the shareholders of record on March 31, 2023 and payable on April 1, 2023.
Motion made by David Livingston, seconded by Stevie Givens, to declare a dividend in the amount of $250,000 to the shareholders of record on March 31, 2023 and payable on April 1, 2023. Motion carried.
Mr. Harding, giving an update on health insurance, provided a written summary of the KACo Benefits Program, which includes sixty-seven fiscal courts, sixty-eight libraries and sixty-six other political subdivisions totaling 201 members covering 5,862 lives. The report also included the quarterly activity, a five-year review of the Agency's financial performance, and the benefits commission for the current and prior rolling twelve-month periods. He also reported that Powell County Fiscal Court recently joined the program increasing the total number of fiscal court members to sixty-eight.
Mr. Harding reported that Humana is leaving the employer Group Commercial Medical Products business, which includes all fully insured, self-funded and Federal Employee Health Benefit medical plans, as well as associated wellness and rewards programs. Humana will continue its core Insurance lines of business, including Medicare Advantage, Group Medicare, Medicare Supplement, Medicare Prescription Drug Plans, Medicaid, Military and Specialty (Dental, Vision, Life, etc.). The exit from this line of business will be phased over the next eighteen to twenty-four months. Motion made by David Livingston, seconded by Stevie Givens., to adjourn the meeting at 2:52 p.m. Motion carried.
