[tidy error]
The Kentucky Association of Counties Insurance Agency, Inc. held a Board of Directors meeting at 400 Englewood Drive in Frankfort, Ky. and via video teleconference, pursuant to proper notice given in accordance with KRS 61.826 and 2020 Ky. Acts ch. 73 sec. 1 (8)(b) at 10:00 a.m. on Wednesday, March 31, 2021.
The roll was called. The following Directors were present: Chairman Reagan Taylor, Madison Co. Judge/Executive and KACo President (via video teleconference); Phil Sammons, Boyle Co. Magistrate and KACo President-elect; Stevie Givens, Butler Co. Magistrate; Alex Barnett, Harrison Co. Judge/Executive; Joe Pat Covington, Scott Co. Judge/Executive (via video teleconference); Steve Henry, Webster Co. Judge/Executive; and Jim Henderson, KACo Executive Director/CEO.
Others participating included: Temple Juett, Chief Insurance and Business Development Officer; Tim Sturgill, General Counsel; Karen Basham, Chief Financial Officer; Marie Skinner, Accountant; Rich Ornstein, Staff Attorney; Kelly Harding and Clint Combs, Peel & Holland Financial Group; Bruce Lawson, Accountant (via video teleconference); Andrea Morse, Associate Underwriter; Jon Sharp, IT Manager; and Sonya Chesser, Chief Administrative Officer/Executive Assistant to CEO.
Chairman Taylor called the meeting to order at 10:00 a.m.
Motion made by Alex Barnett, seconded by Stevie Givens, to approve the minutes of the Feb. 25, 2021 meeting as presented. Motion carried.
Mr. Sturgill provided an overview and role of the KACo Medical Benefits Committee, which is comprised of the KACo Insurance Agency, Inc. Board of Directors and one representative from every employer that participates in the Association Health plan. The board of the KACo Insurance Agency constitutes a quorum of the Committee. The purpose of the KACo Medical Benefits Committee is to comply with the Affordable Care Act by having a Committee to oversee the health care plan that employers participate in to allow input.
Ms. Basham presented and discussed the balance sheet as Feb. 28, 2021; income statement for period July 1, 2020 through Feb. 28, 2021; and FY 2020/21 PAF budget for period July 1, 2020 through Feb. 28, 2021. She said the Internal Revenue Service will be conducting a routine audit of the Agency.
Motion made by Alex Barnett, seconded by Phil Sammons, to acknowledge receipt of the financial reports as presented. Motion carried.
Mr. Henderson requested approval to declare a dividend in the amount of $500,000 to the shareholders of record on Feb. 28, 2021 and payable on March 31, 2021.
Motion made by Phil Sammons, seconded by Stevie Givens, to declare a dividend in the amount of $500,000 to the shareholders of record on Feb. 28, 2021 and payable on March 31, 2021. Motion carried.
Ms. Skinner provided an overview of the bond issues and renewals as of March 19, 2021 including a report by month for FY 2019/20 as compared to FY 2020/21.
Mr. Harding, giving an update on health insurance, provided a summary of the KACo Benefits Program, which includes 66 fiscal courts, 75 libraries and 62 other political subdivisions totaling 203 members covering 5,418 lives. The report also included a five year review of the Agency's financial performance and the current rolling twelve month commissions.
Motion made by Stevie Givens, seconded by Phil Sammons, to adjourn the meeting at 10:51 a.m. Motion carried.
