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The Kentucky Association of Counties Insurance Agency, Inc. held a special Board of Directors' meeting, pursuant to proper notice given in accordance with KRS 61.823, immediately following the special KACo Board of Director's meeting on Thursday, September 24, 2020. This meeting was held in person at 400 Englewood Drive in Frankfort, Kentucky and via teleconference.
The roll was called. The following Directors were present: Chairman Gary Moore, Boone Co. Judge/Executive (via teleconference); Reagan Taylor, Madison Co. Judge/Executive; Stevie Givens, Butler Co. Magistrate; Todd Ruckel, Lewis Co. Judge/Executive; Alex Barnett, Harrison Co. Judge/Executive; Gary Gardner, Hart Co. Magistrate; and Jim Henderson, KACo Executive Director/CEO.
Others participating in person and by teleconference included: Temple Juett, Director of Insurance; Tim Sturgill, General Counsel; Karen Basham, Chief Financial Officer; Kelly Harding, Peel & Holland/KACo Benefits Group; Bruce Lawson, Senior Accountant (via teleconference); Marie Skinner, Accountant/UI Manager; Jon Sharp, IT Manager; and Sonya Chesser, Chief Administrative Officer/Executive Assistant to CEO.
Chairman Moore called the meeting to order at 2:04 p.m.
Motion made by Stevie Givens, seconded by Alex Barnett, to approve the minutes of the June 25, 2020 meeting as presented. Motion carried.
Ms. Basham presented and discussed the balance sheet as of August 31, 2020; income statement for period July 1, 2020 through August 31, 2020; and FY 2020/21 PAF budget for period July 1, 2020 through August 31, 2020.
Motion made by Alex Barnett, seconded by Reagan Taylor, to acknowledge receipt of the financial reports as presented. Motion carried.
Ms. Basham presented and discussed the draft audited financial statement for year ending June 30, 2020 and 2019 as prepared by MCM, CPAs and Advisors.
Motion made by Reagan Taylor, seconded by Stevie Givens, to accept the audited financial statement as presented. Motion carried.
Mr. Juett presented and discussed the renewal quote for Directors and Officers liability insurance policy. A proposal was received by Ironshore at a premium of 13,371.34 for period October 2020 through October 2021.
Motion made by Alex Barnett, seconded by Reagan Taylor, to accept the quote by Ironshore for a premium total of $13,371.4. Motion carried.
Ms. Skinner provided an overview of the bond issues and renewals as of September 17, 2020 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 63 fiscal courts, 73 libraries and 63 other political subdivisions totaling 199 members. The report also included a five year review of the Agency's financial performance, the current rolling twelve month commissions, loss ratio report from June 1, 2018 through May 1, 2020. He also provided an update on the Association Plan employer and employee distribution as of September 2020 and the Telehealth Utilization report from January 2020 to August 2020. Mr. Harding said he, Mr. Henderson and Mr. Juett met with the Kentucky Department of Insurance Commissioner concerning new alternatives to benefit employees in the health insurance program.
The next quarterly board meeting will be December 17th upon adjournment of the KACo Board of Director's special meeting.
Motion made by Reagan Taylor, seconded by Alex Barnett, to adjourn the meeting at 2:20 p.m. Motion carried.
