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The Kentucky Association of Counties Insurance Agency, Inc. held a Board of Directors' meeting immediately following the KACo Board of Directors' meeting on Tuesday, December 19, 2017 at 400 Englewood Drive in Frankfort, Kentucky.
The roll was called. The following Directors were present: Chairman David Nicholson, Jefferson Co. Circuit Court Clerk; Brian Roy, KACo Executive Director/CEO; Stevie Givens, Butler Co. Magistrate; Carl Tolliver, Boyd Co. Commissioner; Elbert Bennett, Caldwell Co. Magistrate; Michael Lee Stephens, Adair Co. Judge/Executive; and Brad Boyd, Christian Co. Jailer.
Others present were: Mark Miller, Director of Insurance; Karen Basham, Chief Financial Officer; Tim Sturgill, General Counsel; Bruce Lawson, Senior Accountant; Marie Skinner, Staff Accountant; Kelly Harding, Jerry Pace and Clint Combs, Peel & Holland/KACo Benefits Group; and Sonya Chesser, Executive Secretary.
Chairman Nicholson called the meeting to order at 3:00 p.m.
Motion made by Stevie Givens, seconded by Carl Tolliver, to approve the minutes of the September 28, 2017 meeting as presented. Motion carried.
Chairman Nicholson welcomed Judge Stephens and Mr. Boyd to the board.
Mr. Miller provided a brief overview of the Agency.
Ms. Basham presented and discussed the income statement for period July 1, 2017 through November 30, 2017 and the FY 2017/18 PAF budget report for period ending November 30, 2017.
Motion made by Stevie Givens, seconded by Carl Tolliver, to accept the income statement as presented. Motion carried.
Ms. Skinner presented and discussed the total number of bonds and premium, by month, for FY 2017/18 as compared to FY 2016/17 as December 18, 2017.
As required by the Fund's bylaws, Mr. Miller presented and discussed the annual review of the Fund's financial statements as of November 30, 2017 to determine if a dividend should be declared. No action was taken.
Mr. Harding, giving an update on health insurance, provided a summary of the KACo Benefits Program and Financial Performance report, which included an update on the current rolling twelve month commission and a report on the loss ratio by month for FY 2016/17. He noted an error within the summary as to the total amount of annualized premium for fiscal courts. The correct total is approximately $25.5 million for a grand total of annualized premium totaling $36 million including libraries and political subdivisions. Mr. Harding also provided a marketing update and information related to the ongoing activity of the program including data analytics.
Mr. Sturgill said an amendment to a marketing agreement between KACo, the KACo Insurance Agency, Inc. and Peel & Holland was presented to the board at its last meeting. The agreement allows for confidential data extraction and analytics services with the analytics firm to be selected by Peel & Holland and approved by KACo. He noted that some changes need to be made in the amendment and asked for board authority to allow the chairman to execute the final agreement upon recommendation of staff.
Motion made by Stevie Givens, seconded by Brian Roy, to allow the chair to execute the final agreement upon recommendation of staff. Motion carried.
Mr. Miller requested approval to adopt the following meeting schedule for 2018: March 22; June 21; September 27; and December 20. All meetings will be held at the KACo offices upon adjournment of the KACo Board of Director's meeting.
Motion made by Michael Lee Stephens, seconded by Carl Tolliver, to adopt the 2018 meeting schedule as presented. Motion carried.
Motion made by Michael Lee Stephens, seconded by Carl Tolliver, to adjourn the meeting at 3:24 p.m. Motion carried.
