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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 Thursday, June 21, 2018 at 400 Englewood Drive in Frankfort, Kentucky.
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; and Michael Lee Stephens, Adair Co. Judge/Executive.
Others present were: Mark Miller, Director of Insurance; Karen Basham, Chief Financial Officer; Tim Sturgill, General Counsel; Bruce Lawson, Senior Accountant; Kelly Harding and Clint Combs, Peel & Holland/KACo Benefits Group; Marie Skinner, Accountant/Bond Specialist; JC Young, KMCA Executive Director; and Sonya Chesser, Executive Secretary.
Chairman Nicholson called the meeting to order at 2:23 p.m.
Motion made by Stevie Givens, seconded by Carl Tolliver, to approve the minutes of the March 22, 2018 meeting as presented. Motion carried.
Ms. Basham presented and discussed the income statement for period July 1, 2017 through May 31, 2018 and balance sheet as of May 31, 2018.
Motion made by Stevie Givens, seconded by Carl Tolliver, to approve the income statement as presented. Motion carried.
Mr. Miller presented and discussed the FY 2017/18 PAF budget report for period ending May 31, 2018.
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 May 13, 2018. She said she and Mr. Roy would be meeting with the commercial bond representative from Liberty Mutual to discuss the upcoming renewal and the program in general.
Mr. Miller presented and discussed the FY 2018/19 program administration budget and agreement between KACo and the KACo Insurance Agency for a period of one year, commencing on July 1, 2018 and ending June 30, 2019.
Motion made by Elbert Bennett, seconded by Stevie Givens, to approve the FY 2018/19 program administration agreement as presented. Motion carried.
Ms. Basham presented and discussed the FY 2018/19 proposed draft budget.
Motion made by Michael Lee Stephens, seconded by Stevie Givens, to adopt the FY 2018/19 proposed budget as presented. Mr. Harding, giving an update on health insurance, provided a summary of the KACo Benefits Program and a five year review of the Agency's financial performance, which includes an update on the current rolling twelve month commission and a report on the loss ratio for the months of August 2016 through April 2018. He said he would provide an update on data analytics at the next meeting. Mr. Harding said the Agency works with the Kentucky County Judge/Executive Association and the Kentucky Magistrates and Commissioners Association for assistance in promoting the program. He thanked Mr. Young for his help this year with his marketing efforts.
Mr. Miller said the errors and omissions liability coverage is to renew August 7th. He said he has not received a quote for the renewal, however, he asked the board to consider renewing the policy with AIG by setting a limit on the premium amount or by calling a special meeting for the purpose of approving the renewal once the quote is received. He said last year's premium was $11,380.00.
Motion made by Brian Roy, seconded by Carl Tolliver, to renew the errors and omissions liability coverage for an amount not to exceed an increase of 10%. Motion carried.
The next regularly scheduled quarterly board meeting will be held September 27th upon adjournment of the KACo Board of Director's meeting.
Motion made by Stevie Givens, seconded by Carl Tolliver, to adjourn the meeting at 2:38 p.m. Motion carried.
