State of West Virginia - West Virginia Legislature
State of West Virginia - West Virginia Legislature
State of West Virginia - West Virginia Legislature
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<strong>West</strong> <strong>Virginia</strong> Board <strong>of</strong> Risk & Insurance Management2011 Annual Reportcare providers and health care facilities.”Through the combined efforts <strong>of</strong> the BRIM staff, Insurance Commissioner’s Office and<strong>West</strong> <strong>Virginia</strong> Hospital Association, the study was completed and a report was submittedto the Joint Committee on Government and Finance <strong>of</strong> the <strong>West</strong> <strong>Virginia</strong> <strong>Legislature</strong> onDecember 1, 2003, recommending that the fund be established. On April 2, 2004, HouseBill 4740 was signed into law, effective June 11, 2004.The fund is administered and operated by BRIM. During fiscal year 2005, BRIM beganreceiving the appropriated funds into this account. Eligibility for reimbursement is basedon the claimant’s inability, after exhausting all reasonable means available for recoveringthe award, to collect all or part <strong>of</strong> the economic damages awarded due to the caps.AuditBRIM is required by the Financial Accounting and Reporting Section (FARS) <strong>of</strong> theDepartment <strong>of</strong> Administration to have an annual independent audit. The firm <strong>of</strong> Ernst &Young, LLP was selected to perform the audit for the fiscal year ended June 30, 2011. TheJune 30, 2011 report will be available near the end <strong>of</strong> October 2011.Risk ManagementBRIM is charged with providing loss control and risk management services to all insuredentities throughout the <strong>State</strong>. BRIM accomplishes this task through a number <strong>of</strong> programs.All property insured by BRIM with a value <strong>of</strong> $1 million or more is inspected annually.Additionally, BRIM holds various seminars and training programs for its insureds throughoutthe year. Topics include boiler operation, employment practices, and general loss prevention.Cash ManagementBRIM’s cash and cash equivalents are managed by the Board <strong>of</strong> Treasury Investmentsaccording to the provisions <strong>of</strong> the Code <strong>of</strong> <strong>West</strong> <strong>Virginia</strong>. BRIM management monitors cashbalances on both a daily and a monthly basis.Certificate <strong>of</strong> Achievement for Excellence in Financial ReportingThe <strong>West</strong> <strong>Virginia</strong> Board <strong>of</strong> Risk and Insurance Management’s Comprehensive AnnualFinancial Report for the year ended June 30, 2010, from which the information on page(s)one through eight have been drawn, was awarded the Certificate <strong>of</strong> Achievement forExcellence in Financial Reporting by the Government Finance Officers Association <strong>of</strong> the
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