State of West Virginia - West Virginia Legislature

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Executive Director’s ReportOctober 5, 20104The total economic loss was calculated to be $749,217.30. The sum of$500,000 was the total amount recoverable. BRIM awarded $249,217.20 to theestate from the PICF, but the offer has yet to be accepted.3. James W. Luikart, Jr. – This man had surgery on May 11, 2007.Mr. Luikart is claiming damages ranging from $1,800,000.00 to $3,900,000.00,depending on various life care plans and other economic damages. After athorough review, BRIM is of the opinion that the submission on behalf of JamesLuikart, Jr. is incomplete and must be denied. It is felt that Mr. Luikart has notexhausted all reasonable means to recover economic damages from theavailable insurance coverage.E. Miscellaneous1. Playground Safety – Discussions with and emails to Cabell County SchoolsSuperintendent William Smith and Senator Evan Jenkins re playground safety.Sen. Jenkins requested that Superintendent Smith suspend the removal ofswing sets until further discussion can take place among all parties involved.2. Inspection of Vacant Buildings/Warehouses – Washington Street, MichiganAvenue, Jefferson Street – posed significant health, safety and liabilityconcerns – only one out of ten structures could be saved.3. Renewed software license with Marshall & Swift for property appraisal (InFocusITV Profile Analytic Service, Residential Component Technologies TM (“RCT”)and Building Valuation System TM (“BVS”).4. Verizon – Fairmont Building – Verizon settled for $50,000.00.5. Steve Schumacher and I attended the Annual Conference of the PublicRisk Insurance Management Association in Orlando, FL from June 6 – 9, 2010.6. Robert Fisher, Chuck Mozingo and I attended the 2010 STRIMA Conferenceheld in Prattville, Alabama, from September 12-16, 2010.7. Introduction of Beth Baldwin and Kim Hensley, new Loss Control Specialists,to the Board.Respectfully submitted,CEJ:lldCharles E. Jones, Jr.Executive Director
STATE OF WEST VIRGINIADEPARTMENT OF ADMINISTRATIONBOARD OF RISK AND INSURANCE MANAGEMENT90 MACCORKLE AVENUE SW, Suite 203 (304) 766-2646 ADMINISTRATIONSOUTH CHARLESTON, WV 25303(304) 766 2653 FAX(304) 345-4669 TOLL FREE WVJoe Manchin III Robert Ferguson, Jr. www.state.wv.us/brimGovernorCabinet SecretaryChief Financial Officer’s ReportOctober 5, 2010A. P Card ReportCD copies contain the supporting detail for P card purchases for the months of April, May, andJune, 2010. These totals are:April $30,437.37May $39.356.06June $31,915.47B. Financial Report The FY’10 external audit by Ernst & Young should be completed by mid-October. The resultspresented for the fiscal year ended June 30, 2010 are draft and subject to completion of theyear-end audit. Their field work is nearing completion and nothing significant has beenbrought to management’s attention. The financial report reflects the actuarially estimated reserves from AON’s risk funding studyas of June 30, 2010. The reserves are reviewed by Ernst & Young as part of their normalyear-end audit work. The reductions in prior years’ claims reserves, $19.3 million for FY’09 and $19.7 million forFY’10, have sustained the level of operating income reported for both fiscal years. Net income reported for FY’10 is $41.2 million vs. $23.3 million for FY’09. The increase isdriven by the improved investment returns for FY’10.C. Actuarial Risk Funding Study AON’s risk funding study as of June 30, 2010 has been completed. The favorabledevelopment in prior years claims reserves, primarily within the Senate Bill 3 program,continued in FY’10. Their updated claims reserves are included in the draft year-end financialstatements.D. AIG Update On August 6 th American International Group (AIG) reported a 2010 second quarter net loss of$2.7 billion, which the company said was primarily due to a $3.3 billion goodwill impairmentcharge, part of $3.4 billion in net losses from discontinued operations. This loss compares to a2009 second quarter net income of $1.8 billion. On September 29 th AIG announced that they have begun discussions with federalstakeholders in the company about a plan to repay taxpayers and allow the government to exitits ownership relationship with AIG over the next several years.E. Government Finance Officers Association (GFOA) Recognition GFOA has notified BRIM that its comprehensive annual financial report (CAFR) for the yearended June 30, 2009 qualified for the Certificate of Achievement for Excellence in FinancialReporting. This is the highest form of recognition in governmental accounting and financialreporting and represents the 15 th consecutive year that BRIM has attained this significantaccomplishment.
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State of West Virginia - West Virginia Legislature

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