State of West Virginia - West Virginia Legislature

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West Virginia Board of Risk and Insurance ManagementUNAUDITED BALANCE SHEETJune 30, 2010(in thousands)Total Total Mine BRIMState SB3 Subsidence HB 601 TotalAssetsShort Term AssetsCash and Equivalents $ 10,348 $ 5,274 $ 8,696 $ 5,295 $ 29,613Deposits Held by Carrier/Trustee 93,489 91,437 - - $ 184,926Receivables - Net 619 432 522 - $ 1,573Prepaid Insurance - - - - $ -Total Short Term Assets 104,456 97,143 9,218 5,295 216,112Long Term AssetsInvestments 71,269 23,219 25,843 - 120,331Total Long Term Assets 71,269 23,219 25,843 - 120,331Total Assets $ 175,725 $ 120,362 $ 35,061 $ 5,295 $ 336,443LiabilitiesShort Term LiabilitiesAccounts payable 79 445 14 - 538OPEB Liability 89 87 5 - 181Claims Payable 71 93 - - 164Agents Commissions Payable - 1,230 - - 1,230Unearned Revenue - 5,675 954 - 6,629Current Claim Reserve 24,850 20,176 681 - 45,707Total Short Term Liabilities 25,089 27,706 1,654 - 54,449Long Term LiabilitiesCompensated Absences 32 32 2 - 66Claim Reserve IBNR 51,423 38,018 244 36 89,721Total Long Term Liabilities 51,455 38,050 246 36 89,787Total Liabilities 76,544 65,756 1,900 36 144,236Prior Year Net Assets 81,352 35,682 28,702 5,222 150,958Current Year Earnings - - - - -Total Net Assets 81,352 35,682 28,702 5,222 150,958Total Liabilities and Retained Earnings $ 157,896 $ 101,438 $ 30,602 $ 5,258 $ 295,194
West Virginia Board of Risk and Insurance ManagementUnaudited Income Statementfor the twelve months ending June 30, 2010(in thousands)Total Total Mine BRIMState SB3 Subsidence HB 601 TotalOperating RevenuesPremium Revenues $ 28,257 $ 27,889 $ 1,861 $ - $ 58,007Less: Excess Insurance $ (2,273) $ (3,984) $ - $ - $ (6,257)Total Operating Revenues $ 25,984 $ 23,905 $ 1,861 $ - $ 51,750Operating ExpensesClaims Expense 17,670 7,856 (68) - 25,458Property & MS Claims Expense 2,975 2,626 609 - 6,210Personal Services 706 697 50 - 1,453General and Administrative Expense 708 1,767 16 2 2,493Total Operating Expenses 22,059 12,946 607 2 35,614Operating Income (Loss) 3,925 10,959 1,254 (2) 16,136Nonoperating RevenuesInterest Income 13,904 7,965 3,205 7 25,081Court Fees - - - 32 32Total Nonoperating Revenue 13,904 7,965 3,205 39 25,113Net Income $ 17,829 $ 18,924 $ 4,459 $ 37 $ 41,249
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State of West VirginiaBoard of Risk
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West Virginia Board of Risk & Insur
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STATE OF WEST VIRGINIADEPARTMENT OF
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3UNFINISHED BUSINESSThere was no un
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2• While BRIM could choose to pro
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4• As of May 31, 2011, a total of
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STATE OF WEST VIRGINIADEPARTMENT OF
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West Virginia Board of Risk and Ins
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State of West Virginia - West Virginia Legislature

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