State of West Virginia - West Virginia Legislature

More documents

Recommendations

Info

West Virginia Board of Risk & Insurance Management2011 Annual Reportcare providers and health care facilities.”Through the combined efforts of the BRIM staff, Insurance Commissioner’s Office andWest Virginia Hospital Association, the study was completed and a report was submittedto the Joint Committee on Government and Finance of the West Virginia Legislature 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 of the economic damages awarded due to the caps.AuditBRIM is required by the Financial Accounting and Reporting Section (FARS) of theDepartment of Administration to have an annual independent audit. The firm of 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 of October 2011.Risk ManagementBRIM is charged with providing loss control and risk management services to all insuredentities throughout the State. BRIM accomplishes this task through a number of programs.All property insured by BRIM with a value of $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 of Treasury Investmentsaccording to the provisions of the Code of West Virginia. BRIM management monitors cashbalances on both a daily and a monthly basis.Certificate of Achievement for Excellence in Financial ReportingThe West Virginia Board of 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 of Achievement forExcellence in Financial Reporting by the Government Finance Officers Association of the
West Virginia Board of Risk & Insurance Management2011 Annual ReportUnited States and Canada (GFOA). The Certificate of Achievement is the highest form ofrecognition for excellence in state and local government financial reporting. In order to beawarded a Certificate of Achievement, a government must publish an easily readable andefficiently organized comprehensive annual financial report. This report must satisfy bothgenerally accepted accounting principles and applicable legal requirements.A Certificate of Achievement is valid for a period of one year only. We believe that ourcurrent comprehensive annual financial report continues to meet the Certificate ofAchievement Program’s requirements and we are submitting it to the GFOA to determine itseligibility for another certificate.Comprehensive Annual Financial ReportSince June 30, 1995, BRIM has issued a Comprehensive Annual Financial Report (CAFR).This report contains an introductory section, a financial section and a statistical section. Thefinancial section will contain audited data for June 30, 2011. The CAFR for fiscal year 2011will be issued before December 31, 2011. A copy of this report will be sent to theGovernor’s Office upon completion.AcknowledgmentsThis report would not be possible without the assistance of the BRIM staff and the support ofthe Board members.Sincerely,Charles E. Jones, Jr.Executive Director8
Page 1 and 2: State of West VirginiaBoard of Risk
Page 3 and 4: West Virginia Board of Risk & Insur
Page 7: West Virginia Board of Risk & Insur
Page 15 and 16: STATE OF WEST VIRGINIADEPARTMENT OF
Page 17 and 18: 3UNFINISHED BUSINESSThere was no un
Page 19 and 20: 2• While BRIM could choose to pro
Page 21 and 22: 4• As of May 31, 2011, a total of
Page 34: West Virginia Board of Risk and Ins
Page 38 and 39: MINUTES OF THE MEETINGOF THEWEST VI
Page 40 and 41: BRIM BOARD MEETING MINUTESFebruary
Page 42 and 43: 2c. Excess Insurance Coveraged. Pha
Page 44 and 45: 4k. 404 establishing comparative fa
Page 51 and 52: West Virginia Board of Risk and Ins
Page 53 and 54: West Virginia Board of Risk and Ins
Page 55 and 56: Loss Control Report to the BoardFeb
Page 57 and 58: MINUTES OF THE MEETINGOF THEWEST VI
Page 59 and 60:
BRIM BOARD MEETING MINUTESDecember
Page 61 and 62:
Page 63 and 64:
.BRIM BOARD MEETING MINUTESDecember
Page 65 and 66:
Page 67 and 68:
2d. Actuarial reserve estimates rel
Page 69 and 70:
STATE OF WEST VIRGINIADEPARTMENT OF
Page 71 and 72:
West Virginia Board of Risk and Ins
Page 73:
Page 77 and 78:
MINUTES OF THE MEETINGOF THEWEST VI
Page 79 and 80:
BRIM BOARD MEETING MINUTESOctober 5
Page 81 and 82:
Executive Director’s ReportOctobe
Page 83 and 84:
Executive Director’s ReportOctobe
Page 85 and 86:
STATE OF WEST VIRGINIADEPARTMENT OF
Page 87 and 88:
Page 89:
show all

State of West Virginia - West Virginia Legislature

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?