c. ND Insurance Reserve proxy - Laserfiche WebLink

The addition of a criminal penalty was made whereby a public servant could be charged with a Class A misdemeanor if that public servant did not comply with the open records/open meetings law. Wording was changed to allow discretion by states attorneys and the attorney general's office whether to prosecute or not. The NDIRF staffwas then introduced and recognized for their efforts this past year. Board Chairperson Sprynczynatyk introduced NDIR_F Board members and who they represent. She then introduced Bob Tonolli, ND[RF's CFO, who reviewed the 2000 NDIRF financial statements. Mr. Tonolli showed slides of written premium, paid and incurred losses, loss reserves and ratios, net earnings and members equity. To date, cumulative surplus notes and the conferment of benefits equal $26 million that has been returned to members. The 2-year operating ratio is at 60%, which is well below standard, showing that NDIILF is profitable. Alton Nitschke, partner in Eide Bailly, LLP, was introduced. Mr. Nitschke referred members to the 2000 NDII~ Annual Report, and the NDIRF Balance Sheet in particular, that indicated the NDI2RF is in a very stable financial condition. He stated that, in accordance with generally accepted accounting principles, the NDIRF was given an unqualified (clean) opinion. The meeting was recessed at 11:25 a.m. so the "Cities," and "Counties" members could caucus for election of board members. When the meeting reconvened at 11:32 a.m., it was announced that Bob Frantsvog was re-elected to the "Cities" category and Hjalmer Carlson was elected to the "Counties" category. Ms. Sprynczynatyk introduced ND Insurance Commissioner Jim Poolman. Commissioner Poolman addressed the members, speaking about the transition into office - "the first 100 days" -, the legislative session and his consumer action plan. He spoke of the possibility ora working relationship between the department and the NDIRF. Commissioner Poolman announced that with the passing of the Gramm-Leach-Bliley Act, the ND Insurance Department presented legislation in the form of SB 2144 to be in compliance with the Act on the state level. Part of the legislation that passed requires uniformity of agent licensing across state lines by 2002 and has components regarding consumer privacy. Several goals he has for the insurance department are to develop a fraud unit, perform a comprehensive review on insurance statutes and rules, to make the department more efficient and focus on consumer protection needs. Chairperson Sprynczynatyk presented outgoing ND1RF Board member Bob Wood with a gifi of thanks for his hard work and dedication to the Fund. Door prizes were won by John Hauck and Buckshot Hoffner. The gavel was then passed from Chairperson Sprynczynatyk to incoming Chairperson Steve Neu. There being no further business to come before the 2001 NDIRF Annual Meeting of Members, the meeting was adjourned at noon. Respectfully submitted, Nancy M. Reis Recording Secretary