i. NDIRF annual mtg proxy vote - Laserfiche WebLink

ANNUAL MEETING OF MEMBERS NORTH DAKOTA INSURANCE RESERVE FUND MAY 15, 2002 10:30 AM RADISSON INN - BISMARCK, ND The annual meeting of members of the North Dakota Insurance Reserve Fund was called to order by Board Chairperson Steve Neu at 10:30 a.m. on Thursday, May 15, 2002 at the Radisson Inn, Bismarck, ND. Chairperson Neu stated that, with the attendance of the members present and the written proxies received, a quorum had been established. The first order of business was review and approval of the 2001 NDIRF armual meeting minutes. A motion was made to approve the minutes as presented. (Robert Frantsvog/Tom Balzer, carried by voice vote.) Chairperson Neu welcomed everyone to the meeting. He reported that out of a possible 2,800 members throughout North Dakota, NDIRF currently covers 2,450 of them. As the membership continues to grow, the NDIRF Board feels that it is necessary to conduct another membership survey to find out what members want as far as service and coverage needs. This survey is expected to take place in 2002. NDIRF Board members and staff were introduced. CEO Steve Spilde was then introduced. Steve also welcomed everyone to the annual meeting and then reviewed the NDIRF's 2001 business affairs and current events. He stated that the Fund's membership, as of 12/31/01, was at 2,450. Slides were shown indicating NDIRF members' premium distribution with the cities and counties categories still leading the way at 28.6 and 31.1 percent respectively. Congratulations were given to the counties for 100% participation which was achieved this past year. Slides that revealed the past 16-year revenues and balance sheet were shown. The conferment of benefits policy was then explained to the members. Mr. Spilde reported that losses were heavier than normal in 2001, partly due to weather-related claims in which NDIRF paid out more than $500,000 in hail claims. The heavier losses also resulted in lower conferment checks in 2001. Steve stated that membership training remains a high priority and NDIRF has committed funds for training/educational oppommities. One area that continues to be monitored is employment law issues. The NDIRF, in its efforts to take a proactive approach, has provided funds to publish and distribute a public employers handbook. The NDIRF has also contracted with M. Lee Smith Publishers for a prepaid subscription to the ND Employment Law Letter for 400 of NDIRF's members. An aquatics manual was also developed in 2001 and distributed in early 2002 to many Fund members. There remains a continued commitment to law enforcement training and township meetings were attended by NDIRF staff to discuss road signing issues. NDIRF is currently working on public service announcements with regard to playground safety and has plans to continue with more announcements on other issues. Mr. Spilde announced discussions are continuing with the ND Insurance Department regarding NDIRF's rate structure. With some lines of coverage showing higher losses over the last couple of years, it is felt that a revised rate structure may need to be implemented. Rather than possibly needing a large increase in rates for those lines in a future year, it is felt that small rate increases over a period of time may be easier for members to handle.