h. NDIRF annual mtg proxy vote - Laserfiche WebLink

Al\Nl'.\L lVlEETlNG OF !\lEMBERS NORTH DAKOTA INSllRAN< 'E RESER' E FrND MAY 18, 2006 10:30 A!\I RAMKOTA INN - BlS;\lARCK, ND The annual meeting of members of the North Dakota Insurance Reserve Fund was called to order by Board Chairperson Rod Landblom at 10:35 a.m. on Thursday, May 18, 2006 at the Ramkota Inn, Bismarck, NO. Chairperson Landblom stated that, with the attendance of members present and the written proxies received, a quorum had been established. The first order of business was revic\v amI approval of the 2005 NOIRF annual meeting minutes. A motion was made and seconded to approve the minutes as presented, (Fred Bott/Bob Frantsvog, passed unanimously by voice vote.) Chairperson Landblom welcomed everyone to the meeting. Mr. Landblom announced that the North Dakota Insurance Reserve Fund bcgan in 1986 with a small group of political subdivisions and is now celebrating its 20 year anniversary with over 2,524 members, to date. Over the years, the Fund has returned nearly $40 million to its members, including $1.3 million in surplus notes. The Fund continues to have a strong commitment to help fund/sponsor loss control programs and training. Chairperson Landblom stated that the Fund has remained very stable over the years. He then introduced each board member. CEO Steve Spilde was then introduccd Mr. Spilde also welcomed everyone to the annual meeting and stated what a milestone NOIRF had reached with it achicving its 20-year anniversary. Steve then reviewed the NDIRF's 2005 business affairs and current events. It was reported that 2005 members' premium distribution showed Counties at 29.3%; Cities at 30.6%; Others at 17.1 (~'o; and Schools at 23%. Slides that revealed the past 20-year revenues and balance sheet were shown. The NDlRF paid out approximately S3.4 million in confemlcnt of benefits for 2005. CEO Spilde rcported that NOIRF has an actuarial study completed annually and, again this year, the study showed that NOIRF has a 95%) confidence level. which means It has enough assets on hand to meet its obligations under any likely loss scenario tested. The NOIRF has a strong investment portfolio with an average rating of AA . The NDIRF continues to sponsor and provide funding for training/risk management services lI1cluding defensive driving classes that are open to Fund members. employees and their families and arc offered free of charge. NDIRF continued sponsorship for training sessions during the annual conventions ofthc NO League of Cities, NO Association of Counties, NO School Boards Associatiun, ND Township Officers Association and NO Parks & Rec Association. Other sponsored training events included a playground safety training seminar, assistance with the development and updating of manuals, and P issues regarding roads and signing. CEO Spi Ide reported that coverage enhancements \vere added that \\111 no\v cover administrative hearing issues. Name changes to certain coverage lines were put into affect (i.e. inland marine coverage is now public assets coverage and enors & omissions coverage is now governance liahitity.) Mr. Spilde explained the puhlic duty rille that hc('an1c la,-". in 2005. Maior upgradeg to the NOIRF computer system were implemented in 20115 with IT Manager Vance Krebs taking the