e. NDIRF annual mtg proxy vote - Laserfiche WebLink

ANNuAL MEETING OF MEMBERS NORTH DAKOTA INSURANCE RESERVE FUND MAY 8, 2003 10:30 AM ~KOTAINN-BISMARCK,ND The annual meeting of members of the North Dakota Insurance Reserve Fund was called to order by Board Chairperson Richard Bendish at 10:30 a.m. on Thursday, May 8, 2003 at the Ramkota Inn, Bismarck, ND. Chairperson Bendish 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 2002 NDIRF annual meeting minutes, A motion was made and seconded to approve the minutes as presented. (Robert FrantsvoglWalter Rehling, passed unanimously by voice vote.) Chairperson Bendish welcomed everyone to the meeting. He introduced the NDIRF Board of Directors and stated what entity type they represent. Mr. Bendish reported that NDIRF is viewed as a national success with the number of members participating in the Fund - membership as of 12/31/02 was 2,482, up from 2,450 in 2001. A lot of the NDIRF's success is due to it providing excellent pricing and service to its members, Mr, Bendish stated that the NDIRF has been, and continues to be, proactive in sponsoring and providing training programs, manuals and presentations to its members and also continues to live up to its mission statement of being a stable source of risk services to public entities using sound business practices. CEO Steve Spilde was then introduced, CEO Spilde also welcomed everyone to the annual meeting and then reviewed the NDIRF's 2002 business affairs and current events. Steve stated that, year by year with the exception of 1998, the Fund membership has steadily grown. The 2002 members' premium distribution showed Counties at 30.9%; Cities at 28.4%; Others at 21.8%; and Schools at 18.9%. Slides that revealed the past 17-year revenues and balance sheet were shown. Steve reported that 2002 was a good year with income up and losses down. The confennent of benefits continues to be a good program with nearly $3 million returned to members in 2003 - up approximately 10% from last year. Mr. Spilde reported that membership training remains a high priority and NDIRF has committed funds again in 2003 for training and educational opportunities. In 2002, over 1,200 attended defensive driving courses, Sponsorship was provided for training sessions during the annual conventions of the ND School Boards Association, ND League of Cities and ND Association of Counties. Funds were also provided to the ND Peace Officers Association for law enforcement training and ND Township Officers Association for training. NDIRF is currently assisting with funding the updating and redistribution of a public employers handbook. CEO Spilde announced the results of a survey conducted in 2002 among a combination of 800 NDIRF members and agents. Pricing was the most important factor in choosing coverage for members and NDIRF's financial strength was the most important factor among agents. Steve stated that approximately 90% of political subdivisions throughout the state of North Dakota are members of the NDIRF. During the 2003 legislative session, joint water resource districts were recognized as being political subdivisions and therefore could be treated as a separate entity,