a. NDIRF annual mtg proxy vote - Laserfiche WebLink

ANNUAL MEETING OF MEMBERS NORTH DAKOTA INSURANCE RESERVE FUND MAY 14, 2008 10:30 AM RAMKOTA INN, BISMARCK, ND The annual meeting of members of the North Dakota Insurance Reserve Fund was called to order by Board Chairperson Corene Vaughn at 10:40 a.m. on Wednesday, May 14, 2008 at the Ramkota Inn, Bismarck, ND. Chairperson Vaughn stated that, with the attendance of members present and the written proxies received, a quorum had been established. The first order of business was review and approval of the 2007 NDIRF annual meeting minutes. A motion was made and seconded to approve the minutes as presented. (Mark Johnson/Fred Bott, passed unanimously by voice vote.) Chairperson Vaughn welcomed everyone to the meeting. She stated that it has been a positive experience being a member of NDIRF and to serve as chairperson of the NDIRF Board of Directors. She then introduced ND Insurance Commissioner Adam Hamm. Insurance Commissioner Hamm provided information on the various divisions within the ND State Insurance Department. He also provided an update on the property and casualty lines of business stating that North Dakota has the least expensive auto premiums in the nation. He reported that, in 2007, there were between 4,000 - 5,000 comp claims that were caused by vehicles hitting deer. North Dakota's homeowner's market premiums are comparable with other states within the region. When the City of Fargo experienced the hail storm on September 22, 2007, it generated 14,151 claims totaling $62,321,042. Commissioner Hamm then updated the membership on legislative issues and stated that his department is preparing 10 - 15 bills to present during the 20091egislative session. Further updates were given regarding the areas of life and health insurance. NDIRF's CEO Steve Spilde was then introduced. CEO Spilde also welcomed everyone to the 2008 annual meeting. The NDIRF's 2007 business affairs and current events were then reviewed. It was reported that 2007 members' premium distribution showed Counties at 29%; Cities at 31%; Others at 23%; and Schools at 17%. Slides that revealed the past 22-year revenues and balance sheet were shown. Written premium was up a little from 2006 which was mainly due to the City of Fargo becoming a member of NDIRF. Net earnings in 2007 were up over $4 million making it one of the best years ever. Members' equity totaled $18.8 million and the cumulative return of surplus notes and conferment of benefits to members totals approximately $49.1 million. Mr. Spilde provided a brief summary on bills that were of interest to NDIRF during the 2007 legislative session. Other announcements by CEO Spilde were that the NDIRF's major software upgrade is nearly complete; the NDIRF will be sponsoring more training sessions again throughout 2008; and that the transfer of risk from the state to NDIRF members is becoming an issue again so further work is being conducted in this area in order to try to get the matter resolved. The NDIRF staff was introduced and once again recognized for their efforts this past year and the NDIRF Board was thanked for successfully leading the organization.