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NJSIG

Board of Trustees Meeting

November 16, 2016

New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North

Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877

www.njsig.org

Revised: 11/2/16

2016/2017 NJSIG Board of Trustees

Irene Le Febvre Chairperson v2016-2019

North Board Member

180 South Terrace Boonton, NJ 07005 (Boonton Town BOE)

O: (973) 614-8585x3811 F: (973) 614-1334 C: (973) 513-2772

H: (973)335-3382 [email protected] Committees: Policy, Claims

Christopher Russo, Ed.D. Vice-Chairperson v2016-2019

South Business Administrator

1310 Mallard Lane Millville, NJ 08332 (Delran BOE)

O: (856) 461-6800x1006 F: (856) 461-6125 C:

H: (609) 694-1505 [email protected] Committees: Personnel, Claims

Thomas F. Connors, Ph.D. Trustee

v2015-2018 Central Board Member

10 Seward Ave Piscataway, NJ 08854 (Piscataway Twp BOE)

O: F: C: (732) 491-3248

H: (732) 463-3230 [email protected] Committees: Finance

James J. Jencarelli, Jr. Trustee

v2015-2018 North Superintendent

2 Mill Creek Road Sparta, NJ 07871 (Morris Hills Regional)

O: (973) 664-2291 F: (973) 627-6588 C: (201) 320-7049

H: (201) 320-7049 [email protected] Committees: Personnel

Joseph Meloche, Ed.D. Trustee

v2016-2019 South Superintendent

45 Ranoldo Terrace Cherry Hill, NJ 08034 (Cherry Hill Public Schools)

O: (856) 429-5600x4309 F: (856) 616-9647 C: (856) 229-4318

H: (856) 906-5523 [email protected] Committees:

Steven K. Robinson Trustee

v2015-2018 North Business Administrator

5 Rodin Lane Marlboro, NJ 07746 (Livingston Twp. BOE)

O: (973)535-8000x8009 F: C: (973) 476-1046

H: (732) 617-1219 [email protected] Committees: Finance

Dana Sullivan Trustee

v2016-2019 Central Business Administrator

302 Elm Street, Room 101 Westfield, NJ 07090 (Westfield BOE )

O: (908) 789-4414 F: (908) 789-4180 C: (201) 803-2028

H: (973) 884-1737 [email protected] Committees: Policy, Claims

Vacant Trustee

v2016-2019 Central Superintendent

O: F: C:

H: Committees:

Vacant Trustee

v2014-2017 South Board Member

O: F: C:

H: Committees:

William Mayo Executive Director

6000 Midlantic Drive, Suite 300 North Mt. Laurel, NJ 08054

O: (609) 386-6060x3039 F: (609) 386-8877 C: (609) 500-4787

H: (609) 217-4845 [email protected]



www.njsig.org

2016/2017 NJSIG Sub Fund Liaisons

Rev: 9/21/16

Frank Domin

BACCEIC Sub Fund Liaison

v

Berlin Borough 215 South Franklin Ave Berlin, NJ 08009

O: (856)767-0129 F: (856)767-2465 C: (609)405-1018

[email protected]

Barbara Prettyman

CAIP Sub Fund Liaison

v

Hammonton BOE 566 Olds Forks Road PO Box 631 Hammonton, NJ 08037

O:(609)567-7000 x353 F: (609)561-3567

[email protected]

Thaddeus Thompson

ERIC North Sub Fund Liaison

v

South Brunswick BOE P.O. Box 181 Monmouth Junction, NJ 08852

O: (732)297-7800x5105 F: (732)297-8448

[email protected]

Gene Mercoli ERIC South

Sub Fund Liaison v

Cumberland Cnty. Voc. 601 Bridgeton Avenue Bridgeton, NJ 08302

O: (856) 451-9000 F: (856) 451-8487

[email protected]

Vincent A. Gonnella

ERIC West Sub Fund Liaison

v

Kenilworth Public Schools 426 Boulevard Kenilworth, NJ 07033

O: (908)276-1644x1550 F: (908) 709-7315

[email protected]

Loretta Hill MOCSSIF

Sub Fund Liaison, v

Belmar BOE 1101 Main Street Belmar, NJ 07719

O: (732)681-8888 F: (732)681-8709

[email protected]

Anthony Dragona

NJEIF Sub Fund Liaison

v

Union City BOE 3912 Bergen Turnpike Union City, NJ 07087

O: (201) 348-5677 F: (201) 223-0471

[email protected]



www.njsig.org

Meeting Dates 2016/2017

September 21, 2016

NJSIG Mount Laurel Office

October 25, 2016 Caesars Hotel, Palladium A,

2100 Pacific Avenue, Atlantic City, NJ 08401

November 16, 2016 NJSIG Marlboro Office

March 15, 2017


May 17, 2017 NJSIG Marlboro Office

June 21, 2017


All meetings will begin at 4:00 p.m. unless otherwise noted.

1-888-NJ Pool 1



www.njsig.org

Rev.: 11/7/16

BOARD OF TRUSTEES MEETING

Wednesday, November 16, 2016 500 Campus Drive, Suite 100, Marlboro, NJ

Meeting 4:00 p.m. Dinner 5:00 p.m.

NOVEMBER AGENDA

PUBLIC SESSION ITEM #

*1 Call to Order

In accordance with the Sunshine Law, due notice of all pending meetings was given to the Atlantic City Press, Newark Star Ledger, and Trenton Times on September 26, 2016. Copies of these notices are on file with the New Jersey Secretary of State.

*2 Roll Call

Thomas F. Connors, Ph.D. Steven K. Robinson James J. Jencarelli, Jr. Christopher Russo, Ed. D Irene Le Febvre Dana Sullivan Joseph Meloche, Ed. D

*3 New Trustee Nomination: A. NJASA Central Region, Gerald North *4 Acceptance of the Public and Executive Session Minutes for October 25, 2016. *5 Public Participation - Opportunity for Public to address the NJSIG Trustees regarding specific

agenda items. Each person will have five minutes to speak. *6 Sub Fund Liaisons - Reports/Comments *7 Reports:

A. Executive Director William Mayo B. Comptroller Michele Carosi C. Client Relations and Underwriting Kelly Machu D. Loss Control Tony Jones E. Claims Tony Ruggeri F. Information Technology Jeff Cook G. Human Resources Chai Respes

*8 Special Report/Action Item:

A. Pricing Study Stacy Mina, Towers Watson

1-888-NJ Pool 1



www.njsig.org

Rev.: 11/7/16

Board of Trustee Meeting – November 16, 2016 Agenda Pg. 2 *9 Discussion Items:

A. Claims Committee and procedures for interim trial alerts and settlement authority

William Mayo

B. NJSIG participation at NJSBA Conference William Mayo C. Ending support for the NJ Mobile Museum William Mayo

*10 Action Items:

A. Claim Management Software System Service Jeff Cook B. Insurance Brokerage Consulting Services Kelly Machu C. Policy First Reading: 1. Policy 6170 Outside Employment and Business Interest William Mayo D. Checking Accounts & New Claims Ratification William Mayo

*11 New Business *12 Executive Session

EXECUTIVE SESSION

EXECUTIVE SESSION RESOLUTION

WHEREAS, N.J.S.A. 10:4-6 et. seq., (“the Open Public Meetings Act”), authorizes public entities to meet in executive session under certain circumstances; and WHEREAS, the Open Public Meetings Act requires that the Group adopt a resolution at a public meeting to go into private session; now, therefore, BE IT RESOLVED by the Board of Trustees of the New Jersey Schools Insurance Group that it is necessary to meet in executive session to discuss certain items involving: A. Litigation BE IT FURTHER RESOLVED that any discussion held by the Board of Trustees which need not remain confidential will be made public as soon as feasible. The minutes of the executive session will not be disclosed until the need for confidentiality no longer exists. FURTHER RESOLVED that the Board of Trustees may return to open session to conduct business at the conclusion of the executive session.

New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North


www.njsig.org

1-888-NJ Pool 1

Board of Trustees Meeting of November 16, 2016 Action Item

NJASA Central Trustee Nomination

The NJASA has nominated Gerald North as the central Superintendent representative to complete the unexpired term. Attached is the NJASA nomination letter. Recommended Resolution: Approve the NJASA Trustee nomination of Gerald North as the central Superintendent for the term 11/16/16 to 6/30/19. William Mayo William Mayo, CPCU, ARM Executive Director

New Jersey Association of School Administrators 920 West State Street • Trenton, New Jersey 08618-5328

609.599.2900/ Fax 609.599.1893 website: www.njasa.net

Richard G. Bozza, Ed.D.

Executive Director

August 31, 2015

William Mayo

Executive Director

New Jersey School Insurance Group

450 Veterans Drive

Burlington, NJ 08016

Dear Mr. Mayo:

NJASA President Patrick Fletcher has nominated Gerald North, Superintendent of the Keansburg

School District, as the NJASA nominee to the Insurance Group’s Board of Trustees representing

the central region. His contact information follows:

Mr. Gerald North

Superintendent

Keansburg Public Schools

100 Palmer Place

Keansburg, NJ 07734

732-787-2007 2300

[email protected]

Please let me know if there is anything else I can do to assist you.

Sincerely,

Richard G. Bozza, Ed.D.

Executive Director

c: Gerald North

Patrick Fletcher

• Plumsted Township School District

Administration

Superintendent

Mr. Gerald North

Jerry North has been an educator for 34 years as he begins his second stint as Superintendent of the Plumsted Township School District on July 1, 2016. Mr. North started as an English teacher and taught in the classroom for 15 years before moving into full-time administration. He has been an administrator serving as Athletic Director, Assistant Principal, Principal, Director of Curriculum and Instruction, Assistant Superintendent and Superintendent for 25 years.

Mr. North was the original principal of New Egypt High School, opening the building in September, 1999. He served in this capacity until July 1, 2005 when he became the district superintendent. Mr. North left the district in August 2007 to become principal of Marlboro High School. From 2011 – 2015 he was the Superintendent of the Keansburg School District.



www.njsig.org

11/7/16

Board of Trustees Meeting of November 16, 2016

Board of Trustees Meeting Minutes of October 25, 2016

New Jersey Schools Insurance Group’s Board of Trustees Meeting of October 25, 2016 at Caesar’s Hotel, Atlantic City, New Jersey. ATTENDEES Trustees: Thomas F. Connors, Irene Le Febvre, Joseph Meloche, Steven Robinson, Christopher

Russo, and Dana Sullivan Participants: Vincent Gonnella., Sub Fund Liaison representing ERIC West, David Rapuano, Esquire

representing Archer & Greiner, Dave Ritch representing Willis Re, Valerie Dolan and Jenna Bauer representing Nisivoccia, LLP.

NJSIG Staff: William Mayo, Executive Director; Michele Carosi, Comptroller; Jill Deitch, Chief Legal Officer;

Stephen Tucker, Assistant General Counsel; Anthony Jones, Loss Control Manager; Kelly Machu, Client Relations and Underwriting Manager; Anthony Ruggeri, Claims Manager; and Renee Johnson-Payne, Executive Assistant.

ITEM #1 CALL TO ORDER

With a quorum present, the meeting was called to order at 4:06 p.m. In accordance with the Sunshine Law, due notice of all pending meetings was given to the Atlantic City Press, Newark Star Ledger, and Trenton Times on September 26, 2016. Copies of these notices are on file with the New Jersey Secretary of State.

ITEM #2 ROLL CALL

Thomas F. Connors, Ph.D. √ Steven K. Robinson √ James J. Jencarelli, Jr. A Christopher Russo, Ed. D √ Irene Le Febvre √ Dana Sullivan √ Joseph Meloche √

ITEM #3 ACCEPTANCES OF THE PUBLIC AND EXECUTIVE SESSION MINUTES OF

SEPTEMBER 21, 2016. Action Taken: M (Sullivan)\ S (Robinson)\ Carried (Affirmative Votes Connors, Le Febvre,

Meloche, Robinson, Russo, Sullivan) to accept the September 21, 2016 Public and Executive Session Board of Trustees Meeting Minutes.



www.njsig.org

11/7/16

Board of Trustees Meeting Minutes of October 25, 2016 Pg. 2 ITEM #4 PUBLIC PARTICIPATION Action Taken: M (Connors)\ S (Russo)\ Carried (Affirmative Votes Connors, Le Febvre,

Meloche, Robinson, Russo, Sullivan) to open the public session for public participation.

Action Taken: M (Connors)\ S (Robinson)\ Carried (Affirmative Votes = Connors, Le Febvre,

Meloche, Robinson, Russo, Sullivan) to close the public session for public participation.

ITEM #5 SUB FUND LIAISONS – Reports/Comments Vincent Gonnella, ERIC West Liaison reported that he was unable to attend last month’s

sub fund meeting. He sent his assistant instead who was impressed with the workers’ compensation and cyber bullying presentations. In the event others cannot attend the sub fund meetings, Vincent Gonnella, plans to encourage his colleagues to send a representative to attend these worth while presentations.

ITEM #6 REPORTS Executive Director, William Mayo, reported the Group is now fully staffed. He reported

we gained thirteen new members and lost two members which had high loss ratios. We strenghthened reserves and increased the safety grant amount and got back into line for surplus with the National Association of Insurance Commissioner guidelines, do we finished our year in good financial health. He also commented on pending legislation that would enable the joint insurance funds to invest in government bonds.

Michele Carosi, Comptroller, reported she received drafts of contracts from the vendors

that the Trustees approved at the last meeting. She has submitted these contract drafts to DOBI for their approval. She will also begin working with Legal to customize the draft contracts to NJSIG’s needs and to receive their approval before finalization of the contracts.

Tony Jones, Loss Control Manager, reported he hosted a joint training session on workers’

compensation with LegalOne using the training room in Mount Laurel office.



www.njsig.org

11/7/16

Board of Trustees Meeting Minutes of October 25, 2016 Pg. 3 Executive Director, William Mayo, provided details of the new claims management system

Origami. ITEM #7 SPECIAL REPORT/ACTION ITEMS:

A. Financial Audit Valerie Dolan, Nisivoccia Accountant, provided highlights of the June 30, 2016 financial

audit. She reported this year’s audit was clean and there are no recommendations, however there are two management suggestions cyber security and economic conditions and their effect on operations.

Action Taken: M (Robinson)\ S (Russo)\ Carried (Affirmative Votes = Connors, Le Febvre,

Meloche, Robinson, Russo, Sullivan) to approve the financial statements as presented by Nisivoccia for the 2015/2016 fund year.

B. 2016/2017 Plan of Risk Management Amendment

Action Taken: M (Sullivan)\ S (Robinson)\ Carried (Affirmative Votes = Connors, Le Febvre,

Meloche, Robinson, Russo, Sullivan) to approve the attached amended 2016/2017 Plan of Risk Management as presented.

C. Checking Account & New Claims Ratification


Meloche, Robinson, Russo, Sullivan) to approve and ratify the checks and new claims which have been issued from accounts XXXX392 (operating account) and XXXX555 (claim account) for the period of 9/1/2016 to 9/30/2016 as shown in the online (Microscribe) version of the meeting package

D. HRA Termination Resolution and Notice


Meloche, Robinson, Russo, Sullivan) to approve the HRA Termination Resolution and Notice as presented.

ITEM #8 NEW BUSINESS

There was no new business.



www.njsig.org

11/7/16

Board of Trustees Meeting Minutes of October 25, 2016 Pg. 4 ITEM #9 EXECUTIVE SESSION

EXECUTIVE SESSION

EXECUTIVE SESSION RESOLUTION

WHEREAS, N.J.S.A. 10:4-6 et. seq., (“the Open Public Meetings Act”), authorizes public entities to meet in executive session under certain circumstances; and

WHEREAS, the Open Public Meetings Act requires that the Group adopt a resolution at a public meeting to go into private session; now, therefore,

BE IT RESOLVED by the Board of Trustees of the New Jersey Schools Insurance Group, that it is necessary to meet in executive session to discuss certain items involving:

9A. Litigation; BE IT FURTHER RESOLVED that any discussion held by the Board of Trustees which need not remain confidential will be made public as soon as feasible. The minutes of the executive session FURTHER RESOLVED that the Board of Trustees will return to open session to conduct business at the conclusion of the executive session. Action Taken: M (Robinson)\ S (Russo\ C (Affirmative Votes = Connors, Le Febvre, Meloche,

Robinson, Russo, Sullivan) to make a motion to close open session at 4:26p.m. and move meeting into executive session.

Action Taken: M (Robinson)\ S (Connors)\ C (Affirmative Votes = Connors, Le Febvre,

Meloche, Robinson, Russo, Sullivan) to adjourn meeting at 5:10 p.m. William Mayo William M. Mayo, CPCU, ARM Executive Director



www.njsig.org

1-888-NJ Pool 1

Board of Trustees Meeting of November 16, 2016 Executive Director’s Report

NJSIG employees were notified that effective 1/1/2017 they are eligible to participate in a new employee-funded FSA plan. The plan will be administered by Wage Works, who was selected from the four vendors providing proposals. NJSIG issued an RFP for benefit consulting services to ensure compliance with employee benefit matters, and to determine that NJSIG benefit levels remain competitive but not excessive. With these changes, demands for the HR function have been significantly reduced. As previously reported, the HR Manager position becomes more client-facing by offering training and information to Members in conjunction with NJSIG Loss Control Department under the direction of NJSIG’s Legal Department NJSIG continues with efforts to streamline operations using technology. The Information Technology Department has installed a system to encrypt email attachments to protect personal information in external communications. A time tracking system was deployed earlier this year enabling better management of time off requests for vacation and sick time. The 2016 Plan of Risk Management included a requirement for brokers to maintain and certify at least $5 million in professional liability insurance. The two agents that resisted the requirement have now complied. The requirement was implemented to protect NJSIG Members, NJSIG and the brokers themselves. The Office of Legislative Services continues into their seventh month of auditing NJSIG operations. To date, the auditors have provided no specific guidance to NJSIG. Public risk pools in Utah and New York concluded similar state audits. NJSIG reached out to the Executive Directors at those pools for insights pertaining to their audit responses and the associated media coverage. Respectfully Submitted, William Mayo William Mayo, CPCU, ARM Executive Director



www.njsig.org

1-888-NJ Pool 1

Revised: 11 8 16

Board of Trustees Meeting of November 16, 2016 Comptroller/Financial Reporting Report

The following are updates to and/or new accounting issues (if applicable) since the last Board Package. Ø ACCOUNTING DEPARTMENT PROCESSES:

(1) Billing & Accounts Receivable Processes: The NJSIG Accounting Department has

processed $127.9 million of 2016/2017 renewal gross premiums, and endorsements in our Billing Module as of the date of this report (11/7/2016). The Accounting Department is current with all business that has been bound and exported from the Underwriting system. In addition, the Accounting Department continues to invoice our customers in our Billing system for monthly Workers’ Compensation installments, 2016/2017 Renewals (off 07/01/2016), miscellaneous endorsements as we receive the billing data from the Underwriting Department. The Accounting Department has collected and applied $91.5 million of premium deposits (to date) for the 2016/2017 fiscal year. Collections of NJSIG premiums are kept current with the Accounting Department’s issuance of our color-coded NJSIG Customer Statements on the 15th of each month.

(2) Accounts Payable: All Accounts Payable vouchers and payments are current. The Accounting Department has processed $9.4 million of broker commissions as part of the Direct Bill procedures during the 2016/2017 fiscal year.

Ø FINANCIAL REPORTING ISSUES 2016/2017:

Please find the attached final financial reports for 07/2016 and 08/2016. I have also included the most current Investment/Cash report. I am currently working on 09/2016 financial reporting and on the 08/2016 monthly reconciliations. I will report on any material findings at our meeting.

Ø SPECIAL PROJECTS: In addition to my standard responsibilities, I have also been working on the following special projects since our last board meeting:



www.njsig.org

1-888-NJ Pool 1

Revised: 11 8 16

Comptroller’s Report – November 16, 2016 Page 2

(1) Unclaimed Property Act (UPA)/Escheat Filing and Procedures: I have worked with

Information Technology and Claims to insure NJSIG’s compliance with the timely UPA report filling deadline of 11/01/16. I have also conducted meetings with the Claims, Accounting and Information Technology staff to implement and fine tune the NJSIG in-house escheat procedures for proper recordkeeping and reporting as per the Unclaimed Property Act.

(2) Office of Legislative Services Audit (OLS): I continue to work with legal to respond to the

remaining OLS audit financial and operational data requests from 2010 to present.

(3) Banking/Custodial/Asset Management RFP: I have received DOBI approval on the drafts of contracts from the vendors that the Trustees approved for banking and financial advisor services. I am now working with legal to customize the contracts to NJSIG’s needs and to receive legal approval before finalization of the contracts. Implementation of the vendors’ systems/services will begin after the execution of the contracts.

(4) Payroll: I continue to work with our Payroll Specialist to audit and resolve payroll reporting, coding and/or recordkeeping matters. We are also working together to implement the coordination of Wageworks benefits with Paychex payroll deductions.

Please contact me if you have any questions or concerns (email is [email protected] and cell number is 609-949-1973).

Michele Carosi

Michele Carosi, Comptroller

11/7/20166:07 PM

N J S I G

DATE 11/7/2016

U.S. TREASURIES & AGENCIESINTEREST

DATE MATURITY NO OF PURCHASE RATE @ VALUE AT INVESTMENT DAYS TO

AQUIRED DATE DAYS PRICE PURCHASE MATURITY TYPE MATURITY

========= =========== ============ ================ =========== =========== ================ =====================

Totals at: 11/7/2016 0 0

CERTIFICATES OF DEPOSIT

DATE MATURITY NO OF INTEREST DAYS TO NAME OF money

ACQUIRED DATE DAYS AMOUNT RATE MATURITY BANK from

========= =========== ============ ================ =========== =========== ================ =====================

Totals at: 11/7/2016 0

WITH DEAN WITTER

LIMITED PARTNERSHIPS

& STOCK

LATEST SHARES OR NAME OF

QUOTE UNITS VALUE PARTNERSHIP

========= =========== ============ ================ ===========

60 1 CEN PEN INC XXIV

878 1 D W REALTY III

Totals at: 11/7/2016 2

GRAND TOTAL 2

1

11/7/20166:07 PM

N J S I G

SUMMARY OF CASH AND INVESTMENTS

CASH

AS OF 8/31/2016

CASH MGT STATE 324,016

CLAIMS TD BANK (1,458,378)

TD WEALHT MGT - NJ Trst Fnd 0

LOCK BOX TD BANK (2,558,877)

PAYROLL TD BANK 0

OPERATING #2 TD BANK (2,325,256)

FSA/DCA TD BANK 0

Concentration TD BANK 264,124,761

Petty Cash 223

TOTAL CASH AS OF 8/31/2016 258,106,489

CERTIFICATES OF DEPOSIT & U.S. TREASURIES AND AGENCIES

AS OF 11/7/16

MATURITY CLAIM PAYOUT

AMOUNT % OF INVESTMENTS PATTERN

0 TO 12 MONTHS 0 0.00% 0%

12 TO 24 MONTHS 0 0.00% 0%

24 TO 36 MONTHS 0 0.00% 0%

36 TO 48 MONTHS 0 0.00% 0%

48 TO 60 MONTHS 0 0.00% 0%

OTHER 2 100.00% 100%

TOTAL OF CD'S & U.S. TREAS. AND AGENCIES

AS OF 11/7/16 2 100.00% 100%

TOTAL CASH AS OF 8/31/2016 = 258,106,489

TOTAL CD'S & US TREAS/AGENCIES AS OF 11/7/16 = 2

MATURED CD's @ 11/7/2016 (Excluding Interest) 20,000,000

TOTAL = 278,106,491

2

NJSIG

Income Statement

For the Period Ending 7/31/2016

Actuals YTD Budget YTD Actuals Month Budget Month

Income:

4103 Workman's Compensation 19,897,219.74 67,264,966.00 19,897,219.74 67,264,966.00

4104 Property 4,119,997.48 19,414,236.00 4,119,997.48 19,414,236.00

4105 Automobile Liability 1,731,376.68 7,110,715.00 1,731,376.68 7,110,715.00

4106 Automobile Phys. Damage 316,967.08 1,081,480.00 316,967.08 1,081,480.00

4107 General Liability 1,975,155.15 10,345,211.00 1,975,155.15 10,345,211.00

4108 Boiler 249,489.98 1,095,686.00 249,489.98 1,095,686.00

4109 Errors & Omissions 3,908,781.32 16,054,110.00 3,908,781.32 16,054,110.00

4110 Umbrella 1,006,152.11 4,910,169.00 1,006,152.11 4,910,169.00

4111 Crime 197,139.52 613,024.00 197,139.52 613,024.00

4114 E.D.P. 226,688.34 886,593.00 226,688.34 886,593.00

4117 Retro Accounts Income 385.68 0.00 385.68 0.00

4122 Supplemental Indemnity 463,993.02 1,304,428.00 463,993.02 1,304,428.00

4123 Bond Premium 98,938.26 299,058.00 98,938.26 299,058.00

Premium Income 34,192,284.36 130,379,676.00 34,192,284.36 130,379,676.00

Retro Accounts Income 0.00 0.00 0.00 0.00

Total Income 34,192,284.36 130,379,676.00 34,192,284.36 130,379,676.00

Adjustments:

4301 Reinsurance Recoveries 38,552.56 1,576,000.00 38,552.56 1,576,000.00

4304 Subrogation Income 17,251.31 0.00 17,251.31 0.00

Recoveries & Subro Income 55,803.87 1,576,000.00 55,803.87 1,576,000.00

Revenue 34,248,088.23 131,955,676.00 34,248,088.23 131,955,676.00

Page 1 of 4

NJSIG

Income Statement



Expenses:

5102 Salaries-Temporary Employees 614.83 8,958.33 614.83 8,958.33

5103 Salaries 454,418.26 505,414.92 454,418.26 505,414.92

5104 Salaries-Overtime 0.00 250.00 0.00 250.00

5108 Payroll Tax Expenses 34,460.86 49,166.67 34,460.86 49,166.67

5109 Pension Expense 0.00 55,026.00 0.00 55,026.00

5111 Recruiting Costs 1,450.00 625.00 1,450.00 625.00

5112 Post Retirement Bene Exp 0.00 14,296.08 0.00 14,296.08

5113 Employee Medical Benefits 72,895.83 103,819.00 72,895.83 103,819.00

5114 Employee Dental Benefits 4,479.62 4,700.00 4,479.62 4,700.00

5115 Employee Vision Benefits 1,773.02 2,060.00 1,773.02 2,060.00

5116 EE HRA Benefits 8,849.32 28,500.00 8,849.32 28,500.00

5117 Employee FSA Benefits 6,474.31 2,750.00 6,474.31 2,750.00

5118 Employee ST Disab & Other Ins (3,590.47) 6,250.00 (3,590.47) 6,250.00

Personnel Expenses 581,825.58 781,816.00 581,825.58 781,816.00

5203 Marketing Expenses 2,282.33 1,000.00 2,282.33 1,000.00

Member Services Dept Expenses 2,282.33 1,000.00 2,282.33 1,000.00

5227 Loss Prevention 10,957.16 14,616.67 10,957.16 14,616.67

Loss Control Dept Expenses 10,957.16 14,616.67 10,957.16 14,616.67

5252 Claims Audit Expense 0.00 1,000.00 0.00 1,000.00

Claims Dept Expenses 0.00 1,000.00 0.00 1,000.00

5301 Accounting Fees (640.00) 100.00 (640.00) 100.00

5303 Actuary Fees 0.00 15,000.00 0.00 15,000.00

5305 Mngmt Maintenance Syst Expense (47,910.00) 7,500.00 (47,910.00) 7,500.00

5306 Legal & Professional Fees (1,875.00) 25,000.00 (1,875.00) 25,000.00

5310 Third Party Admin.-Willis 56,250.00 56,250.00 56,250.00 56,250.00

Outside Service Fees 5,825.00 103,850.00 5,825.00 103,850.00

5309 MOCSSIF Agent Commission Exp. (344,137.53) 0.00 (344,137.53) 0.00

5311 Agent Commission Exp 3,264,205.05 1,132,624.33 3,264,205.05 1,132,624.33

5312 NJEIF Agent Commission Exp. (520,434.80) 0.00 (520,434.80) 0.00

5315 ERIC North Agent Comm. Exp. (81,529.00) 0.00 (81,529.00) 0.00

5316 ERIC South Agent Comm Exp (217,836.49) 0.00 (217,836.49) 0.00

5318 ERIC West Agent Comm Exp (359,709.99) 0.00 (359,709.99) 0.00

5319 BACCEIC Agent Commission Exp (160,829.30) 0.00 (160,829.30) 0.00

5320 CAIP Agent Commission Expense (88,928.74) 0.00 (88,928.74) 0.00

Page 2 of 4

NJSIG

Income Statement



Total Agent Commission Expense 1,490,799.20 1,132,624.33 1,490,799.20 1,132,624.33

5401 Claims Expense 4,096,894.72 5,725,583.33 4,096,894.72 5,725,583.33

Claims Expenses 4,096,894.72 5,725,583.33 4,096,894.72 5,725,583.33

5505 Reinsurance Exp-District Bill 7,774,458.13 2,791,327.17 7,774,458.13 2,791,327.17

Reinsurance Expenses 7,774,458.13 2,791,327.17 7,774,458.13 2,791,327.17

5352 IT - Office Equipment Supplies 243.47 2,250.00 243.47 2,250.00

5353 Office Equipment Maintenance 2,154.85 3,283.33 2,154.85 3,283.33

5354 Computer Software Maintenance 8,275.89 24,730.00 8,275.89 24,730.00

Information Technology Dept Expenses 10,674.21 30,263.33 10,674.21 30,263.33

5702 Depreciation Expense 40,476.71 48,228.33 40,476.71 48,228.33

5703 Dues & Subscriptions 51,345.09 7,480.42 51,345.09 7,480.42

5704 Misc. Bank Fees 0.00 291.67 0.00 291.67

5708 Rent Expense 75,374.12 38,891.42 75,374.12 38,891.42

5709 Office Supplies 1,770.66 6,014.17 1,770.66 6,014.17

5710 Office Operating Expenses 2,359.00 5,131.50 2,359.00 5,131.50

5711 Office Leased Expenses 2,088.99 3,291.67 2,088.99 3,291.67

5712 Telephone Expense 0.00 208.33 0.00 208.33

5715 Group's Insurance Expense 16,156.71 18,750.00 16,156.71 18,750.00

5716 Group's Crime Insurance Exp. 3,175.75 1,666.67 3,175.75 1,666.67

5723 Postage 1,106.18 5,291.67 1,106.18 5,291.67

5727 Employee Seminar Expenses 822.82 9,181.25 822.82 9,181.25

5728 Insurance Course Fees 202.75 666.67 202.75 666.67

5729 Tuition Reimursement 0.00 1,812.50 0.00 1,812.50

5730 Audit Fees (46,000.00) 2,083.33 (46,000.00) 2,083.33

5731 Consulting Fees 3,583.33 28,541.67 3,583.33 28,541.67

5732 Miscellaneous Expenses 0.00 620.83 0.00 620.83

5733 Disaster Recovery Expenses 11,035.64 9,534.17 11,035.64 9,534.17

5737 Cell Phone Expense 0.00 1,583.33 0.00 1,583.33

5738 OPRA expenses 0.00 8,333.33 0.00 8,333.33

Business Operating Expenses 163,497.75 197,602.92 163,497.75 197,602.92

5201 Travel & Related Expenses (2,267.59) 12,569.67 (2,267.59) 12,569.67

5851 Annual Meeting 18,200.00 4,216.67 18,200.00 4,216.67

5852 Trustee Meeting Expense 823.85 0.00 823.85 0.00

Conferences & Meeting Expenses 16,756.26 16,786.33 16,756.26 16,786.33

Total Expenses 14,153,970.34 10,796,470.08 14,153,970.34 10,796,470.08

Page 3 of 4

NJSIG

Income Statement



Other Revenue and Expenses:

4413 Interest-NJ St Inv Fund 139.64 21.50 139.64 21.50

4414 Interest-NJ Cash Mgmt Fund 114.78 18.67 114.78 18.67

4415 Interest-Commerce Concentr 54,477.85 12,666.67 54,477.85 12,666.67

4420 Interest - Certificate of Dep 0.00 6,250.00 0.00 6,250.00

Investment Income 54,732.27 18,956.83 54,732.27 18,956.83

Financial Income 0.00 0.00 0.00 0.00

4605 Seminar Income 60.00 270.83 60.00 270.83

Other Revenues 60.00 270.83 60.00 270.83

Investment Expenses 0.00 0.00 0.00 0.00

Total Other Revenue and Expenses 54,792.27 19,227.67 54,792.27 19,227.67

Net Revenue 20,148,910.16 121,178,433.59 20,148,910.16 121,178,433.59

Page 4 of 4

NJSIG

Balance Sheet

For the Period Ended 7/31/2016

Current Balance Prior Year

Current Assets:

D.W. Active Assets 0.00 0.00

Petty Cash 226.74 320.73

Cash Mgmt. Fund - N.J. State 323,900.16 323,022.12

Operating Account (1st Union) 0.00 0.00

Concentration (1st Union) 0.00 0.00

Payroll (1st Union) 0.00 0.00

Claims (1st Union) 0.00 0.00

Legal Account (1st Union) 0.00 0.00

A.G. Edwards Cash 0.00 0.00

Concentration Acct (TD Bank) 237,872,634.95 65,188,176.06

Operating Acct (TD Bank) 0.00 0.00

Payroll Acct (TD Bank) 0.00 0.00

Claims Acct (TD Bank) (2,451,785.08) (3,591,396.84)

FSA/DCA Acct (TD Bank) 0.00 0.00

Lock Box Account(TD Bank) (183,503.56) (124,051.10)

Willis/NJSBAIG Cash (Commerce) 0.00 0.00

Cash Suspense 0.00 0.00

Tri-State Capital Bank Account 0.00 0.00

Beneficial Bank Accont 0.00 0.00

Operating Account (TD Bank2) (922,160.09) (117,641.55)

CASH IN BANKS 234,639,313.12 61,678,429.42

Certificates of Deposit 40,000,000.00 182,924,375.18

Partnership Interests 2.00 2.00

U.S. Treasury Bills (A.G. Edw) 0.00 0.00

N.J. State Investment Fund 139.66 8,199,593.48

Investment Premiums (NJ Inv F) 0.00 0.00

Market Value Adjust (NJ Inv F) (0.02) (0.02)

Certificates of Deposit Suspns 0.00 0.00

MARKETABLE SECURITIES 40,000,141.64 191,123,970.64

Reinsurance Rebate Receivable 0.00 0.00

Reinsurance Recoverables 0.00 0.00

Reins. Recovery Receivable 0.00 0.00

Reins. Recovery 85/86 Recvb'l (36,223.49) (34,858.95) REINSURANCE RECEIVABLES (36,223.49) (34,858.95)

Interest/Divid Recvb'l-AG Ewds 0.00 0.00

Interest/Divid. Recvb'l-NJ Inv 0.02 0.02

Interest/Divid Recvb'l-CD's 477,322.23 0.00

Interest/Divid Recvbl-Ptnr Dst 0.00 0.00

INTEREST/DIVIDENDS RECEIVABLES 477,322.25 0.02

Misc. Accounts Receivable 0.00 0.00

NJSIG

Balance Sheet



Assessments Receivable 0.00 0.00

Legal Settlement Recvb'l 100.00 100.00

Seminar/Training Academy Rec 0.00 0.00

Retro Premium/Service Recvbl 0.00 0.00

Retro Audit Receivable 0.00 0.00

Retro Endorsement Receivable 0.00 0.00

Retro Add'l Servcs Recvb'l 0.00 0.00

MISC ACCOUNTS RECEIVABLES 100.00 100.00

Audit Premium Receivable 0.00 0.00

Premium Recvb'l Installments 9,976,997.68 23,287,419.10

Premium Recvb'l Prebill 0.00 0.00

Premium Receivable 25,150,591.59 55,088,250.09

Commission Recvbl Control Acct 0.00 0.00

Allowance of Doubtful Accts 0.00 0.00

A/R Maintenance Control Acct. 0.00 (186.02)

Asset Transfer Control Acct. 0.00 0.00

Agent Commission Receivable 0.00 0.00

PREMIUM RECEIVABLES 35,127,589.27 78,375,483.17

TOTAL Current Assets 310,208,242.79 331,143,124.30

F&F Original Value 1,347,135.56 972,254.79

Accumulated Depreciation (596,046.62) (699,422.07)

Leasehold Improvements 0.00 0.00

Accumulated Amortization 0.00 0.00

TOTAL FIXED ASSETS 751,088.94 272,832.72

Other Assets:

Prepaid General Insurance 95,927.97 86,487.26

Prepaid Crime Insurance 21,291.61 20,926.95

Prepaid General Expenses 209,529.28 226,735.56

Prepaid TPA Expenses 112,499.88 112,499.88

PREPAID ASSETS 439,248.74 446,649.65

Unearned M&M Fees 0.00 0.00

Unearned Marsh Reins Exp 0.00 0.00

Unearned Marsh Ag Comm 0.00 0.00

Unearned Willis Fees 0.00 0.00

Unearned Reins Exp 651,390.18 578,013.38

Unearned Agent Comm. 199,824.44 197,928.47

Unrn'd Cigna/Fireman's Reins. 0.00 0.00

Unrnd Cigna/Fireman's Ag. Comm 0.00 0.00

Retro Reinsurance Unearned 0.00 0.00

Retro Agent Comm Unearned 0.00 0.00

Retro M&M Fee Unearned 0.00 0.00

NJSIG

Balance Sheet



UNEARNED EXPENSES 851,214.62 775,941.85

Travel Advance 0.00 0.00

Deposits 0.00 0.00

OTHER ASSETS 0.00 0.00

GASB68-Defer Out-ChngInAssump 1,703,943.00 383,215.00

GASB68-DeferOut-ChngProportion 1,347,926.00 563,383.00

GASB68-DeferOut-ExpectvsActual 378,521.00 0.00

DEFERRED OUTFLOWS 3,430,390.00 946,598.00

TOTAL OTHER ASSETS 4,720,853.36 2,169,189.50

TOTAL ASSETS 315,680,185.09 333,585,146.52

A/P Module ADM01 0.00 0.00

Notes Payable 0.00 0.00

Accrued Expenses Payable 122,496.71 135,533.93

A/P Module INS01 (4,280.77) (52,691.45)

Safety Grant Payable 5,015,029.71 4,802,362.07

Reins Recov Paybl- XL Reins 0.00 0.00

Mngmt Maintenance Syst Paybl 0.00 129.79

Broker Refund Payable 0.00 0.00

Federal Income Tax W/H 0.00 0.00

FICA W/H Employee 0.00 0.00

FICA W/H Employer 0.00 0.00

FUI Taxes Payable 0.00 0.00

SUI Payable 0.00 0.00

State Income W/H-NJ 0.00 0.00

State Income W/H-PA 0.00 0.00

Garnishment Payable 0.00 0.00

Medicare - Employee 0.00 0.00

Medicare - Employer 0.00 0.00

Employee Savings Payable 0.02 0.02

Local Income W/H-Phila 0.03 0.03

Group Term Life Payable 0.00 0.00

TOTAL CURRENT LIABILITIES 5,133,245.70 4,885,334.39

Estimated Unpaid Losses 217,262,000.00 213,198,000.00

Reserve-Unalloc Loss Adjust 1,498,994.27 1,721,588.39

Unearned Premiums-Marsh 0.00 0.00

Aggregate Contingency Fund 0.00 0.00

Unearned Premiums 1,606,448.11 1,555,470.06

Unrn'd Cigna/Fireman's Premium 0.00 0.00

Unernd Willis Mgt Fees/Ret Prm 0.00 0.00

Post Retirement Bene Paybl 1,186,460.64 904,478.13

NJSIG

Balance Sheet




Rate Stabilization-ERIC North 593,362.40 593,362.40

Rate Stabilization-ERIC South 232,385.94 377,053.53

Rate Stabilization - ERIC West 216,760.85 242,760.85

Rate Stabilization - BACCEIC 290,564.19 290,564.19

Rate Stabilization - MOCSSIF 320,824.09 215,463.00

Rate Stabilization - NJEIF 437,559.63 704,753.39

TOTAL LONG TERM LIABILITIES 223,645,360.12 219,803,493.94

Employee Benefits Payable 0.00 0.00

Pensions Payable 43,542.37 35,971.07

GASB68-Pension Payable 15,866,572.00 12,186,706.00

Dividend Payable 0.00 0.00

403B/T. Rowe Price Payable 4,928.59 (0.14)

Colonial Life Payable 0.00 0.00

Retro Claims (Cash) 276,700.47 252,283.27

STARS Recon/Claims Liability 0.00 0.00

Return of excess subrogation 0.00 0.00

AFLAC Payable 0.00 (1,982.62)

Group Term Life Payable 8,020.48 3,450.73

Due to Retro Reinsurer 0.00 0.00

Retro Agent Comm Payable 0.00 0.00

M&M Retro Fee Payable 0.00 0.00

Retro Unearned Prem/Service 0.00 0.00

Marsh Due to Reinsurers 0.00 0.00

Marsh Ag. Comm. Payable 0.00 0.00

Due to Reinsurers (21,269,560.79) (11,940,930.33)

Agent Comm. Payable 3,344,995.93 8,082,254.46

Due To Reinsurers Installments 0.00 0.00

Due To Reinsurers Prebill 0.00 0.00

Ag Comm Paybl Installments 0.00 0.00

Ag Comm Paybl Prebill 0.00 0.00

TOTAL OTHER LIABILITIES (1,724,800.95) 8,617,752.44

GASB68-DeferIn-DiffInInvest 255,104.00 726,261.00

GASB68-DeferIn-ChngIn Proport 0.00 0.00

TOTAL DEFERRED INFLOWS 255,104.00 726,261.00

TOTAL LIABILITIES 227,308,908.87 234,032,841.77

Retained Earnings Fund Balance 68,222,366.06 57,315,325.86

Year-to-Date Earnings 20,148,910.16 42,236,978.89

Total Capital 88,371,276.22 99,552,304.75

Total Liabilities and Capital 315,680,185.09 333,585,146.52

NJSIG

Income Statement



Income:

4103 Workman's Compensation 67,073,972.47 67,264,966.00 47,176,752.73 0.00

4104 Property 18,565,708.09 19,414,236.00 14,445,710.61 0.00

4105 Automobile Liability 6,490,570.34 7,110,715.00 4,759,193.66 0.00

4106 Automobile Phys. Damage 1,091,039.54 1,081,480.00 774,072.46 0.00

4107 General Liability 8,931,129.30 10,345,211.00 6,955,974.15 0.00

4108 Boiler 1,032,320.80 1,095,686.00 782,830.82 0.00

4109 Errors & Omissions 14,812,502.33 16,054,110.00 10,903,721.01 0.00

4110 Umbrella 4,299,954.58 4,910,169.00 3,293,802.47 0.00

4111 Crime 607,829.47 613,024.00 410,689.95 0.00

4114 E.D.P. 849,480.00 886,593.00 622,791.66 0.00

4117 Retro Accounts Income 805.22 0.00 419.54 0.00

4122 Supplemental Indemnity 1,695,254.95 1,304,428.00 1,231,261.93 0.00

4123 Bond Premium 261,129.60 299,058.00 162,191.34 0.00

Premium Income 125,711,696.69 130,379,676.00 91,519,412.33 0.00

Retro Accounts Income 0.00 0.00 0.00 0.00

Total Income 125,711,696.69 130,379,676.00 91,519,412.33 0.00

Adjustments:

4301 Reinsurance Recoveries 49,774.14 1,576,000.00 11,221.58 0.00

4304 Subrogation Income 100,870.36 0.00 83,619.05 0.00

Recoveries & Subro Income 150,644.50 1,576,000.00 94,840.63 0.00

Revenue 125,862,341.19 131,955,676.00 91,614,252.96 0.00

Page 1 of 4

NJSIG

Income Statement



Expenses:

5102 Salaries-Temporary Employees 814.91 17,916.67 200.08 8,958.33

5103 Salaries 920,739.07 1,010,829.83 466,320.81 505,414.92

5104 Salaries-Overtime 0.00 500.00 0.00 250.00

5108 Payroll Tax Expenses 69,492.41 98,333.33 35,031.55 49,166.67

5109 Pension Expense 0.00 110,052.00 0.00 55,026.00

5111 Recruiting Costs 3,465.50 1,250.00 2,015.50 625.00

5112 Post Retirement Bene Exp 0.00 28,592.17 0.00 14,296.08

5113 Employee Medical Benefits 146,187.82 207,638.00 73,291.99 103,819.00

5114 Employee Dental Benefits (9.86) 9,400.00 (4,489.48) 4,700.00

5115 Employee Vision Benefits 5,421.05 4,120.00 3,648.03 2,060.00

5116 EE HRA Benefits 23,748.98 57,000.00 14,899.66 28,500.00

5117 Employee FSA Benefits 13,730.87 5,500.00 7,256.56 2,750.00

5118 Employee ST Disab & Other Ins (637.62) 12,500.00 2,952.85 6,250.00

Personnel Expenses 1,182,953.13 1,563,632.00 601,127.55 781,816.00

5203 Marketing Expenses 8,492.39 2,000.00 6,210.06 1,000.00

Member Services Dept Expenses 8,492.39 2,000.00 6,210.06 1,000.00

5227 Loss Prevention 22,190.35 29,233.33 11,233.19 14,616.67

Loss Control Dept Expenses 22,190.35 29,233.33 11,233.19 14,616.67

5252 Claims Audit Expense 0.00 2,000.00 0.00 1,000.00

Claims Dept Expenses 0.00 2,000.00 0.00 1,000.00

5301 Accounting Fees (640.00) 200.00 0.00 100.00

5303 Actuary Fees 23,486.23 30,000.00 23,486.23 15,000.00

5305 Mngmt Maintenance Syst Expense (47,910.00) 15,000.00 0.00 7,500.00

5306 Legal & Professional Fees (212.50) 50,000.00 1,662.50 25,000.00

5310 Third Party Admin.-Willis 112,500.00 112,500.00 56,250.00 56,250.00

Outside Service Fees 87,223.73 207,700.00 81,398.73 103,850.00

5309 MOCSSIF Agent Commission Exp. 0.00 0.00 344,137.53 0.00

5311 Agent Commission Exp 12,279,102.01 2,265,248.67 9,014,896.96 1,132,624.33

5312 NJEIF Agent Commission Exp. 0.00 0.00 520,434.80 0.00

5315 ERIC North Agent Comm. Exp. (0.15) 0.00 81,528.85 0.00

5316 ERIC South Agent Comm Exp 0.00 0.00 217,836.49 0.00

5318 ERIC West Agent Comm Exp 0.00 0.00 359,709.99 0.00

5319 BACCEIC Agent Commission Exp 0.00 0.00 160,829.30 0.00

5320 CAIP Agent Commission Expense 0.00 0.00 88,928.74 0.00

Page 2 of 4

NJSIG

Income Statement



Total Agent Commission Expense 12,279,101.86 2,265,248.67 10,788,302.66 1,132,624.33

5401 Claims Expense 8,667,629.76 11,451,166.67 4,570,735.04 5,725,583.33

Claims Expenses 8,667,629.76 11,451,166.67 4,570,735.04 5,725,583.33

5505 Reinsurance Exp-District Bill 30,979,363.58 5,582,654.33 23,204,905.45 2,791,327.17

Reinsurance Expenses 30,979,363.58 5,582,654.33 23,204,905.45 2,791,327.17

5352 IT - Office Equipment Supplies 350.60 4,500.00 107.13 2,250.00

5353 Office Equipment Maintenance 4,309.70 6,566.67 2,154.85 3,283.33

5354 Computer Software Maintenance 48,193.97 49,460.00 39,918.08 24,730.00

Information Technology Dept Expenses 52,854.27 60,526.67 42,180.06 30,263.33

5702 Depreciation Expense 74,617.54 96,456.67 34,140.83 48,228.33

5703 Dues & Subscriptions 54,044.80 14,960.83 2,699.71 7,480.42

5704 Misc. Bank Fees 0.00 583.33 0.00 291.67

5708 Rent Expense 113,061.18 77,782.83 37,687.06 38,891.42

5709 Office Supplies 9,504.08 12,028.33 7,733.42 6,014.17

5710 Office Operating Expenses 10,361.71 10,263.00 8,002.71 5,131.50

5711 Office Leased Expenses 4,747.84 6,583.33 2,658.85 3,291.67

5712 Telephone Expense 0.00 416.67 0.00 208.33

5715 Group's Insurance Expense 32,313.42 37,500.00 16,156.71 18,750.00

5716 Group's Crime Insurance Exp. 6,351.50 3,333.33 3,175.75 1,666.67

5723 Postage 6,837.61 10,583.33 5,731.43 5,291.67

5727 Employee Seminar Expenses 1,151.32 18,362.50 328.50 9,181.25

5728 Insurance Course Fees 280.75 1,333.33 78.00 666.67

5729 Tuition Reimursement 0.00 3,625.00 0.00 1,812.50

5730 Audit Fees (46,000.00) 4,166.67 0.00 2,083.33

5731 Consulting Fees 52,962.66 57,083.34 49,379.33 28,541.67

5732 Miscellaneous Expenses 125.60 1,241.67 125.60 620.83

5733 Disaster Recovery Expenses 19,498.94 19,068.33 8,463.30 9,534.17

5737 Cell Phone Expense 1,186.74 3,166.67 1,186.74 1,583.33

5738 OPRA expenses 0.00 16,666.67 0.00 8,333.33

Business Operating Expenses 341,045.69 395,205.83 177,547.94 197,602.92

5201 Travel & Related Expenses 7,693.98 25,139.33 9,961.57 12,569.67

5851 Annual Meeting 18,200.00 8,433.33 0.00 4,216.67

5852 Trustee Meeting Expense 1,582.02 0.00 758.17 0.00

Conferences & Meeting Expenses 27,476.00 33,572.67 10,719.74 16,786.33

Total Expenses 53,648,330.76 21,592,940.16 39,494,360.42 10,796,470.08

Page 3 of 4

NJSIG

Income Statement



Other Revenue and Expenses:

4413 Interest-NJ St Inv Fund 139.64 43.00 0.00 21.50

4414 Interest-NJ Cash Mgmt Fund 230.97 37.33 116.19 18.67

4415 Interest-Commerce Concentr 108,710.15 25,333.33 54,232.30 12,666.67

4420 Interest - Certificate of Dep 11,803.53 12,500.00 11,803.53 6,250.00

Investment Income 120,884.29 37,913.67 66,152.02 18,956.83

Financial Income 0.00 0.00 0.00 0.00

4603 Miscellaneous Income 2,371.00 0.00 2,371.00 0.00

4605 Seminar Income 1,995.00 541.67 1,935.00 270.83

Other Revenues 4,366.00 541.67 4,306.00 270.83

Investment Expenses 0.00 0.00 0.00 0.00

Total Other Revenue and Expenses 125,250.29 38,455.33 70,458.02 19,227.67

Net Revenue 72,339,260.72 110,401,191.17 52,190,350.56 (10,777,242.41)

Page 4 of 4

NJSIG

Balance Sheet



Current Assets:

D.W. Active Assets 0.00 0.00

Petty Cash 222.75 157.54

Cash Mgmt. Fund - N.J. State 324,016.35 323,050.10

Operating Account (1st Union) 0.00 0.00

Concentration (1st Union) 0.00 0.00

Payroll (1st Union) 0.00 0.00

Claims (1st Union) 0.00 0.00

Legal Account (1st Union) 0.00 0.00

A.G. Edwards Cash 0.00 0.00

Concentration Acct (TD Bank) 264,124,760.55 84,013,017.64

Operating Acct (TD Bank) 0.00 0.00

Payroll Acct (TD Bank) 0.00 (111.51)

Claims Acct (TD Bank) (1,458,377.63) (3,016,989.50)

FSA/DCA Acct (TD Bank) 0.00 0.00

Lock Box Account(TD Bank) (2,558,877.48) (12,722,165.21)

Willis/NJSBAIG Cash (Commerce) 0.00 0.00

Cash Suspense 0.00 0.00

Tri-State Capital Bank Account 0.00 0.00

Beneficial Bank Accont 0.00 0.00

Operating Account (TD Bank2) (2,325,255.76) (1,228,502.70)

CASH IN BANKS 258,106,488.78 67,368,456.36

Certificates of Deposit 20,000,000.00 182,924,375.18

Partnership Interests 2.00 2.00

U.S. Treasury Bills (A.G. Edw) 0.00 0.00

N.J. State Investment Fund 0.02 8,199,635.93

Investment Premiums (NJ Inv F) 0.00 0.00

Market Value Adjust (NJ Inv F) (0.02) (0.02)

Certificates of Deposit Suspns 0.00 0.00

MARKETABLE SECURITIES 20,000,002.00 191,124,013.09

Reinsurance Rebate Receivable 0.00 0.00

Reinsurance Recoverables 0.00 0.00

Reins. Recovery Receivable 0.00 0.00

Reins. Recovery 85/86 Recvb'l (36,223.49) (34,858.95) REINSURANCE RECEIVABLES (36,223.49) (34,858.95)

Interest/Divid Recvb'l-AG Ewds 0.00 0.00

Interest/Divid. Recvb'l-NJ Inv 0.02 0.02

Interest/Divid Recvb'l-CD's 243,894.00 0.00

Interest/Divid Recvbl-Ptnr Dst 0.00 0.00

INTEREST/DIVIDENDS RECEIVABLES 243,894.02 0.02

Misc. Accounts Receivable 0.00 0.00

NJSIG

Balance Sheet



Assessments Receivable 0.00 0.00

Legal Settlement Recvb'l 100.00 100.00

Seminar/Training Academy Rec 0.00 0.00

Retro Premium/Service Recvbl 0.00 0.00

Retro Audit Receivable 0.00 0.00

Retro Endorsement Receivable 0.00 0.00

Retro Add'l Servcs Recvb'l 0.00 0.00

MISC ACCOUNTS RECEIVABLES 100.00 100.00

Audit Premium Receivable 0.00 0.00

Premium Recvb'l Installments 34,493,445.89 33,588,379.51

Premium Recvb'l Prebill 0.00 0.00

Premium Receivable 78,506,441.35 72,774,795.23

Commission Recvbl Control Acct 0.00 0.00

Allowance of Doubtful Accts 0.00 0.00

A/R Maintenance Control Acct. 0.00 (186.02)

Asset Transfer Control Acct. 0.00 0.00

Agent Commission Receivable 0.00 0.00

PREMIUM RECEIVABLES 112,999,887.24 106,362,988.72

TOTAL Current Assets 391,314,148.55 364,820,699.24

F&F Original Value 1,347,135.56 1,045,679.96

Accumulated Depreciation (630,187.45) (743,178.42)

Leasehold Improvements 0.00 0.00

Accumulated Amortization 0.00 0.00

TOTAL FIXED ASSETS 716,948.11 302,501.54

Other Assets:

Prepaid General Insurance 79,771.26 72,985.05

Prepaid Crime Insurance 18,115.86 17,933.53

Prepaid General Expenses 194,716.67 214,182.36

Prepaid TPA Expenses 224,999.88 56,249.88

PREPAID ASSETS 517,603.67 361,350.82

Unearned M&M Fees 0.00 0.00

Unearned Marsh Reins Exp 0.00 0.00

Unearned Marsh Ag Comm 0.00 0.00

Unearned Willis Fees 0.00 0.00

Unearned Reins Exp 651,390.18 578,013.38

Unearned Agent Comm. 199,824.44 197,928.47

Unrn'd Cigna/Fireman's Reins. 0.00 0.00

Unrnd Cigna/Fireman's Ag. Comm 0.00 0.00

Retro Reinsurance Unearned 0.00 0.00

Retro Agent Comm Unearned 0.00 0.00

Retro M&M Fee Unearned 0.00 0.00

NJSIG

Balance Sheet



UNEARNED EXPENSES 851,214.62 775,941.85

Travel Advance 0.00 0.00

Deposits 0.00 0.00

OTHER ASSETS 0.00 0.00

GASB68-Defer Out-ChngInAssump 1,703,943.00 383,215.00

GASB68-DeferOut-ChngProportion 1,347,926.00 563,383.00

GASB68-DeferOut-ExpectvsActual 378,521.00 0.00

DEFERRED OUTFLOWS 3,430,390.00 946,598.00

TOTAL OTHER ASSETS 4,799,208.29 2,083,890.67

TOTAL ASSETS 396,830,304.95 367,207,091.45

A/P Module ADM01 0.00 0.00

Notes Payable 0.00 0.00

Accrued Expenses Payable 122,496.71 135,533.93

A/P Module INS01 (4,280.77) (48,538.72)

Safety Grant Payable 3,678,630.64 4,802,362.07

Reins Recov Paybl- XL Reins 0.00 0.00


Broker Refund Payable 0.00 0.00

Federal Income Tax W/H 0.00 0.00

FICA W/H Employee 0.00 0.00

FICA W/H Employer 0.00 0.00

FUI Taxes Payable 0.00 0.00

SUI Payable 0.00 0.00

State Income W/H-NJ 0.00 0.00

State Income W/H-PA 0.00 0.00

Garnishment Payable 0.00 0.00

Medicare - Employee 0.00 0.00

Medicare - Employer 0.00 0.00

Employee Savings Payable 0.02 0.02

Local Income W/H-Phila 0.03 0.03

Group Term Life Payable 0.00 0.00

TOTAL CURRENT LIABILITIES 3,796,846.63 4,889,487.12

Estimated Unpaid Losses 217,262,000.00 213,198,000.00

Reserve-Unalloc Loss Adjust 1,498,994.27 1,721,588.39

Unearned Premiums-Marsh 0.00 0.00

Aggregate Contingency Fund 0.00 0.00

Unearned Premiums 1,606,448.11 1,555,470.06

Unrn'd Cigna/Fireman's Premium 0.00 0.00

Unernd Willis Mgt Fees/Ret Prm 0.00 0.00

Post Retirement Bene Paybl 1,185,959.47 903,938.07

NJSIG

Balance Sheet




Rate Stabilization-ERIC North 593,362.40 593,362.40

Rate Stabilization-ERIC South 232,385.94 377,053.53

Rate Stabilization - ERIC West 216,760.85 242,760.85

Rate Stabilization - BACCEIC 290,564.19 290,564.19

Rate Stabilization - MOCSSIF 320,824.09 215,463.00

Rate Stabilization - NJEIF 437,559.63 704,753.39

TOTAL LONG TERM LIABILITIES 223,644,858.95 219,802,953.88

Employee Benefits Payable 0.00 0.00

Pensions Payable 83,152.45 36,229.71

GASB68-Pension Payable 15,866,572.00 12,186,706.00

Dividend Payable 0.00 0.00

403B/T. Rowe Price Payable 4,870.59 (0.28)

Colonial Life Payable 0.00 0.00

Retro Claims (Cash) 267,682.08 230,382.16

STARS Recon/Claims Liability 0.00 0.00

Return of excess subrogation 0.00 0.00

AFLAC Payable 0.00 (1,982.62)

Group Term Life Payable 14,041.15 3,545.53

Due to Retro Reinsurer 0.00 0.00

Retro Agent Comm Payable 0.00 0.00

M&M Retro Fee Payable 0.00 0.00

Retro Unearned Prem/Service 0.00 0.00

Marsh Due to Reinsurers 0.00 0.00

Marsh Ag. Comm. Payable 0.00 0.00

Due to Reinsurers 250,302.66 (936,561.02)

Agent Comm. Payable 12,085,247.66 10,920,619.58

Due To Reinsurers Installments 0.00 0.00

Due To Reinsurers Prebill 0.00 0.00

Ag Comm Paybl Installments 0.00 0.00

Ag Comm Paybl Prebill 0.00 0.00

TOTAL OTHER LIABILITIES 28,571,868.59 22,438,939.06

GASB68-DeferIn-DiffInInvest 255,104.00 726,261.00

GASB68-DeferIn-ChngIn Proport 0.00 0.00

TOTAL DEFERRED INFLOWS 255,104.00 726,261.00

TOTAL LIABILITIES 256,268,678.17 247,857,641.06

Retained Earnings Fund Balance 68,222,366.06 57,315,325.86

Year-to-Date Earnings 72,339,260.72 62,034,124.53

Total Capital 140,561,626.78 119,349,450.39

Total Liabilities and Capital 396,830,304.95 367,207,091.45



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Rev.: 11/9/16

Board of Trustees Meeting of November 16, 2016 Client Relations and Underwriting Report

Ø CLIENT RELATIONS As you know, the Group recently participated in the annual NJSBA Workshop in Atlantic City. We are pleased with the positive feedback received from our members and brokers with respect to the NJSIG presentations on the topic of “Use of Facilities”. Attendance at the presentations far exceeded our expectations. The Client Relations Staff, who plays a significant role working with our Sub Fund Administrators on Sub Fund meeting topics, will consider the “Use of Facilities” presentation for future sub fund meeting agendas. The last Sub Fund meeting for the year was held for the MOCSSIF on November 4, 2016. The meeting included opening comments from William Mayo, Executive Director as well as presentations by Beazley, our Cyber Liability carrier, members of the NJSIG Workers’ Compensation Department, and the Safety &Risk Control Department. The meeting was well attended and productive. Ø UNDERWRITING

CBIZ has begun the next round of appraisals for our Districts who purchase Property Coverage from the Group. These appraisals are completed on a four-year cycle and are imperative to the underwriting process. The final reports are distributed to the Group, the respective Broker, and the Business Administrator. The Underwriting Department continues its interdepartmental cross-training efforts. Many staff members are also utilizing this time of year to complete the necessary educational courses to continue their insurance designations.

Ø WILLIS TOWERS WATSON – Dave Ritch Other Work:

1. A November meeting has been set with QBE to review Errors& Omissions program. 2. A November meeting has also been set with the Group's package policy broker. 3. The annual Renewal Strategy Meeting will be held at the NJSIG Mount Laurel office in November. 4. We have finalized the meeting agenda with the London syndicates for December.

Thank you, Kelly A. Machu Kelly A. Machu, Client Relations and Underwriting Manager



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Board of Trustees Meeting of November 16, 2016 Loss Control Report

National Safety Council The NJSIG Loss Control Department was recognized by the National Safety Council with their 2015 Astonishing Achievement Award for our Defensive Driving Program. This award is presented to DDC training centers whose accomplishments far exceeded any other training center in their group. SafetyNet Newsletter- The Safety Theme for November is Choking and CPR. The article provided information on how to care for choking adults and children. This is done by first identifying the problem, calling 911, and simple instructions to follow until help arrives. The Claims Corner provided an article on Winter Safety alerting districts with ways to reduce the number of slips and falls due to bad weather. The NJSIG Information Technology Department provided NJSIG Updates E-mail Security which explains the new ShareFile service that will encrypt any attachment sent through email to any recipient. The final article Creative Uses for the NJSIG Safety Grants gave our members some ideas on how to use the next set of safety grants. A copy of the newsletter is included in this report. Training Senior Safety and Risk Consultant, Sameer Sarfraz, along with Tony Valente of the NJ Department of Labor presented Training and Compliance: The Basics to the Ocean County ASBO. Senior Safety and Risk Control Representative, Terry Barlow, Chris Russo and I presented Guest Usage Guidelines during the NJSBA Conference in Atlantic City. Both sessions were filled and we have received requests to reenact the presentation during sub fund training days next fall. Tony Jones Tony Jones, Safety and Risk Control Manager



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Revised: 11/8/16

Board of Trustees Meeting of November 16, 2016 Claim Report

v October 1, 2016 to November 1, 2016 CLAIM ACTIVITY

Workers' Compensation Total pending work comp cases as of September 30, 2016 2283

New work comp cases months from September 30 to October 31, 2016 527 Total work comp cases months from September 30 to October 31, 2016 2810

Total closed work comp cases from September 30 to October 31, 2016 (347) Total Pending Work Comp Cases as of October 31, 2016 2463

Property / Liability Total new property-liability reports as of September 30, 2016 637 New property-liability cases from September 30 to October 31, 2016 104 Total property-liability cases from September 30 to October 31, 2016 738 Total closed property-liability cases from September 30 to October 31, 2016 (73)

Total Property-Liability Cases as of October 31, 2016 668

Office Totals Total pending cases as of September 30, 2016 2917 Total new reports from September 30 to October 31, 2016 631 Total cases from September 30 to October 31, 2016 3548 Total closed cases from September 30 to October 31, 2016 (420) Total Pending Cases as of October 31, 2016 3131



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Revised: 11/8/16

Claim Report – November 16, 2016 Page 2

nPENDING BY ADJUSTER TITLE

Job Title October Medical Claim Assistants 4 642 Legal Claim Examiners 1 176 Claim Examiners 8 1287 Senior Claim Representatives 5 799 Claim Representatives 2 227 Totals 3131

Work Load Standards

Medical Claim Assistants – to 125 Files Legal Claim Examiners – to 200 files Claim Examiners – to 200 files Senior Claim Representatives – to 175 files Claim Representatives – to 150 files

nSEPTEMBER - OCTOBER – CLAIMS ACTIVITY The total number of new claims for this period was 631. Our incoming stabilized from last month which coincided with the beginning of the new school year. This month’s result represents a decrease of 11%. The number of incoming workers’ compensation claims was down 8% and incoming property and liability claims was down 9% from last month. Due to the backlog created by higher than normal volume of new claims last month, overall pending increased by 7% compared to the prior month. The property-liability pending count contains one Hurricane Sandy claim which is in litigation. nCLAIMS PERSONNEL The promotion of Jonathan (Kyle) Rulon from the Claims Bill Processor position to the new position of Claims Trainee created an opening for a Claims Bill Processor. Janice Buchanan was promoted from Clerical Claims Assistant to the Claims Bill Processor position vacated by Kyle. This created an opening for a Clerical Claims Assistant. This position was enhanced to encompass technical duties. The Claims Assistant position was filled by Jacquie Godfrey.



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Revised: 11/8/16


nSELECTED SELF-AUDIT RESULTS

RATING

PERCENT Satisfactory Unsatisfactory

Reporting & Communication 118 22 84%

Direction 140 28 83%

48 Hour Contact 86 11 89%

Investigation 55 21 38%* TOTALS 399 82 83%*

The preceding results reflect audits completed on 5 adjusters. Individual self-audit results were 93%, 92%, 92%, 85%, and a *74% (which negatively affected over scoring, the necessary corrective action is being taken). nFRAUDULENT CHECK A review of 50 checks was completed for October to determine if any were fraudulent. No internal or external problems were found. nACCOUNT VISITATIONS AND INSTALLATIONS I conducted a claims review at the North Hunterdon Voorhees Board of Education on October 31, 2016. I conducted a claims review of Summit Risk who handles our E&O claims on October 28, 2016 along with Paul Pepe, Jill Deitch and Steve Tucker which was also attended by our reinsurer Munich Re. On October 5, 2016, Ellen Shaw, Joan Madden and I presented at the CAIP sub-fund Meeting. On October 7, 2016, Connie Rogers Joan Madden and I presented at the ERIC West sub-fund meeting as well as the October 19, 2016, ERIC South, October 20, 2016, BACCEIC, and November 4, 2016, MOCSSIF sub-fund meetings. Joan, Ellen and Connie presented a segment entitled ‘The Life of a Workers’ Compensation Claim’. I presented ‘The Anatomy of a Reservation of Rights Letter Myth vs. Reality’, discussed our new claims reporting internet capabilities and a brief overview of the ‘Workers’ Compensation Navigator’ analytics tool. Connie Rogers completed an installation for the Morris Plains BOE on November 2, 2016, and Claims Examiner, Mike Weiner, completed an installation at Bergen Arts and Sciences on November 4, 2016.



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Revised: 11/8/16


nEDUCATION AND TRAINING The property liability staff attended a Title 18A Ethics seminar on October 11, 2016, and an Emotional Distress seminar on October 12, 2016. Joan Madden and I attended a three hour Workers’ Compensation seminar on October 13, 2016 at the South Jersey Claims Association Meeting. Karen Olsen and Ellen Shaw conducted CMS (Medicare) portal training for the claims staff. Karen Olsen conducted training on Workers’ Compensation claims for Legal One on October 24, 2016. I attended a Claims Reporting seminar on October 25, 2016 and a School Law seminar on October 26, 2016 in Atlantic City. Paul Pepe attended a Constructive Notice/ premises liability presentation on October 26, 2016. nLITIGATION There are three upcoming trials scheduled for late November, December and early January and two cases to discuss in which we are making settlement authority requests on litigated matters in executive session. All cases have been reviewed by Jill Deitch and Stephen Tucker of our legal team. nMISCELLANOUS CLAIMS REPORTING The NJSIG web site has been enhanced to making reporting claims easier. This affects the Auto, Property and General Liability lines. Workers’ Compensation claims reporting remains as it was. District employees are instructed to call Qual-lynx at a toll free telephone number to report their claim. Tony Ruggeri Anthony Ruggeri, AIC, ARM, INS Claims Manager



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Board of Trustees Meeting of November 16, 2016 Information Technology Report

Ø Encrypting Email Attachments

In a continued effort to protect the Group’s data and the data of our members the Information Technology Department (IT) has added an additional layer of security to our email. This month we will begin using Share File to encrypt attachments being sent through email. Share file is a Citrix product and the way it works is the files are uploaded to a Share File website, the recipient receives the email and instead of the attachments being imbedded in the email there will be a link to the Share File website. The attachments can be viewed or downloaded to the recipients computers. The upload, view and download processes are all encrypted on the Share File website, giving that extra layer of security and comfort that the data NJSIG is handling is secure at all times. The Group’s email messages have always been encrypted using Transfer Layer Security (TLS) on all emails that are sent from our office, Share File is just an additional layer of protection we are adding on our end. We also have a two way email TLS certificate setup with our managed care company Qual-Lynx, this is a more secure TLS security and can only be setup with trusted sites. There are hundreds of emails sent between us and this has been in place now for over 10 years. The IT Department continues to look at technology that can better serve our members and the organization; this is just another example of our efforts.

Ø Escheated Check Procedures

The IT Department has developed procedures for reporting unclaimed property to the NJ Department of Treasury. We will be using the HRS system which was recommended by the state. This system allows us to manually enter records, import data feeds from claims, export the record’s file to be posted on the NJ Department of Treasury website and generate the cover letter needed to accompany the check being mailed to the state for unclaimed property. I have included a copy of the escheated reporting procedures in my report.

Reports have been developed to help the Claims Department be proactive in identifying any possible stale dated checks so they can contact the payee, identify the reason for the check not being cashed and provide a solution to getting the funds to the payee without having to go through the escheated procedures. These reports should help the claims staff in preventing any unclaimed property.



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Information Technology Report – November 16, 2016 Page 2

Ø Underwriting Reinsurance Reporting Automation

Through the previous business practices the Underwriting Department was manufacturing reports via data extracts and manual human intervention. We have begun building out a process which will streamline these efforts to maximize accuracy and efficiency. The process will cut down the time it takes to facilitate the creation of these reports drastically, and enable the Underwriting Supervisor to shift focus back on managing the business rather than creating reports. The process was lengthy, and involved the recreation of multiple files on a monthly and quarterly basis. The new procedure will automate the data extraction, storage, and report compilation. Through the use of industry standard data automation processes and programming languages we are able to achieve a user friendly interface to process these report requirements. (Example of format below)

Ø Project Management

NJSIG is incorporating a new project management approach for the departments within the organization. We have rolled out a new application which will enable managers and supervisors to submit project and/or reporting requests via our new Project Management application built in-house by the IT department. The application will track the progress of projects and report status changes to the requestors throughout the entire life cycle of the project. A formal system to submit requests, and track those requests will prove to be extremely beneficial to the current workflow structures in place.

It will also serve as a great tool for accountability within the organization. This will also be an asset in regards to prioritization, allowing the Departments to focus on higher priority projects rather than scrambling to complete portions of various different requests.



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Information Technology Report – November 16, 2016 Page 3

Ø Mobile Application Development

As of August, we have implemented a custom in-house built solution for tracking time off within the organization. The application is in a data warehouse environment and processes time off requests for every employee in the organization. The application also calculates and manages the banks based on an employee’s hire date and grade, continuously updating as requests are approved and denied. Since then we have been building the mobile application to support submissions via tablets/phones to better accommodate our employees. The android version has been completed and will be deployed prior to year-end and the Apple (iOS) application is currently being developed. All of these services are being developed in-house through our current staff, without any additional cost to the organization.

Jeff Cook

Jeff Cook Information Systems Manager



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Unclaimed Property IT Procedures 11/10/2016

NJSIG will be using the HRS Pro Enterprise software to manage the escheated check processes and reporting to the state. HRS Pro is the software recommended on the NJ Treasury Departments website. This software allows you to import data based on a defined file layout, create the export file of the unclaimed property records and generate cover letters that are required when reporting.

Two types of reports can be created, a negative report and a positive report. The negative report is used when there are no unclaimed checks to report for that year.

Creating Holders:

The holders are the company information.



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Holder Personnel:

Holder personnel are needed when creating a holder report cover sheet and the NAUPA output file, and you must assign a contact and those contacts are the ‘Holder Personnel’. You must assign the role of ‘Report Contact’ and ‘Claims Contact’ when creating a report; they can be one person with both roles or two people with one role each.



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Creating a Data Set:

In the HRS software a Data Set must be created for each year, either a standard Data Set where unclaimed property records would be attached to or a negative Data Set if there is nothing to report for that year.

Entering Records Manually:

The properties tab is used to enter individual unclaimed property records manually. You must have selected the proper Data Set so that the records are applied to that specific Data Set. You cannot select the Negative Report Data set when adding records; this is used when there are no records to report.

To manually add a record select Add, you only need to provide the fields with a * next to them, these are the mandatory fields. You need to include the check number and the account number even though they are not



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mandatory fields. There is a sample test record that was added in the ‘Year 2016; State: NJ; 1 Props’ Data Set for you to follow.



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Importing records – We will be importing all the unclaimed property records from Stars, to import the file go to utilities, import data and select ’Start Import’. You will be prompted to browse for the file that was created from the stars system. Notes on what is used to create the file from Stars are further along in this document. The IT department will provide this file for the import and filing each year.

Creating the File from Stars for import:

We will be using the import process for the claims escheated checks, the file is generated from stars based on two fields, the ‘TD Bank Code’ and the ‘TD Bank Date’ field. The TD Bank Code is the check status code, and the TD Bank Date is the date the check was issued or printed. The criteria being used to pull the escheated checks into the report is 1,095 days from the check entry date (3 Years) and the TD Bank Code is equal to ‘Outstanding’. All the mandatory and necessary fields will be included in the file.

Claims and Accounting procedures that need to be followed are:

1) The original transaction cannot be voided in stars or a stop pay made on the check through TD Bank until after the filing has been done. If this is done prior to reporting the status on the check will change from ‘Outstanding’ to ‘Stopped’ and that record will not be pulled into the escheated report.

2) After electronic file is submitted to the state then the check transaction in Stars can be reversed mirroring the original transaction and check number.



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3) A positive PAYMENT transaction must be created in stars using contact reference number 43308 to the ‘Escheated Check State of NJ’, and add in the check number field ‘Escheated’.

4) Even though the check is stale dated at this time accounting can do a stop pay on this check now.

Data Outputs:

Holder Reports is where you create your ‘Holder Report Cover Sheet’, this is needed for every export that is done. The coversheet provides all the details of the electronic file. This Cover letter must be sent by email to [email protected] on any negative report where there is NO unclaimed property to report. The letter needs to be sent with the check when there is unclaimed property to report; the check is sent to 50 West State Street 6th Floor Trenton, NJ 08608. To generate the Cover Letter you must first validate records and assign a contact or contacts with roles of ‘Report Contact’ and ‘Claims Contact’. Then check the box to preview and select Generate Output, save this file to \\server2\drive_f\USERS\SHARED DEPARTMENT\ACCOUNTING\ESCHEATED CHECKS.



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Creating the Export File:

NAUPA File is the file that is created to be posted on the NJ Treasury Departments website. You first must validate all your records by selecting the validate button, and correct errors where applicable. You must assign a contact or contacts with the roles of ‘Report Contact’ and ‘Claims Contact’. Now you can ‘Generate Output’, you will need to save the file to \\server2\drive_f\USERS\SHARED DEPARTMENT\ACCOUNTING\ESCHEATED CHECKS.



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Logging into the State of New Jersey Department of the Treasury website:

Login to https://www13.state.nj.us/TRE_UPA/Hldr_Login.asp with user name NJSIG and password of Insurance6000.

If you are posting a negative file where there are no unclaimed property records to report select ‘File a negative report (NTR)’. You will need to verify that all the user information is correct, and select continue.



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The only mandatory field is ‘Reporting Year’, add the year and select upload. Email the cover letter and you are done filing the negative report.

To upload a positive report select ‘Upload a Positive Report’, verify user info is correct and select continue. Enter the aggregate amount of the report, browse for the file that was exported out of the HRS system saved in the \\server2\drive_f\USERS\SHARED DEPARTMENT\ACCOUNTING\ESCHEATED CHECKS directory. Select Upload.

The check can be mailed to the following address.

50 West State Street

6th Floor

Trenton, NJ 08608



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Board of Trustees Meeting of November 16, 2016 Human Resource Report

NJSIG will be transitioning to a new FSA provider effective January 1st. In order to be compliant with IRS regulations the following resolution needs to be acted upon. Upon the direction of the Trustees and Bill, I will be meeting with the Staff to discuss the new options available from the provider Wage Works. Should you have any questions regarding any of the above issues or any other of the Group’s Human Resources matters I am always available. Chai Respes Chai Respes, Human Resource Manager



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Paychex Benefit Account Plan Termination Resolution Pursuant to Article XI, Section 11.2 of the Section 125 Plan Basic Plan Document, and Article VI, Section 6.2 of the Plan Document, any termination of the Plan must be evidenced by a written instrument duly executed by an officer of the Group. By the action of the Board of Trustees of New Jersey Schools Insurance Group, the following resolutions were duly adopted. November 16, 2016 WHEREAS, the Board of Trustees of this New Jersey Schools Insurance Group has considered the salient features of the company’s existing employee benefit plan(s):

a. Flexible Spending Account Whereas, the Board of Trustees intends to terminate the New Jersey Schools Insurance Group FSA Plan THEREFORE, IT IS RESOLVED, that the Board of Trustees of this New Jersey Schools Insurance Group hereby terminates the Plan(s) designated above and do(es) hereby authorizes the New Jersey Schools Insurance Group Plan Administrator to execute all documents necessary to terminate the selected Plan(s); and it is FURTHER RESOLVED, that Paychex will no longer be the Plan Service Provider; and it is FURTHER RESOLVED, that the Plan shall be terminated as of December 31st, 2016. IN WITNESS WHEREOF, I have executed this Resolution this date of November 16th, 2016 Participants will have 90 days following the date of termination of the Flexible Spending Account or Health Reimbursement Arrangement in order to submit for reimbursement of any qualifying expense incurred prior to the date of termination. In the event the Participant does not submit for reimbursement of an incurred qualifying expense within the 90-day period following Plan termination, the Participant shall not be reimbursed for such expenses. Irene Le Febvre, NJSIG Chairperson



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11/10/16


Special Report - Pricing Study

Each year NJSIG’s actuary, Towers Watson, evaluates the pricing for the Group’s risk retentions as of September 30th. That date is used for this pricing study because the resulting pricing indications are available for budget development by the Group’s members. Tower Watson’s attached report (NJSIG Rate Review 16_17 draft) indicates the rates the Group should charge its members for the retained risk in each major coverage central estimate. (see page 11) The coverage extended above the Group’s retained risk is reinsured. This limits the Group’s potential payout on each claim to the retained portion. We will address the price of reinsurance at the March meeting. In WC (Workers’ Compensation) the Group retains $1,000,000 of risk for each occurrence. Similarly the Group retains $500,000 for each GL (General Liability) and AL (Auto Liability) occurrence (claim). The Group retains $1,000,000 of risk for each property occurrence (claim) and retains the entire APD (Auto Physical Damage) line of coverage. E&O (Errors and Omissions) is entirely reinsured. The Towers Watson central estimate on page 7 indicates an overall rate decrease of 3.7%, excluding E&O, for the 2017 – 2018 policy year. Utilizing indications below the central estimate will reduce the rate and thus reduce the costs to the members. Utilizing indications above the central estimate would increase the rate and thus increase costs to the members. See page 7 to see the effect of choosing the indicated rates at the low reasonable or high reasonable levels. You can see that choosing the rate indications at the low reasonable level would offer the Group’s members a rate decrease of 6.5%. At the high reasonable level the Group’s members would see a rate increase of 1.1% excluding the fully insured E&O line of coverage. Selecting the low reasonable level would increase the probability that we would not collect enough money to cover the Group’s expenses and thus have a fund year deficit. This would require using the Group’s surplus funds to balance the financials for the year. Selecting the high reasonable level results in higher rates for members and a greater chance of having collected too much money. In today’s school budget environment choosing at the higher reasonable level should be reserved to those times when the Group’s financial viability requires this decision.

New Jersey Schools Insurance Group 450 Veterans Drive

Burlington, New Jersey 08016 (609) 386-6060 • FAX (609) 386-8877

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Special Report Pricing Study – Action Item Board of Trustees Meeting November 16, 2016 Page 2 Consistent with past practices, individual lines of coverage with dramatic indicated rate changes are averaged to smooth the extent of annual fluctuations. For example, 10% indicated rate increase for GL is averaged with the 26.3% rate decrease for AL, the 11.6% increase for APD and the 20.6% decrease for property to yield a combined rate decrease of 14%. Member rates for retained losses will increase 0.6% on average for WC. The loss history of the membership of each sub fund is used to establish the WC rates for each sub fund. The non-sub fund (NJSIG) members are evaluated together as their own group. Thus there is a range of WC rate changes based on the loss history of the group of districts being evaluated. My recommendation is to reduce the combined GL, AL, APD and property rates for retained risk by 10% and keep WC rates the same for 2017-18. The rate change for E&O coverage will be determined by the results of the renewal renegotiation of the E&O policy, which is materially influenced by the actual loss experience up to the date of the renewal negotiations. GASB 68 balance sheet charges remain unpredictable, with the State providing an allocation number late in the fiscal year. The number was $3.7 million. Because of the uncertainty surrounding GASB 68 I recommend withholding a small portion of the indicated rate reduction for retained risk. Recommended Resolution: Approve a 10% rate decrease for GL, AL, APD and property lines of coverage, and a 0% increase in the WC line of coverage for the retained risk pricing component. The result is an overall average rate decrease of 4% for the Members. Foregoing a portion of the indicated rate decrease for the GL, AL, APD and property and WC lines represents $410,000 of revenue in excess of expected retained risk costs. William Mayo William M. Mayo, Executive Director



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Board of Trustees Meeting of November 16, 2016 Discussion Item

Claim Committee and Procedures

With the new Board of Trustee meeting schedule, there are two large time gaps between scheduled Board meetings. For the months between November and March and months between June and September we propose the following procedure for trial alerts and claim settlement authority requests: In the middle of each month without a scheduled Board meeting, Claim Manager Tony Ruggeri will send notice of pending trials and/or requests for settlement authority to the Claims Committee. The notice will include a summary of the claims and justification for any requested settlement authority. Claim Committee members can pick one of two options:

• I acknowledge & approve or • I have a question/concerns and wish to discuss any matters of litigation or answer questions raised by

members of the committee. If one of the claim committee members responds with I have a question/concerns, a conference call, within a week, Tony will establish a brief phone-in Claims Committee conference call to discuss matters identified. A summary of all matters brought up in Claims Committee communications and conference calls will be made a part of the Board package for the next scheduled Trustee meeting. Per the NJSIG Plan of Risk Management filed annually with the Department of Banking & Insurance, the Claims Committee consists of the Chairperson, the Vice-Chairperson, a NJASBO Trustee, the Claims Manager and NJSIG Counsel. NJSIG Counsel is not a defined term in the Plan of Risk Management. Archer & Greiner or Jill Deitch are able to fulfill this position on the Claims Committee. Legal guidance for litigated matters and settlement advice comes predominantly from the defense counsel assigned to the particular claim. William Mayo William Mayo, CPCU, ARM Executive Director



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11/10/16


NJSBA Conference Participation

NJSIG Trustee Chris Russo and NJSIG staff presented conference seminars regarding the use of school facilities by outside groups at the NJSBA Conference in Atlantic City. Both sessions were well attended and the feedback was overwhelmingly positive. At a post-conference manager’s meeting, there was strong consensus that it is the Group’s best interest to focus on providing high quality educational programs, and steer away from activities such as the reception. NJSBA agrees that we can work with them on this approach. The ideas include hosting an educational exhibit on the floor of the conference rather than a booth, and still provide the classroom presentations we did this year. The annual meeting might be a lunch meeting rather than the reception. William Mayo William Mayo, CPCU, ARM Executive Director



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11/10/16


Ending support for the NJ Mobile Museum

In May 2012, the Board passed a resolution to provide funding in the Member Services budget for sponsorship of the New Jersey Hall of Fame Mobile Museum. The cost is $25,000 every two years and the sponsorship was renewed May 2016 -2018. A major justification for sponsorship was that the museum would visit a certain number of Member schools each year. However, the mobile museum has been out of service for renovations, and is now becoming a permanent fixture at the Meadowlands. It will not be traveling to any Member schools for at least six months. Does NJSIG wish to continue supporting the NJHOF Mobile Museum? If not, should NJSIG demand a pro-rated return of the current sponsorship? Another option is to put our sponsorship on “hold” for a reasonable period, then start it up again when the museum becomes mobile. A statement from the Hall of Fames website regarding the importance of the mobile museum reads as follows: Inductees of the New Jersey Hall of Fame are used as models or case studies to promote the concepts of goal setting, perseverance, and achievement. Lessons are designed to link inductees to students by examining what both groups have in common. Research allows teachers and students to participate in research projects that promote an expansion of thinking beyond the traditional sense into transitional life strategies. The Mobile Museum will serve as a research center of primary sources and inspiration to take pride in the history of New Jersey and local communities. Biographies and induction speeches allow students to experience a multimedia approach to hearing about the inductees values and successes in their own words. Interactive displays also add depth to the impact inductees had on New Jersey, the United States, and even the global community William Mayo William Mayo, CPCU, ARM Executive Director



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Claim Management Software System Service

Recommended Resolution: Approve the attached Claim Management Software System Service and Stars resolutions. William Mayo William Mayo, CPCU, ARM Executive Director



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Resolution Authorizing the Execution of a Contract Pursuant to the Public Schools Contracts Law

Page 1 of 2

WHEREAS, the New Jersey Schools Insurance Group (“NJSIG”) is authorized by

N.J.S.A. 18A:18B-1, et seq. to provide insurance coverage for its members;

WHEREAS, the New Jersey Schools Insurance Group requires proprietary

computer software to aid in the management of claims; and,

WHEREAS, N.J.S.A. 18A:18A-4.1 provides that contracts for the purchase or

licensing of proprietary computer software designed for board of education purposes may

be awarded by competitive contracting in lieu of public bidding.

NOW THEREFORE, BE IT RESOLVED, on this 16th day of November, 2016 that:

1) The New Jersey Schools Insurance Group awards the contract for a Claims

Management Software System, No. IT-2016-0002, to Origami Risk, LLC;

2) The Executive Director is hereby authorized to execute the contract with the above-

named service provider;

3) This contract is awarded in accordance with the Public Schools Contracts Law,

N.J.S.A. 18A:18A-1, et seq.;



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Page 2 of 2

4) This contract shall be available for public inspection in the office of the New Jersey

Schools Insurance Group, 6000 Midlantic Drive, Suite 300, Mount Laurel, NJ

08054; and,

5) A notice of this action shall be published once in the official newspaper designated

by the New Jersey Schools Insurance Group.

I certify that the foregoing is a true copy of a Resolution passed by the New Jersey

Schools Insurance Group at the meeting duly held on the 16th day of November, 2016.

New Jersey Schools Insurance Group By: _________________________________________ Irene Le Febvre, Chairperson

Board Secretary Use Only

DATE: MOVED BY: SECONDED BY: VOTE:



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Page 1 of 2

WHEREAS, the New Jersey Schools Insurance Group (“NJSIG”) is

authorized by N.J.S.A. 18A:18B-1, et seq. to provide insurance coverage for its

members;

WHEREAS, the New Jersey Schools Insurance Group requires proprietary

computer software to aid in the management of claims; and,

WHEREAS, N.J.S.A. 18A:18A-5(19) provides that contracts for the purchase

or licensing of proprietary computer software may be awarded by resolution at a

public meeting without public advertising for bids and bidding.

NOW THEREFORE, BE IT RESOLVED, on this 16th day of November,

2016 that:

1) The New Jersey Schools Insurance Group awards the contract extension for a

Claims Management Software System, to Marsh ClearSight, LLC;

2) The Executive Director is hereby authorized to execute the contract with the

above-named service provider;

3) This contract is awarded in accordance with the Public Schools Contracts Law,

N.J.S.A. 18A:18A-1, et seq.;



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Page 2 of 2

I certify that the foregoing is a true copy of a Resolution passed by the New

Jersey Schools Insurance Group at the meeting duly held on the 16th day of

November, 2016.


Board Secretary Use Only

DATE: MOVED BY: SECONDED BY: VOTE:



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Insurance Brokerage Consulting Services

Recommended Resolution: Approve the attached Insurance Brokerage Consulting Services resolution. William Mayo William Mayo, CPCU, ARM Executive Director



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Page 1 of 2


WHEREAS, the New Jersey Schools Insurance Group (“NJSIG”) is

authorized by N.J.S.A. 18A:18B-1, et seq. to provide insurance coverage for its

members;

WHEREAS, the New Jersey Schools Insurance Group requires reinsurance

brokerage services to aid in the acquisition of reinsurance; and,

WHEREAS, N.J.S.A. 18A:18A-4 provides that every contract for goods or

services, the cost of which in the aggregate exceeds the bid threshold, shall be

awarded only by resolution of the board of education to the lowest responsible

bidder after public advertising for bids and bidding therefor, except as is provided

otherwise in the Public Schools Contracts Law, N.J.S.A. 18A:18A-1, et seq. or

specifically by any other law.

NOW THEREFORE, BE IT RESOLVED, on this 16th day of November, 2016

that:

1) The New Jersey Schools Insurance Group awards the contract for Insurance

Brokerage Consulting Services, No. UW-2016-0004, to Willis Towers Watson

as the lowest responsible bidder;



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Page 2 of 2

2) The Executive Director is hereby authorized to execute the contract with the

above-named service provider;

3) This contract is awarded in accordance with the Public Schools Contracts

Law, N.J.S.A. 18A:18A-1, et seq.;

I certify that the foregoing is a true copy of a Resolution passed by the New

Jersey Schools Insurance Group at the meeting duly held on the 16th day of

November, 2016.


Board Secretary

Use Only DATE: MOVED BY: SECONDED BY: VOTE:



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First Policy Reading Outside Employment and Business Interests Policy 6170

Recommended Resolution: Approve the Outside Employment and Business Interests Policy 6170 as a first reading. William Mayo William Mayo, CPCU, ARM Executive Director

New Jersey Schools Insurance Group

NJSIG Policies

Adopted: 06/12 Index #: 6170

Amended: Page 1 of 2 5

Reviewed: 03/12, 11/16

NON-GROUP EMPLOYMENT/CONSULTING

The Group has always attempted and has succeeded in attracting professional staff members of high quality. Recognition of this quality results in staff members being requested to serve as paid consultants to government, colleges, out-of-state education agencies, and other organizations.

Generally, both the Group and the person involved can profit by such arrangements, and the Group permits such arrangements within reasonable limits and where no conflict of interest is involved. Employees must recognize that their primary employment and responsibilities are to the Group and outside consulting positions may not interfere with their work. Further, it is expressly forbidden to consult with any entity doing business or seeking to do business with NJSBA, NJSIG, or any school district in New Jersey.

Permission for Paid Consulting

All paid consulting requests shall be submitted in writing to the Executive Director for written approval prior to acceptance. Staff shall be required to use vacation days for such consulting activities – the use of sick days, personal days, or of unpaid time off shall not be permitted for consulting activities.

Authorization to engage in additional employment can be revoked at any time, at the sole discretion of management.

Failure to follow or adhere to this policy may lead to disciplinary action up to and including termination.


NJSIG Policies


Amended: Page 1 of 2 5

Reviewed: 03/12, 11/16

Outside Employment and Business Interests

1. Purpose: This policy governs outside employment and business interests by NJSIG employees. This policy supersedes and replaces all existing policies governing outside employment and business interests by NJSIG employees.

2. Definitions:

2.1. “Outside employment or other activity” is any business, trade, profession or other compensated employment, including the acceptance of compensation for a speech or published work; uncompensated or volunteer work for or with any entity; or, holding office or title in the governing or advisory board of any entity. The term also includes employment, self-employment, activity as an independent contractor, or any other form of service. For the purposes of this Code, military service in any of the armed forces of the United States, such as service in the National Guard or Reserves, does not constitute “outside employment or other activity” and is not subject to the procedures and restrictions detailed herein.

3. Limitations on Outside Employment: No NJSIG employee shall engage in any outside employment or other activity, whether compensated or not, which might reasonably be expected to impair the objectivity and independence of judgment required in public employment or interferes with the operation of NJSIG. No NJSIG employee shall engage in any outside employment or activity with any entity doing business with NJSIG, any entity seeking to do business with NJSIG, or any Board of Education in the State of New Jersey.

4. Volunteer Activities: Employees are free to engage in volunteer activities on behalf of nonprofit charitable, religious, sports, professional, and other nonprofit organizations provided such activities would not reasonably be expected to cast material doubt on their objectivity and independence of judgment in the exercise of their official functions and subject to the disclosure and prior approval requirements set forth in this section.


NJSIG Policies


Amended: Page 2 of 5

Reviewed: 03/12, 11/16


5. Prohibition on the Private Practice of Law by Attorneys: As used in this subsection, the term “attorney” shall include any person licensed to engage in the practice of law in this or any other jurisdiction who holds office or employment with NJSIG. The prohibitions on the practice of law set forth in this subsection do not apply to any actions taken by an “attorney” in the furtherance of his or military service under the judicial arm of any of the United States armed forces.

5.1. Attorneys shall conduct themselves in accordance with every affirmative duty and obligation imposed by the New Jersey Rules of Professional Conduct and other court rules and directives or laws governing the conduct of attorneys.

5.2. Attorneys shall not represent any party other than NJSIG, or engage in the private practice of law in any other way, except with the prior, written approval of the Executive Director or designee. Such approval may, in the discretion of the Executive Director or designee, be given when:

5.2.1. The activity is undertaken on behalf of the attorney or the attorney’s spouse, domestic partner, partner in a civil union, children, or parents, the attorney receives no compensation for the activity, and the representation of the designated family member is limited to matters which are not of an adversarial nature; or

5.2.2. The activity is continued in order to complete a professional obligation entered into before this provision of NJSIG Code was adopted and is concluded as soon as practicable consistent with the rules of professional conduct to which the attorney is subject.

5.3. The activity shall not be approved if it requires the attorney to represent any party in any criminal or quasi-criminal matter or before a licensing or regulatory body or in any matter or litigation in which NJSIG has an interest adverse to that of the attorney’s client, or is prohibited by the Conflicts of Interest Law, whether or not the representation is for compensation.


NJSIG Policies



Reviewed: 03/12, 11/16


6. Request for approval of outside employment or other activity form: All NJSIG employees seeking to engage in outside employment or other activity, whether compensated or not, shall complete the Request for approval of outside employment or other activity form issued by NJSIG in accordance with the procedures adopted by NJSIG. They shall have a duty to (1) provide such information as may be necessary to determine whether an outside activity is permissible under the NJSIG ethical standards and (2) notify the Chief Legal Officer of any changes to the information disclosed on the form, including the employee’s transfer to another department within NJSIG, or a change in title or position, or other change in NJSIG employment.

7. Approval Procedure:

7.1. Procedures for Approval of Outside Employment or Other Activity by NJSIG employees other than Legal Staff:

7.1.1. No NJSIG employee shall engage in any outside employment or other activity, whether or not for compensation, without first submitting a written request for approval to the Executive Director. The request shall be on the request for approval of outside employment or other activity form. The request shall be reviewed by the Chief Legal Officer and a recommendation made by the Chief Legal Officer to the Executive Director as to whether the outside employment or other activity is permissible under NJSIG ethical standards. The approval may be conditioned on the requirement that NJSIG employee seek annual approval of the outside employment or other activity or other restrictions deemed necessary. The approval of such outside employment or other activity shall not be unreasonably withheld.


NJSIG Policies



Reviewed: 03/12, 11/16


7.2. Procedures for Approval of Outside Employment or Other Activity by Legal Staff:

7.2.1. Members of NJSIG’s Legal Staff are expected to devote their full attention to official duties and to be available for work outside of normal office hours as their official duties require and in emergent situations. However, with the approval of the Executive Director, any such member may engage in limited outside employment or provide services as an independent contractor that do not involve the private practice of law or the provision of other legal services, provided the employment or services will not interfere with the performance of the attorney’s duties, including the attorney’s ability to respond to unanticipated and emergent time demands. An attorney may receive reasonable compensation for such services. Requests for approval shall be submitted in writing to the Chief Legal Officer who shall forward the request along with a recommendation through the Executive Director. Renewed approvals of such outside activity must be sought annually from the Executive Director.

7.2.2. Participation in Bar or Professional Organization:

7.2.2.1. A member of the Legal Staff, in a private capacity, may be a member of, hold any leadership position in, or participate in the activities of any bar or professional organization devoted to the improvement of the law, the legal system, the administration of justice, or the enhancement of the skills and professionalism of the members of the bar, subject to the provisions of this policy. Such member may also serve on the editorial board of, or contribute written work to, publications of such organizations or of other legal or professional publications, subject to the provisions of this policy.


NJSIG Policies



Reviewed: 03/12, 11/16


7.2.2.2. A member of NJSIG’s Legal Staff may also be designated by the Executive Director to engage in such activities in an official capacity.

8. Appeal: Authorization to engage in additional employment can be revoked at any time, at the sole discretion of the Executive Director. A NJSIG employee may appeal a denial of a request to engage in outside employment or other activity to the Board of Trustees within sixty days from the receipt of the denial.

9. Records Maintained: Outside Activity Questionnaires and requests for approval of outside employment or other activities shall be maintained in the personnel file of the employee.

10. Implementation: Any NJSIG employee engaged in outside employment or other activity as of the effective date of this policy shall submit a request for approval of outside employment or other activity form within thirty days of the effective date of this policy.

11. Failure to follow or adhere to this policy may lead to disciplinary action up to and including termination.



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Checking Accounts and New Claims

Attached are the check registers for October 2016. In addition, attached is a list of all new claims. The claims list has been provided to coincide with the check registers. The list includes all new claims for October 2016. This report shows the nature and financials for each claim. Recommended Resolution: Approve and ratify the checks and new claims which have been issued from accounts XXXX392 (operating account) and XXXX555 (claim account) for the period of 10/1/2016 to 10/31/2016 as shown in the online (Microscribe) version of the meeting package. William Mayo William Mayo, CPCU, ARM Executive Director

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