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General Information Administrative BulletinsNote: You will need an Adobe Acrobat Reader to view or print the bulletins, which you can download at no cost from Adobe
Return to top of page. Advisory CommitteeNote: You will need an Adobe Acrobat Reader to view or print the documents listed below, which you can download at no cost from Adobe Bylaws Minutes
Return to top of page. Oversight CommitteeNote: You will need an Adobe Acrobat Reader to view or print the documents listed below, which you can download at no cost from Adobe Minutes
Return to top of page. Financial InformationNote: You will need an Adobe Acrobat Reader to view or print the pdf reports, which you can download at no cost from Adobe ) Statutory Basis Financial Summary -
Year Ended June 30, 2004 Accountant Compilation Letter, October 26, 2009 Balance Sheet as of September 30, 2009 Income Statement as of September 30, 2009 LGPIF Annual Statement (NAIC) – as of June 30, 2008 Return to top of page. General InformationThe purpose of the Fund is to make reasonably priced property insurance available for tax-supported local government property such as government buildings, schools, libraries, and motor vehicles. The Commissioner of Insurance by law is designated as the Fund’s manager. The Fund has one state employee who supervises day-to-day operations of the Fund by contracting for specialized services, such as claims and policy administration which are performed by The ASU Group located in Madison, Wisconsin. During fiscal year 2008 the Fund continued to enhance program and administrative operations relating to its policy processing and computer system and also to its investment authority. Major enhancements to policy processing including renewals and all policy changes continued to be implemented in 2008 relating to the Electronic Statement of Values (ESOV) project which is a Web-based software program that allows policyholders to make all of their policy changes on line. Functionality within ESOV also gives the policyholder the option to export their statement of values to Excel spreadsheet format and sort by that entity’s own department codes. The Fund also obtained statutory authority expanding its ability to invest its assets in more than just the state’s short-term cash investment fund. The change grants the State of Wisconsin Investment Board (SWIB) the authority to invest Fund assets in higher yielding, longer term investment securities consistent with the Fund’s cash flow needs and has the potential to produce additional investment income that could be used to moderate premium rates. As of June 30, 2008, the Fund insured 1,124 policyholders: 62 counties, 319 schools, 158 cities, 191 towns, 274 villages, and 120 miscellaneous (libraries, etc.). Combining new business and terminations, the overall number of policyholders decreased by 23 since the previous fiscal year-end. Two graphs are included that reflect changes in the Fund’s policyholder base and growth in its insurance coverage in force. 
The Fund’s insurance in force represents property that is insured against loss. The more property insured, the greater the potential for a loss. The total amount of insurance in force as of June 30, 2008, was $45.5 billion, up from $42.8 billion as of the previous fiscal year-end. The Fund’s total insurance in force increased $2.7 billion over the prior year, while its surplus (total assets minus total liabilities) decreased approximately $3.3 million over the same time period. Three pie charts are included in this report reflecting the premium earned and the percent of policies by type of policyholder entity and a breakdown of the type of policy purchased. The majority of the Fund’s insureds are using the valuation project service that began in 1988. This method of valuing buildings, contents, property in the open and contractor’s equipment was developed to promote equity in premiums and the proper reporting of values. Valuation participants not only have broader coverage than those insureds that purchase a coinsurance policy but also enjoy the benefits of automatic computer-generated statements of value. The coinsurance policy requires the insured to establish the insurance value for the property, which caps the maximum recovery in the event of a total loss and can also impose limitations when paying partial losses if the property is not insured to full value. The Fund’s balance sheet and income statement for the fiscal year ending June 30, 2008, are included with this report. The Fund experienced an underwriting loss of approximately $6.6 million due to a combination of premium rate reductions and higher claims losses, but realized a smaller net loss of almost $4.3 million after investment income was taken into consideration. Fund management will continue to monitor insurance in force, claims trends and Fund surplus when evaluating the Fund’s rating structure. Claims costs coupled with higher self-insured Fund reinsurance retention levels and reinsurance premium will continue to be factors considered in the rate-setting analysis.
Balance Sheet and Income Statement - Fiscal Year Ending June 30, 2008 (pdf) Return to top of page. Miscellaneous State ReportsNote: You will need an Adobe Acrobat Reader to view or print the reports, which you can download at no cost from Adobe
Return to top of page. NewslettersNote: You will need an Adobe Acrobat Reader to view or print the newsletters listed below, which you can download at no cost from Adobe Return to top of page. |
| Updated: November 9, 2009 |
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