Insurance Placement Facility of Delaware
NOTES TO FINANCIAL STATEMENTS
Note 1. Short Term Investments
The only investment the Facility has is in the Evergreen Institutional Money Market fund. The
balance is accepted as reported.
Note 2. Losses Loss Adjustment Expenses
$144,884 $ 13,397
The balances above are $50,816 less and $9,370 more than the amounts reported by the
Facility. The reported balances were comprised of seven (7) claims outstanding and a small
estimate for IBNR as follows:
Since there were only seven open claims at year-end, the examination performed a 100% review.
All claims have been settled for $50,816 less than the total reserve above with $9,370 more in
expenses required to close the claims.
The examination reviewed claim files opened in early 2006. None involved 2005 claims
and nothing noted that would indicate that the claim liability was incomplete.
STATUS OF PRIOR EXAMINATION RECOMMENDATIONS
The prior examination report as of December 31, 2000 contained four recommendations. Those
findings and recommendations with their current status are as follows:
It was recommended that the Facility comply with Section 4110 of the Delaware
Insurance Code and appoint the required eleven members for its Board of Directors