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Insurance Placement Facility of Delaware

NOTES TO FINANCIAL STATEMENTS

Note 1. Short Term Investments

$406,470

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

Outstanding reserves

$194,200

$3,469

IBNR

1,500

558

Reported balance

$195,700

$4,027

Facility. The reported balances were comprised of seven (7) claims outstanding and a small

estimate for IBNR as follows:

Losses

LAE

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

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