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Insurance Placement Facility of Delaware

There are currently eleven members on the Board of Directors.

  • It was recommended that the Chairman of the Facility disclose to the Board of Directors the naming of the Executive Committee. It was further recommended that the Chairman present to the Board the duties and responsibilities of the Executive Committee, and that the Board approve said functions. The current examination will again recommend that the membership of the Committees be disclosed in the Board of Directors meeting minutes. The Board Committees all have written Duties and Responsibilities.

  • It was recommended that the Board of Directors formally reaffirm its Investment Policy

and reflect both the Policy and approval in the minutes.

The current examination noted compliance with this recommendation.

  • It was recommended that IPFD be listed as a named insured on all corporate insurance

policies issued to the Pennsylvania Fair Plan.

IPFD is now a named insured on the corporate insurance policies.

RECOMMENDATION

The Company’s attention is directed to the following examination recommendation:

It is recommended that the Chairman of the Facility disclose to the Board of Directors the naming of the members of the Board Committees. (See Management, page 5)

SUMMARY COMMENTS

The

Facility

reported

losses

in

2002,

2003

and

2004.

This

resulted

in

negative

2000

$200,000

2001

200,000

2002

100,000

2003

59,760

2006

200,000

Unassigned Funds. The Facility assesses member insurance companies to fund any short-falls.

Assessments made to close out the 1998 through 2003 were as follows:

13

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