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.
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)
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: