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Wisconsin Municipal Mutual Insurance Company

Wisconsin Municipal Mutual Insurance Company. Getting to Know WMMIC. Agenda. Overview: Types of Pools WMMIC Specifics Primary objectives Financial overview Regulatory and governance overview WMMIC organizational chart Staff organizational chart WMMIC.com – Our front yard

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Wisconsin Municipal Mutual Insurance Company

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  1. Wisconsin Municipal Mutual Insurance Company Getting to Know WMMIC WMMIC

  2. Agenda • Overview: Types of Pools • WMMIC Specifics • Primary objectives • Financial overview • Regulatory and governance overview • WMMIC organizational chart • Staff organizational chart • WMMIC.com – Our front yard • Liability Claims Administration • Guiding principles • Liability claims flow chart (distributed) • RiskMaster – Your RMIS • Jefferson County Information • Current risk management structure • What’s in store, and Q&A WMMIC

  3. Types of Pools(WMMIC structure is italicized) • Association Sponsored vs. Independent Membership in, for example, the WI County Association is not a prerequisite for membership. Participation in WMMIC is voluntary. WMMIC

  4. Types of Pools(WMMIC structure is italicized) • Capitalizedvs. Non-Capitalized Each member initially contributes equity equal to the risk of shared (pooled) losses it brings to the program. Initially required due to mutual insurance company structure. Additional members are required to contribute equity. WMMIC

  5. Jefferson County Equity • Contributed $783,000 in 2008 • 2.34% equity stake in WMMIC Range of members’ equity is 17% (City of Madison) to 2.77% (Eau Claire County) WMMIC

  6. Types of Pools(WMMIC structure is italicized) • Cash Flow vs. Fully Funded Members fund their expected losses to a 95% confidence level. WMMIC does not rely on this year’s premium income to pay last year’s claims. Necessary due to statutory accounting requirements of the WI insurance commissioner. WMMIC

  7. Types of Pools(WMMIC structure is italicized) • Assessable vs. Non-Assessable WMMIC members are not jointly and severally liable for other members’ liabilities. Wisconsin Insurance Security Fund is available to claimants should WMMIC not meet its obligations WMMIC

  8. Types of Pools(WMMIC structure is italicized) • Pools vs. Mutual WMMIC is regulated by the state insurance commissioner. Wisconsin is one of the very few states that require group self-insurers to operate as insurance companies. WMMIC

  9. Types of Pools(WMMIC structure is italicized) • Excess Insurance vs. Reinsurance WMMIC issues an insurance policy and is liable to each member for the full limits provided. WMMIC is the insurer. Claims are not passed on to an excess insurer for handling. Despite each Member’s self-insured retention, WMMIC operates as a primary, not an excess, insurer. WMMIC

  10. Types of Pools(WMMIC Structure is italicized) • Statewide vs. Regional • Multiple coverage vs. Single Coverage • Multiple-Type Entityvs. Single-Type Entity WMMIC

  11. WMMIC Specifics WMMIC’s primary objectives are: • Provide a stable, reliable source of liability insurance for its members • Safety of each members’ equity contribution • Return on investment through dividend distributions WMMIC

  12. Financial Overview • $3,683,194 written premium (2009 liability only) • $12,794,731 total liability loss reserves • $23,197,934 paid and contributed surplus, plus • $11,528,941 unassigned surplus • 6.57 contributed surplus-to-premium ratio. • A- (Excellent) with a stable outlook, per A.M. Best • Financial size category is VI on scale of XV WMMIC

  13. Financial Overview WMMIC

  14. Regulatory, Governance Overview • WI insurance commissioner (OCI) audits WMMIC every 3 – 5 years • OCI, NAIC and A.M. Best require quarterly financial reporting • Independent financial audit and actuarial review performed annually • Subject to WI open meetings law. Transparent operations • Board of Directors, three standing committees and numerous work groups ensure member involvement WMMIC

  15. WMMIC Organizational Chart WMMIC

  16. Operational Goals & Objectives • Pursue conservative growth that is mutually beneficial to WMMIC and the Member • Analyze and improve the services we provide and products we offer to our members • Expand services and/or products to members within our vision and mission • Provide the best customer service in the industry • Provide a supportive working environment for staff with competitive salary and benefits package for long term commitment to WMMIC. WMMIC

  17. WMMIC .com WMMIC

  18. WMMIC.com Currently a functional web site, most often used as: • An entryway to RiskMaster • WMMIC contact information • Risk management resources and links • Agendas, minutes and more Improvements are planned in 2009 WMMIC

  19. WMMIC Staff Org Chart WMMIC

  20. WMMIC Staff WMMIC

  21. Liability Claims Administration WMMIC

  22. Jefferson County Liability Claims Administration Kimmer Price is Jefferson County’s primary contact: • Joined WMMIC in April, 2007 • Experience as an account executive, claims analyst and adjuster with American Family, Humana, Inc. and Royal and Sun Alliance Insurance. • Experienced in both liability and property • Pursuing Associate in Claims designation WMMIC

  23. Liability Claims Administration • Our guiding principles are • Promptly and fairly pay what is owed • To the fullest extent reasonably possible, use governmental immunities and tort caps available to members • No “economic reason” payments WMMIC

  24. Disallowance / Denial Procedures Recommended Procedure • Follow 893.80 closely. Default option is to disallow a claim. • WMMIC contact claimant with verbal/ written denial, alerting them of forthcoming disallowance letter from County. • Allow WMMIC the option of denying small PD claims subject to your approval. WMMIC

  25. Liability Claim Flow Chart • Distribute hard copy of flow chart WMMIC

  26. RiskMaster – Your RMIS • Brand name product used by numerous public entity pools • Accessed at http://www.wmmic.com/4members.html • Claims information and reports are available to approved users in real time WMMIC

  27. Jefferson County 2009 Risk Management Structure WMMIC

  28. What’s in Store for 2009? • A new look and feel for WMMIC, beginning with a web site redesign • Improved strategic planning process • Our newest equity member – Jefferson County • Improved liability claims administration • Professional development for staff WMMIC

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