Risk-Sharing
These Members breakdown as follows:
2013 Year End Report to the Membership We have just completed another successful year within the SDML Workers’ Compensation Fund, and felt our Membership might be interested in seeing the year end numbers that were presented to the Board at the November Board Meeting. Membership Growth: The growth has been phenomenal, to give you an idea we’re outlining the Membership numbers from the very beginning of the Fund. Please see the following: Year Members 1987 The Fund’s 1st Year 57 1995 Insurance Benefits 1st Year as Administrator 188 2000 209 2005 290 2010 362 2013 398
2011 Net Estimated Numbers Contributions Cities 218 $3,079,899 Counties 66 (All Counties in SD) $3,049,558 Conservation Districts 49 $51,198 Fire Districts 24 $62,609 Boards & Misc. 11 $43,888 Townships 11 $11,063 Ambulance Districts 10 $68,962 Irrigation Districts 1 $13,878 Sanitary Districts 4 $11,961 Solid Waste Districts 2 $5,952 398 $6,424,772 Claims Information: 2000 2005 2010 2013
847 Claims 883 Claims 1,011 Claims 932 Claims
$2,073,250 Incurred Value $3,461,306 Incurred Value $2,988,788 Incurred Value $3,771,522 Incurred Value
As is very apparent from the numbers above, there has been a large increase in the number of Members since Year 2000, and for the most part the claims have been quite consistent in both numbers and Incurred Dollar amounts. We firmly believe that this has been consistent due to the solid underwriting practices that Insurance Benefits uses when adding new members, the claims management and use of rehab nurses that Claims Associates provides, and the active loss control programs that are provided by Safety Benefits. The SDML Workers’ Compensation Fund uses an actuarial firm, AON Risk Solutions to evaluate the claims, the expenses, and determines the rates that we need to charge you, our Members, on an annual basis. In addition the actuarial firm, also looks at each individual member’s claims experience, and determines each Member’s Fund Modifier. The 2014 rates have remained the same; and Renewal Credits, Loss Control Credits and Equity Credits are given to each Member which reduces their bottom line renewal contribution pricing. The SDML Workers’ Compensation Fund purchases “Reinsurance” to protect YOUR financial assets. This is purchased through the Safety National Casualty Company. That Company carries an A.M. Best Rating of an A, which is excellent. However, with the success of the Fund comes along related expenses and changes in our Reinsurance program. This year, the “self-insured retention” (the amount
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SOUTH DAKOTA MUNICIPALITIES
