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Specialty Lines
During our COMCARE PRO, PCoRP, PComp, PELICAN and UC Trust board meetings we spend a lot of time on finances. We have a detailed financial report at each meeting, and an update on the status of the program's surplus. We have a Joint Investment Committee composed of two representatives from each insurance program board. The Investment Committee meets quarterly with Cornerstone to review each program's earnings and discuss investment risk and rewards. Each insurance program has its own written investment philosophy, adopted by the board, reflecting how much risk the board is willing to take to generate investment earnings.
For example, the UC Trust has the most conservative investment philosophy of all the programs, because if the stock market plummets, this can result in the economy weakening and the potential for layoffs in the counties goes up - and the UC Trust will see more claims. Losing assets in the UC Trust just when claims are increasing is a bad one-two punch.
The boards receive other periodic financial reports. Each program receives at least one annual actuarial report, as a guide to set rates for the coming year. These are incredibly detailed and provide comparisons of each member's claims experience. If a program declares a dividend, the actuary determines how the total amount of the dividend will be allocated to the membership, based on each member's experience compared to the rest of the group.
Lastly, and most importantly, each program has a goal of maintaining just enough surplus to ensure it can get through some bad claims years. This also lets the boards know when there is excess surplus, which can be returned to the members as grants, dividend or in other ways.
I wanted you to know we take this very seriously!
Make sure you contact us when you need help with something,
John Sallade |
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PComp 2020 SIP Grants Increased to $30,000! $15 Million Dividend Declared!
The PComp Board of Directors has authorized continuing the PComp Safety Improvement Grant program for 2020 - and has increased the annual amount available to each PComp member to a maximum of $30,000. (Members with a total PComp premium to PComp of $30,000 or less have their grant amount limited to 75% of their premium.)
With this year's dividend and increase grant funding, PComp will now have returned $17,127,178 to the members in the last seven years:
Year
|
Dividend
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SIP Grants
|
2019
|
$1,500,000
|
$88,597
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2018
|
$2,500,000
|
$825,534
|
2017
|
$2,500,000
|
$635,683
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2016
|
$2,500,000
|
$449,702
|
2015
|
$2,000,000
|
$404,992
|
2014
|
$1,600,000
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2013
|
$1,372,670
|
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Subtotal
|
$13,972,670
|
$3,154,508
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Total Returned to Members: $17,127,178
Remember that this does not impact your 2019 SIP Grant funding - and if you have not used all of your 2019 funding, please get those requests to us as soon as possible!
Dividend checks were mailed to PComp members in later October. If you have any questions about the dividend or SIP grants, please contact
John Sallade
at CCAP.
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Hot Topics
Cyber Ransom Payments
PCoRP provides cyber liability coverage to 52 counties, and five county related entities. The coverage provides immediate action to assist members with hacks and other incidents, including forensic investigation, and even help with media relations. The coverage does not currently include payment of a ransom demand. From the start of PCoRP's provision of this coverage, our reinsurer - which only insures county risk pools - did not feel paying ransom was a good response to an attack - so that was not included in the coverage. It's been that way for more than five years.
I am expecting that to change. I talked with our reinsurer a couple of weeks ago, after getting calls and comments just like yours - seeing what options we have concerning ransom. We've got some decisions to make and I'm not sure will be any additional costs, and whether it will be optional for each county or just provided to everyone. This remains to be seen. But we are going to make something available, probably at the June 1, 2020 renewal.
Coincidently - I recently attended a seminar which featured an update on cyber insurance and what the insurance market is doing to provide coverage. The general advice from the insurance industry is to not pay ransom. Some of the reasons were:
- You could be dealing with/funding a terrorist
- There is no guarantee when you pay the ransom that they will release your data
- In some cases after the payment is made there is then a demand for more money
- Many times the data, when released, has been corrupted
Of course, if you have your systems backed up well this should lessen the need to pay ransom.
Recent articles in insurance publications have noted that insurance companies are seeing much higher costs than anticipated for ransom coverage for public entities. This means either the coverage limits will be reduced, or the pricing will go up, or both. This is a quickly changing coverage area - stay tuned!
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PCoRP Annual Meeting - November 25, 2019
The PCoRP membership will meet once again at the CCAP Fall Conference, on Monday evening, November 25 at the CCAP Fall Conference. The dinner starts at 6 p.m. and all PCoRP members are invited to attend at no cost. After the dinner a brief update on PCoRP will be provided, and the annual PCoRP awards will be presented. There are no elections to be held at this meeting. There may be some proposed bylaws amendments presented to the members.
The following individuals and their guests from PCoRP member counties are invited: commissioners, council members, county executives, chief clerks, county administrators, risk managers, newly elected commissioners and council members, local insurance producers and others who work with PCoRP on behalf of the county or county related entity.
Please note that newly elected commissioners who are attending the Fall Conference are also invited to attend the PCoRP dinner, so please register them.
For a complete list of PCoRP members, click
here.
To register for the membership meeting, click here or send an email to [email protected].
PCoRP provides property, liability, auto, crime, cyber and other related insurance coverages, risk control, claims services and risk management training to Pennsylvania counties and county related entities.
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Fall Risk Management Workshops!
Although the fall workshop season is coming to a close, there are still a few trainings available in November. Please join us for the Prison Personnel Workshop and County Risk Managers Council Meetings in two locations.
Even before the workshop season ends, we are starting to plan for the spring workshop season. Please feel free to send any topic suggestions to me at
[email protected]
.
We truly appreciate your suggestions because we want to continue to offer educational opportunities of value to you!
Here is a quick look at the remaining fall workshops.
November
As a reminder, most of the workshops are FREE to attend if your county is a member of the sponsoring Insurance Programs. Please refer to the
GLIMPSE Online
section the CCAP website for all the information on topic descriptions, dates, times, locations and membership!
The CCAP Insurance Programs continues to collaborate with the
Academy for Excellence in County Government.
Please refer to our website for additional information on co-sponsored events. These workshops are FREE to current Academy participants.
As always, if you have any questions please feel free to contact
[email protected]
or (717) 736-4728.
If I don't see you this fall, I hope to see you in the spring!
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Wellness Matters - Influenza and Flu Shot Myths
The flu season officially begins October 1 each year. To ramp up your employee flu shot administration program, dispel these common myths:
1. The flu is just a bad cold. Influenza and the common cold are caused by different viruses. While some of the symptoms are similar, influenza is much more serious. Influenza is a contagious, respiratory virus that causes a high fever, severe body aches and fatigue, and harsh cough. Serious complications include hospitalization, pneumonia or death.
2.
The flu shot causes the flu. The flu shot is made from an inactivated virus that cannot transmit illness. Sometimes flu shot side effects such as low-grade fever and mild body aches are considered the flu; but they are not. Because it takes about 10 to 14 days to acquire protection, people who got sick after receiving the immunization assume it was from the shot; however, they were most likely already exposed to a virus and going to get sick anyway.
3.
You don't need to get the flu shot every year. The influenza virus changes each year; therefore, getting vaccinated yearly is necessary to acquire immunity to the current circulating virus strains.
4
. You can't spread the flu if you aren't sick. You can transmit influenza up to three days before symptoms appear.
5.
The flu shot doesn't work. Per the CDC, flu vaccination reduces the risk of flu illness by between 40% and 60%. In combination with good health habits such as frequent, correct hand hygiene, cleaning and disinfecting frequent touch surfaces, getting plenty of sleep, be physically active, eat nutritiously, and stay hydrated, your chances of getting the flu are greatly reduced.
According to the CDC, everyone six months of age and older should receive the flu shot annually.
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Winter and Holiday Driving Safety Tips
Tis the Season for chilly weather, smores and bon fires soon to be followed by sleigh riding and cups of hot cocoa. Oh, to be a kid again and only have snow days to worry about. With the change of Seasons comes many additional driving dangers, now is the time to make sure your vehicle is in optimal condition.
According to Consumer Reports here is a list of 5 things to get your vehicle ready for the plummeting temperatures.
- Make sure your battery is in good condition
- Check your wiper blades and replace if needed
- Clean your windows and keep them clear of dirt, frost and snow
- Check your tires consider putting on snow tires or all season tires if they need to be changed
- Check your oil
The temperatures fluctuate drastically in the coming months, give yourself extra time when you head out the door so you are not rushing to get where you need to be. Watch out for fallen leaves that may be wet from the dew/frost they can be just as slippery as ice. With the bare trees the risk of sun glare is more prevalent as well, a sun glare will leave you temporarily blinded. Those water run offs now may be frozen over in the morning. Along with the weather related driving dangers, the seasons bring other hazards as well. Holiday travel makes the roads more heavily congested, give yourself extra time and remain calm in traffic. Along with watching out for other drivers you need to constantly be on alert for wildlife especially early morning and evening.
Slow down, give yourself extra time. Stay alert and we all should get where we need to be safely!
NSC certified Defensive Driving Instructor
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CCAP UC Trust Update - 2020 rates will decrease an average of 1.4 percent!
The Board of Directors of the CCAP Unemployment Compensation Trust met on October 18 at the CCAP office. The board received financial, operational and other updates. As a result of continued overall decreases in unemployment benefit charges and general economic improvement compared to the last several years, the Board approved the actuary's recommendation for a 1.4 percent decrease in the total average contributions to the Trust. The Board also approved the 2020 operating budget.
The Board encourages all members to continue their education in risk management through onsite programs through CCAP, online training through Local GovU and Corporate Cost Control. Questions regarding the UC Trust and related training should be directed to Desiree Nguyen at (717) 736-4779 or
[email protected]
or Linda Rosito at (717) 736-4728 or
[email protected]
.
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Nationwide 457(b) Plan
As many of you know, CCAP partners with The National Association of Counties (NACo) and Nationwide Retirement Solutions (NRS) to help ensure the financial security of county employees with a competitive Deferred Compensation Program. The NRS Deferred Compensation Program allows county employees many options for tax deferred supplemental retirement savings.
Click here for an overview of the NRS Deferred Compensation Program.
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CCAP Center for Excellence in County Leadership (CEL) Program Accepting Applications for 2020 Program
Strong leadership is essential to county success and future growth. The CEL Program offers county commissioners or council members, chief clerks, county administrators and solicitors in Pennsylvania's 67 counties the opportunity to be immersed in an intensive leadership curriculum which will enhance personal and professional growth. Key county leaders and department heads may apply by providing a written letter of support from their county commissioner/council member. The program features curriculum including managerial versatility, interpersonal dynamics, crisis communication, media management, problem solving, decision making and more.
The two and a half-day intensive program will be held at the CCAP office in Harrisburg on June 17 - 19, 2020. We invite you to explore this exciting educational opportunity offered exclusively by the
County Commissioners Association of Pennsylvania (CCAP)
. Participation is available to one eligible person per county per year, with a maximum of 12 participants per year. Application is required by January 31, 2020 to be considered for participation in the June 2020 session.
We invite you to be involved in this exciting program!
THANK YOU TO OUR 2020 CEL PROGRAM SPONSORS:
Gold Ribbon Sponsor
Silver Ribbon Sponsors
Partner Sponsors
Please feel free to contact Mandi Glantz directly with questions.
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Upcoming Events
November 15, 2019
SCHRPP Board Meeting
CCAP Office, Harrisburg
November 23-26, 2019
2019 Newly Elected Officials Workshop and CCAP Fall Conference
The Hotel Hershey, Hershey
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Quote of the Month
"Life is a series of natural and spontaneous changes. Don't resist them; that only creates sorrow. Let reality be reality. Let things flow naturally forward in whatever way they like. ."
-Lao Tzu
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