West Virginia Offices of the Insurance Commissioner 2009 Annual ...

Audited Financial Results: Fiscal Year 2009
Access WV was included as an enterprise fund in the financial audit of the Offices of the Insurance
Commissioner for State Fiscal Year 2009 ending June 30, 2009. No issues were identified for
AccessWV. Total net assets were reported as $11.16 million. Net premium revenues of $3.89 million
for the fiscal year exceeded operating expenses of $3.53 million. The audit was done by Suttle and
Stalnaker, PLLC of Charleston.
Financial Results: Calendar Year 2009
Unaudited financial results for Calendar Year 2009 are reported here. An audit of AccessWV
Financial Statements for State Fiscal Year 2010 for the period ending June 30, 2010, will be
undertaken during 2010.
AccessWV ended 2009 with a cash balance of $12.90 million and a calendar year surplus of $1.52
million. The year ended with an operational gain (premiums minus expenses) of $335,000.
Calendar Year 2009 revenues were reported as $5.47 million on a cash basis. These revenues came
from hospital assessments, premiums and interest. The “Uninsurable Individuals Act” provides for
hospital assessments as the interim source of financing for the high risk pool, at a maximum of an
additional one quarter of one percent of the assessment by the state Health Care Authority. The
additional assessment was levied at a rate half the permitted maximum in 2009 and provided
$1,034,772 to support the pool. Premiums contributed $4,287,737 to revenue, and interest earnings
came to $39,260. No federal funding was received in 2009.
Calendar Year expenditures on a cash basis were $3.95 million, with $3.6 of that amount going to pay
claims, including both medical and pharmacy. Administrative expense was $340,686, for an
administrative expense ratio of 7.9%. This measure has decreased as Plan enrollment increased.
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