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

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Financial Accounting Unit The Financial Accounting Unit is responsible for the preparation of the annual audited financial statements for the OIC. This includes preparation of the trial balance, footnotes, required supplementary information, and other disclosures as required. This Financial Accounting Unit works closely with consulting actuaries in order to assist with the annual reserve study of the OIC’s claims liabilities. Work performed includes the preparation and coordination of data and the preliminary review and analysis of actuarial indications. The Financial Accounting Unit coordinates the information for the independent auditors and provides all supporting documentation for financial statement numbers. The OIC Financial Accounting Unit also prepares and distributes monthly financial reports of OIC Funds to Executive Management. The OIC funds reported on a monthly basis consist of the Operating Fund, the Access WV Fund, the Coal Worker’s Pneumoconiosis Fund, the Old Fund, the Self-Insured Guaranty Fund, the Self-Insured Security Fund and the Uninsured Employer’s Fund. These reports are used for internal analysis and external use at the legislative interim meetings. The Financial Accounting Unit also prepares and submits the OIC annual budget and budget narrative, as well as the appropriation and expenditure schedules as required by the State of WV for all OIC Funds. The Accounting Department prepares and monitors budgets for twelve separate OIC Funds. An analysis of budget to actual expenditures is also performed. Daily operations of the Financial Accounting Unit include accounts payable processing through the state’s accounting system, the Financial Information Management System (FIMS.) The Financial Accounting Department is also responsible for handling and processing all agency cash receipts processing for all units of the OIC through FIMS and for depositing any non-lockbox checks with the Treasurer’s Office. The Financial Accounting Unit performs all daily cash management and investing activities of the OIC, and serves as the liaison with the Treasure’s Office, the Auditor’s Office, the WV Investment Management Board and the Board of Treasury Investments. The Financial Accounting Unit monitors investment performance and performs monthly investment analysis for all invested assets held by the OIC. The Financial Accounting Unit coordinates with the OIC’s contracted Third Party Administrators to disburse the claims payments to beneficiaries of the insurance programs administered by the OIC, including the 5 worker’s compensation related Funds and Access WV, which is a high risk health insurance plan. The Financial Accounting Unit calculates the claims liabilities of all self-insured employers of the State of WV in order to provide the OIC’s Self-Insurance Unit with a reasonable estimate of the magnitude of worker’s compensation risk exposure. 52
ACCOMPLISHMENTS FOR 2009 Received a fourth consecutive “clean” opinion on the OIC’s Audited Financial Statements. Performed year end work on an interim basis when possible to do so and thereby greatly reduced the amount of time necessary for the completion of the annual financial statement preparation. Prepared and distributed monthly financial reports for all OIC funds on a timely basis. Increased efficiency in the Accounts Payable processing area. Prepared the annual budget and all related documents on a timely basis. Achieved all formal staff training goals and objectives. 53
Page 1 and 2: West Virginia Offices of the Insura
Page 3 and 4: Executive Summary This report to th
Page 5 and 6: TABLE OF CONTENTS SECTION 1 GENERAL
Page 7 and 8: Admitted Assets, Liabilities, Commo
Page 9 and 10: Organizational Chart Virgil Helton,
Page 11 and 12: FEES AND TAXES COLLECTED DURING THE
Page 13 and 14: WEST VIRGINIA OFFICES OF THE INSURA
Page 15 and 16: APPROPRIATED APPROPRIATED EXPENDITU
Page 17 and 18: SECTION 2 DIVISIONAL REPORTS 17
Page 19 and 20: An applicant must be a resident of
Page 21 and 22: Major Activities in 2009 The Plan
Page 23 and 24: Agents Licensing and Education Divi
Page 25: Workers’ Compensation Board of Re
Page 28 and 29: The focused settlement initiative h
Page 30 and 31: October 2008 November 2008 December
Page 32 and 33: Offices of the Insurance Commission
Page 34 and 35: January 2009 February 2009 March 20
Page 36 and 37: Representing Consumers in First and
Page 38 and 39: FIRST PARTY COMPLAINTS HANDLED BY T
Page 40 and 41: CERTIFICATE OF NEED - March 2009 FA
Page 42 and 43: Hospital Rate Review The Office of
Page 44 and 45: Consumer Service Division The Consu
Page 46 and 47: CONSUMER SERVICE COMPLAINTS CALENDA
Page 48 and 49: CONSUMER SERVICE COMPLAINTS CALENDA
Page 50 and 51: Employer Coverage Unit The Employer
Page 54 and 55: Financial Conditions Division The p
Page 56 and 57: FINANCIAL CONDITIONS DIVISION West
Page 58 and 59: FINANCIAL CONDITIONS DIVISION West
Page 60 and 61: WEST VIRGINIA ESSENTIAL PROPERTY IN
Page 62 and 63: 2009 Summary of West Virginia Opera
Page 64 and 65: American Retirement Life Insurance
Page 66 and 67: ADP Totalsource, Inc. d/b/a ADP Tot
Page 68 and 69: FINANCIAL CONDITIONS DIVISION Merit
Page 70 and 71: FINANCIAL CONDITIONS DIVISION Compa
Page 78 and 79: FINANCIAL CONDITIONS DIVISION Risk
Page 92 and 93: National Health Club Purchasing Gro
Page 100 and 101: FINANCIAL CONDITIONS DIVISION Name
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FINANCIAL CONDITIONS DIVISION Name
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FINANCIAL CONDITIONS DIVISION Name
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ADA Risk Purchasing Group, Inc. (Am
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FINANCIAL CONDITIONS DIVISION Liqui
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Office of Inspector General—Fraud
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The following chart depicts statist
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James R. Hiroskey Jr., age 25 of Lo
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Ramona Mack, age 40 of Winfield, pl
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Jennifer Jo & Matthew Nichols, ages
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Senate Bill 284 - Relating to Viati
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Senate Bill 537 - Relating to Worke
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Senate Bill 537 -continued §33-2-2
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House Bill 3047 - Clarifying that t
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114 CSR 42 - Continuing Education f
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09-EO-03 - Emergency Order entered
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DISCIPLINARY ACTIONS Individual Ins
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Market Conduct Unit Four (4) “Agr
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Employer Violator System (EVS) The
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MANAGED HEALTH CARE PLANS: The West
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A Client Reporting process was deve
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Non-Workers’ Compensation Matters
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Rates and Forms Division The Rates
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2009 Filings by Product Commercial
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Approved Rate Change History of Top
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Private Passenger Auto Market Share
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2009 West Virginia Market Share Rep
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Total for Top 10 Insurers 76.87% $4
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Admitted Assets, Liabilities, Net W
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Admitted Assets, Liabilities, Commo
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Domestic Property Insurers Common P
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Admitted Assets, Liabilities, Capit
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Admitted Assets, Liabilities, Capit
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West Virginia Offices of the Insurance Commissioner 2009 Annual ...

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