License No. 0451271 Innovative Solutions. Enduring Principles. FINANCIAL MANAGEMENT INFORMATION REPORT SETECH (Service Enhancement Technologies) Presented.

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Presentation transcript:

License No Innovative Solutions. Enduring Principles. FINANCIAL MANAGEMENT INFORMATION REPORT SETECH (Service Enhancement Technologies) Presented by: Hesam Fayaz December 2, 2011

License No Innovative Solutions. Enduring Principles. Statement of Net Assets (Page 1) 10/11 Funding $ 751,703 Investment Income 12,636 Claims Paid 10/11 (368,311)

License No Innovative Solutions. Enduring Principles. Statement of Net Assets (Page 1) 10/11 Claim Ultimates $ 619,996 Deferred Revenue 65,290 Decrease Ult PY 09/10/Prior (53,062) Utilization in Due to Members (83,845) Net Claims Paid 10/11 (368,311)

License No Innovative Solutions. Enduring Principles. Net Assets$ 898,152 Capital Target - 90% Probability (193,396) - Additional (200,000) Net Assets in Excess 504,756 Statement of Net Assets (Page 1) Decrease ULAE 09/10 Prior $ 257,269 Prior Year Adjustments 71,011 Decrease Ult PY 09/10/Prior 53,062 Interest Income 12,636 Net Deficit in PY 10/11 (129,405)

License No Innovative Solutions. Enduring Principles. Adopted Budget Versus Actual (Page 2) Additional Endorsements $ 22,387 Prior Year Member Contribution (1,336) Investment Income 1,636

License No Innovative Solutions. Enduring Principles. Adopted Budget Versus Actual (Page 2) Administrative $ (221,442) ReLiEF/Other Ins 22,387 Claims Pd/Chng Liab 35,581

License No Innovative Solutions. Enduring Principles. Calculation of Net Assets/(Deficit) by Program Year – Pg 4

License No Innovative Solutions. Enduring Principles. Actual Costs as a % of Original Net Contributions – Pg 5 Overall – 76.98% 10 Year – 84.23%

License No Innovative Solutions. Enduring Principles. Incurred but not reported Actuarial estimate above incurred Difference between incurred and paid claims Paid claims within EBSIG level Estimated Ultimate Incurred by Program Year – Pg 12 Total Discounted Claim Liabilities - $1,082,563 IBNR – $442, % Unpaid Reserves – $639, %

License No Innovative Solutions. Enduring Principles. Schedule of Discounted Claim Liabilities – Pg 13

License No Innovative Solutions. Enduring Principles. Thank you from the Team Questions ?