Georgia EMC Workers` Compensation Fund Trustee Meeting

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November 5, 2013
GEMC Workers’ Compensation
Fund Trustee Meeting
Georgia Electric Membership Corporation
Workers’ Compensation Fund
Georgia EMC Workers’ Compensation
Fund Trustee Meeting Conference Call
• Gary Miller
- Call Meeting to Order
• Tonya Washington
- Roll Call
- Determination of Quorum
• Gary Miller
- Motion on April 17, 2013 Trustee Meeting Minutes
» All in Favor
Georgia Electric Membership Corporation
Workers’ Compensation Fund
Investment Committee Report
The Investment Committee met via
conference call on October 7, 2013
• The following items were reviewed,
discussed and approved:
-
Reviewed the Fund’s Portfolio
Current Economic Conditions and Outlook
Reviewed the Fund’s Investment Guidelines
Reviewed and Approved the Fund’s Purchases
and Sales from March 20, 2013 through
September 30, 2013
Georgia Electric Membership Corporation
Workers’ Compensation Fund
Reviewed Fund’s Portfolio and
Performance
• Fund’s Portfolio as of Sept. 30, 2013
-
Current Market Value $11,575,148
Current Cost Value
$11,152,312
Unrealized Gain
$ 422,836
Estimated Income
$ 382,485
Georgia Electric Membership Corporation
Workers’ Compensation Fund
Reviewed Fund’s Portfolio and
Performance
Georgia Electric Membership Corporation
Workers’ Compensation Fund
Investment Committee Report
 You were furnished an electronic copy of
all purchases and sales for the Fund from
March 20, 2013 thru September 30, 2013
 The total purchases and sales were as
follows:
Bonds Matured
Bonds/Stocks Sold
Total Matured/Sold
Total Purchases
Georgia Electric Membership Corporation
Workers’ Compensation Fund
$ 575,000
$ 634,663
$ 1,209,663
$ (805,593)
Investment Committee Report
These maturities, purchases and
sales and were reviewed and
approved by the Investment
Committee
- Any further discussion
»All in favor
Georgia Electric Membership Corporation
Workers’ Compensation Fund
Executive Committee Report
• Executive Committee Meetings:
- Met October 8, 2014 to review and
approve the Georgia EMC Workers’
Compensation Fund 2014 Budget
- Met July 22, 2013 to approve North
Georgia Network’s Membership in
the Fund
Georgia Electric Membership Corporation
Workers’ Compensation Fund
2014 Georgia EMC Workers’
Compensation Fund Budget
Budget Comparison
Net Change Net Change
in 2014
in 2014
Budget $
Budget %
2013 Projected Actual
Projected
Projected
Actual to
Actual to
Budget $
Budget %
2014 Budget 2013 Budget
2013
Projected
Actual
1,096,524
1,009,406
1,021,977
87,118
8.63%
12,571
1.25%
TPA Services
141,450
138,000
138,000
3,450
2.50%
-
0.00%
SITF
290,000
290,000
276,026
-
0.00%
(13,974)
-4.82%
State Board of WC
93,000
85,000
90,128
8,000
9.41%
5,128
6.03%
Consulting Services
89,000
109,000
89,596
(20,000)
-18.35%
(19,404)
-17.80%
617,246
628,084
714,817
(10,839)
-1.73%
86,733
13.81%
2,327,220
2,259,490
2,330,544
67,730
3.00%
71,054
3.14%
Description
Insurance Placement
Personnel & A&G Costs
Georgia Electric Membership Corporation
Workers’ Compensation Fund
2014 Georgia EMC Workers’
Compensation Fund Budget
Budget Comparison
Net Change Net Change
in 2014
in 2014
Budget $
Budget %
2013 Projected Actual
Projected
Projected
Actual to
Actual to
Budget $
Budget %
2014 Budget 2013 Budget
2013
Projected
Actual
1,096,524
1,009,406
1,021,977
87,118
8.63%
12,571
1.25%
TPA Services
141,450
138,000
138,000
3,450
2.50%
-
0.00%
SITF
290,000
290,000
276,026
-
0.00%
(13,974)
-4.82%
State Board of WC
93,000
85,000
90,128
8,000
9.41%
5,128
6.03%
Consulting Services
89,000
109,000
89,596
(20,000)
-18.35%
(19,404)
-17.80%
617,246
628,084
714,817
(10,839)
-1.73%
86,733
13.81%
2,327,220
2,259,490
2,330,544
67,730
3.00%
71,054
3.14%
Description
Insurance Placement
Personnel & A&G Costs
Georgia Electric Membership Corporation
Workers’ Compensation Fund
2014 Georgia EMC Workers’
Compensation Fund Budget
Budget Comparison
Net Change Net Change
in 2014
in 2014
Budget $
Budget %
2013 Projected Actual
Projected
Projected
Actual to
Actual to
Budget $
Budget %
2014 Budget 2013 Budget
2013
Projected
Actual
1,096,524
1,009,406
1,021,977
87,118
8.63%
12,571
1.25%
TPA Services
141,450
138,000
138,000
3,450
2.50%
-
0.00%
SITF
290,000
290,000
276,026
-
0.00%
(13,974)
-4.82%
State Board of WC
93,000
85,000
90,128
8,000
9.41%
5,128
6.03%
Consulting Services
89,000
109,000
89,596
(20,000)
-18.35%
(19,404)
-17.80%
617,246
628,084
714,817
(10,839)
-1.73%
86,733
13.81%
2,327,220
2,259,490
2,330,544
67,730
3.00%
71,054
3.14%
Description
Insurance Placement
Personnel & A&G Costs
Georgia Electric Membership Corporation
Workers’ Compensation Fund
2014 Georgia EMC Workers’
Compensation Fund Budget
Budget Comparison
Net Change Net Change
in 2014
in 2014
Budget $
Budget %
2013 Projected Actual
Projected
Projected
Actual to
Actual to
Budget $
Budget %
2014 Budget 2013 Budget
2013
Projected
Actual
1,096,524
1,009,406
1,021,977
87,118
8.63%
12,571
1.25%
TPA Services
141,450
138,000
138,000
3,450
2.50%
-
0.00%
SITF
290,000
290,000
276,026
-
0.00%
(13,974)
-4.82%
State Board of WC
93,000
85,000
90,128
8,000
9.41%
5,128
6.03%
Consulting Services
89,000
109,000
89,596
(20,000)
-18.35%
(19,404)
-17.80%
617,246
628,084
714,817
(10,839)
-1.73%
86,733
13.81%
2,327,220
2,259,490
2,330,544
67,730
3.00%
71,054
3.14%
Description
Insurance Placement
Personnel & A&G Costs
Georgia Electric Membership Corporation
Workers’ Compensation Fund
2014 Georgia EMC Workers’
Compensation Fund Budget
Budget Comparison
Net Change Net Change
in 2014
in 2014
Budget $
Budget %
2013 Projected Actual
Projected
Projected
Actual to
Actual to
Budget $
Budget %
2014 Budget 2013 Budget
2013
Projected
Actual
1,096,524
1,009,406
1,021,977
87,118
8.63%
12,571
1.25%
TPA Services
141,450
138,000
138,000
3,450
2.50%
-
0.00%
SITF
290,000
290,000
276,026
-
0.00%
(13,974)
-4.82%
State Board of WC
93,000
85,000
90,128
8,000
9.41%
5,128
6.03%
Consulting Services
89,000
109,000
89,596
(20,000)
-18.35%
(19,404)
-17.80%
617,246
628,084
714,817
(10,839)
-1.73%
86,733
13.81%
2,327,220
2,259,490
2,330,544
67,730
3.00%
71,054
3.14%
Description
Insurance Placement
Personnel & A&G Costs
Georgia Electric Membership Corporation
Workers’ Compensation Fund
2014 Georgia EMC Workers’
Compensation Fund Budget
Budget Comparison
Net Change Net Change
in 2014
in 2014
Budget $
Budget %
2013 Projected Actual
Projected
Projected
Actual to
Actual to
Budget $
Budget %
2014 Budget 2013 Budget
2013
Projected
Actual
1,096,524
1,009,406
1,021,977
87,118
8.63%
12,571
1.25%
TPA Services
141,450
138,000
138,000
3,450
2.50%
-
0.00%
SITF
290,000
290,000
276,026
-
0.00%
(13,974)
-4.82%
State Board of WC
93,000
85,000
90,128
8,000
9.41%
5,128
6.03%
Consulting Services
89,000
109,000
89,596
(20,000)
-18.35%
(19,404)
-17.80%
617,246
628,084
714,817
(10,839)
-1.73%
86,733
13.81%
2,327,220
2,259,490
2,330,544
67,730
3.00%
71,054
3.14%
Description
Insurance Placement
Personnel & A&G Costs
Georgia Electric Membership Corporation
Workers’ Compensation Fund
2014 Georgia EMC Workers’
Compensation Fund Budget
Budget Comparison
Net Change Net Change
in 2014
in 2014
Budget $
Budget %
2013 Projected Actual
Projected
Projected
Actual to
Actual to
Budget $
Budget %
2014 Budget 2013 Budget
2013
Projected
Actual
1,096,524
1,009,406
1,021,977
87,118
8.63%
12,571
1.25%
TPA Services
141,450
138,000
138,000
3,450
2.50%
-
0.00%
SITF
290,000
290,000
276,026
-
0.00%
(13,974)
-4.82%
State Board of WC
93,000
85,000
90,128
8,000
9.41%
5,128
6.03%
Consulting Services
89,000
109,000
89,596
(20,000)
-18.35%
(19,404)
-17.80%
617,246
628,084
714,817
(10,839)
-1.73%
86,733
13.81%
2,327,220
2,259,490
2,330,544
67,730
3.00%
71,054
3.14%
Description
Insurance Placement
Personnel & A&G Costs
Georgia Electric Membership Corporation
Workers’ Compensation Fund
2014 Georgia EMC Workers’
Compensation Fund Budget
Budget Comparison
Net Change Net Change
in 2014
in 2014
Budget $
Budget %
2013 Projected Actual
Projected
Projected
Actual to
Actual to
Budget $
Budget %
2014 Budget 2013 Budget
2013
Projected
Actual
1,096,524
1,009,406
1,021,977
87,118
8.63%
12,571
1.25%
TPA Services
141,450
138,000
138,000
3,450
2.50%
-
0.00%
SITF
290,000
290,000
276,026
-
0.00%
(13,974)
-4.82%
State Board of WC
93,000
85,000
90,128
8,000
9.41%
5,128
6.03%
Consulting Services
89,000
109,000
89,596
(20,000)
-18.35%
(19,404)
-17.80%
617,246
628,084
714,817
(10,839)
-1.73%
86,733
13.81%
2,327,220
2,259,490
2,330,544
67,730
3.00%
71,054
3.14%
Description
Insurance Placement
Personnel & A&G Costs
Georgia Electric Membership Corporation
Workers’ Compensation Fund
Executive Committee Report
The 2014 Georgia EMC Workers’
Compensation Fund Budget was
approved by the Executive
Committee
- Any further discussion
»All in favor
Georgia Electric Membership Corporation
Workers’ Compensation Fund
Executive Committee Report
New Member
We are pleased to announce North
Georgia Network has requested
membership in the Fund
The Executive Committee approved
North Georgia Network’s application
for Membership effective August 1, 2013
- Any further discussion on the matter
»All in favor
Georgia Electric Membership Corporation
Workers’ Compensation Fund
Fund Transition
• Effective February 28, 2014 I will be
retiring
• Tony Watkins will be taking the lead
role for the Fund’s activities
- Effective January 1, 2014, Tony Watkins’ title
will be changed to Chief Operating Officer
- Mary Wellman will assume the duties for the
Fund’s financial reporting and report to the
Chief Operating Officer
Georgia Electric Membership Corporation
Workers’ Compensation Fund
Fund Transition
• Additional items to be addressed
- The Georgia EMC Workers’ Compensation
Fund Bylaws need to amended reflecting title
changes for Fund operations. A copy of the
amended marked-up bylaws have been furnished
for your information
- Need a motion to amend the bylaws changing the
management of the Fund from the Chief
Financial Officer to the Chief Operating Officer
effective January 31, 2013
• Second
• All in favor
Georgia Electric Membership Corporation
Workers’ Compensation Fund
Fund Transition
• Additional items to be addressed
- Check signing authority needs to be
provided for the Chief Operating Officer
» Need motion providing check signing
authority for Chief Operating Officer
effective January 31, 2013
• Second
• All in favor
Georgia Electric Membership Corporation
Workers’ Compensation Fund
Financial Highlights
September 30, 2013
September 30, 2013
Total Assets
$13,426,040
Reserves & Liabilities
December 31, 2012
Total Assets
$12,702,809
Reserves & Liabilities
$10,565,424
$10,233,882
Surplus
Surplus
$2,860,619
$2,468,928
Georgia Electric Membership Corporation
Workers’ Compensation Fund
Surplus By Year
As Of September 30, 2013
$450,000
$200,000
($50,000)
2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 82/94
Surplus
Georgia Electric Membership Corporation
Workers’ Compensation Fund
Surplus/IBNR By Year
As Of September 30, 2013
$1,750,000
$1,550,000
$1,350,000
$1,150,000
$950,000
$750,000
$550,000
$350,000
$150,000
($50,000)
2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 82/94
Surplus
Georgia Electric Membership Corporation
Workers’ Compensation Fund
IBNR
Financial Highlights
September 30, 2013
Fund
Earned
Net Claims
Claims
Claims Paid
Financial
Year
Premium
Paid
Reserves
& Reserved
Surplus
Open
Claims Claims
Loss
Ratio
2013
5,060,496
1,780,147
3,472,808
5,252,955
276
123
103.80%
2012
6,792,424
1,887,290
848,590
2,735,881
262,535
343
15
40.28%
2011
6,451,109
2,552,580
496,684
3,049,264
160,516
371
9
47.27%
2010
6,169,447
2,359,760
967,509
3,327,270
235,245
437
13
53.93%
2009
6,313,430
3,649,009
472,140
4,121,149
36,168
512
3
65.28%
2008
6,370,328
2,623,516
385,604
3,009,121
7,043
516
4
47.24%
2007
5,647,078
2,847,982
71,262
2,919,244
551,159
513
1
51.69%
2006
4,965,595
1,506,571
67,439
1,574,010
328,189
468
2
31.70%
2005
5,158,207
2,361,825
-
2,361,825
337,908
493
-
45.79%
2004
4,887,895
2,391,850
773
2,392,622
191,221
544
1
48.95%
2003
3,949,730
1,202,711
-
1,202,711
50,805
502
-
30.45%
2002
3,550,964
766,186
-
766,186
72,563
521
-
21.58%
2001
3,701,507
1,439,534
-
1,439,534
75,099
607
-
38.89%
2000
3,474,228
1,027,565
-
1,027,565
51,280
578
-
29.58%
1999
3,629,224
1,760,164
-
1,760,164
68,987
570
-
48.50%
1998
3,543,666
1,606,456
275,708
1,882,164
(31,474)
615
5
53.11%
1997
3,426,846
1,129,568
48,241
1,177,810
18,026
552
1
34.37%
1996
3,524,782
892,925
-
892,925
69,385
620
-
25.33%
1995
3,370,421
2,108,024
-
2,108,024
104,443
679
-
62.54%
82/94
27,201,288
14,082,872
134,866
14,217,738
308,947
8,680
3
52.27%
Total
117,188,665
49,976,535
7,241,626
57,218,161
2,860,618
18,397
180
48.83%
Georgia Electric Membership Corporation
Workers’ Compensation Fund
(37,427)
Total
Financial Highlights
September 30, 2013
Fund
Earned
Net Claims
Claims
Claims Paid
Financial
Year
Premium
Paid
Reserves
& Reserved
Surplus
Open
Claims Claims
Loss
Ratio
2013
5,060,496
1,780,147
3,472,808
5,252,955
276
123
103.80%
2012
6,792,424
1,887,290
848,590
2,735,881
262,535
343
15
40.28%
2011
6,451,109
2,552,580
496,684
3,049,264
160,516
371
9
47.27%
2010
6,169,447
2,359,760
967,509
3,327,270
235,245
437
13
53.93%
2009
6,313,430
3,649,009
472,140
4,121,149
36,168
512
3
65.28%
2008
6,370,328
2,623,516
385,604
3,009,121
7,043
516
4
47.24%
2007
5,647,078
2,847,982
71,262
2,919,244
551,159
513
1
51.69%
2006
4,965,595
1,506,571
67,439
1,574,010
328,189
468
2
31.70%
2005
5,158,207
2,361,825
-
2,361,825
337,908
493
-
45.79%
2004
4,887,895
2,391,850
773
2,392,622
191,221
544
1
48.95%
2003
3,949,730
1,202,711
-
1,202,711
50,805
502
-
30.45%
2002
3,550,964
766,186
-
766,186
72,563
521
-
21.58%
2001
3,701,507
1,439,534
-
1,439,534
75,099
607
-
38.89%
2000
3,474,228
1,027,565
-
1,027,565
51,280
578
-
29.58%
1999
3,629,224
1,760,164
-
1,760,164
68,987
570
-
48.50%
1998
3,543,666
1,606,456
275,708
1,882,164
(31,474)
615
5
53.11%
1997
3,426,846
1,129,568
48,241
1,177,810
18,026
552
1
34.37%
1996
3,524,782
892,925
-
892,925
69,385
620
-
25.33%
1995
3,370,421
2,108,024
-
2,108,024
104,443
679
-
62.54%
82/94
27,201,288
14,082,872
134,866
14,217,738
308,947
8,680
3
52.27%
Total
117,188,665
49,976,535
7,241,626
57,218,161
2,860,618
18,397
180
48.83%
Georgia Electric Membership Corporation
Workers’ Compensation Fund
(37,427)
Total
Financial Highlights
September 30, 2013
Fund
Earned
Net Claims
Claims
Claims Paid
Financial
Year
Premium
Paid
Reserves
& Reserved
Surplus
Open
Claims Claims
Loss
Ratio
2013
5,060,496
1,780,147
3,472,808
5,252,955
276
123
103.80%
2012
6,792,424
1,887,290
848,590
2,735,881
262,535
343
15
40.28%
2011
6,451,109
2,552,580
496,684
3,049,264
160,516
371
9
47.27%
2010
6,169,447
2,359,760
967,509
3,327,270
235,245
437
13
53.93%
2009
6,313,430
3,649,009
472,140
4,121,149
36,168
512
3
65.28%
2008
6,370,328
2,623,516
385,604
3,009,121
7,043
516
4
47.24%
2007
5,647,078
2,847,982
71,262
2,919,244
551,159
513
1
51.69%
2006
4,965,595
1,506,571
67,439
1,574,010
328,189
468
2
31.70%
2005
5,158,207
2,361,825
-
2,361,825
337,908
493
-
45.79%
2004
4,887,895
2,391,850
773
2,392,622
191,221
544
1
48.95%
2003
3,949,730
1,202,711
-
1,202,711
50,805
502
-
30.45%
2002
3,550,964
766,186
-
766,186
72,563
521
-
21.58%
2001
3,701,507
1,439,534
-
1,439,534
75,099
607
-
38.89%
2000
3,474,228
1,027,565
-
1,027,565
51,280
578
-
29.58%
1999
3,629,224
1,760,164
-
1,760,164
68,987
570
-
48.50%
1998
3,543,666
1,606,456
275,708
1,882,164
(31,474)
615
5
53.11%
1997
3,426,846
1,129,568
48,241
1,177,810
18,026
552
1
34.37%
1996
3,524,782
892,925
-
892,925
69,385
620
-
25.33%
1995
3,370,421
2,108,024
-
2,108,024
104,443
679
-
62.54%
82/94
27,201,288
14,082,872
134,866
14,217,738
308,947
8,680
3
52.27%
Total
117,188,665
49,976,535
7,241,626
57,218,161
2,860,618
18,397
180
48.83%
Georgia Electric Membership Corporation
Workers’ Compensation Fund
(37,427)
Total
Financial Highlights
September 30, 2013
Fund
Earned
Net Claims
Claims
Claims Paid
Financial
Year
Premium
Paid
Reserves
& Reserved
Surplus
Open
Claims Claims
Loss
Ratio
2013
5,060,496
1,780,147
3,472,808
5,252,955
276
123
103.80%
2012
6,792,424
1,887,290
848,590
2,735,881
262,535
343
15
40.28%
2011
6,451,109
2,552,580
496,684
3,049,264
160,516
371
9
47.27%
2010
6,169,447
2,359,760
967,509
3,327,270
235,245
437
13
53.93%
2009
6,313,430
3,649,009
472,140
4,121,149
36,168
512
3
65.28%
2008
6,370,328
2,623,516
385,604
3,009,121
7,043
516
4
47.24%
2007
5,647,078
2,847,982
71,262
2,919,244
551,159
513
1
51.69%
2006
4,965,595
1,506,571
67,439
1,574,010
328,189
468
2
31.70%
2005
5,158,207
2,361,825
-
2,361,825
337,908
493
-
45.79%
2004
4,887,895
2,391,850
773
2,392,622
191,221
544
1
48.95%
2003
3,949,730
1,202,711
-
1,202,711
50,805
502
-
30.45%
2002
3,550,964
766,186
-
766,186
72,563
521
-
21.58%
2001
3,701,507
1,439,534
-
1,439,534
75,099
607
-
38.89%
2000
3,474,228
1,027,565
-
1,027,565
51,280
578
-
29.58%
1999
3,629,224
1,760,164
-
1,760,164
68,987
570
-
48.50%
1998
3,543,666
1,606,456
275,708
1,882,164
(31,474)
615
5
53.11%
1997
3,426,846
1,129,568
48,241
1,177,810
18,026
552
1
34.37%
1996
3,524,782
892,925
-
892,925
69,385
620
-
25.33%
1995
3,370,421
2,108,024
-
2,108,024
104,443
679
-
62.54%
82/94
27,201,288
14,082,872
134,866
14,217,738
308,947
8,680
3
52.27%
Total
117,188,665
49,976,535
7,241,626
57,218,161
2,860,618
18,397
180
48.83%
Georgia Electric Membership Corporation
Workers’ Compensation Fund
(37,427)
Total
Financial Highlights
September 30, 2013
Fund
Earned
Net Claims
Claims
Claims Paid
Financial
Year
Premium
Paid
Reserves
& Reserved
Surplus
Open
Claims Claims
Loss
Ratio
2013
5,060,496
1,780,147
3,472,808
5,252,955
276
123
103.80%
2012
6,792,424
1,887,290
848,590
2,735,881
262,535
343
15
40.28%
2011
6,451,109
2,552,580
496,684
3,049,264
160,516
371
9
47.27%
2010
6,169,447
2,359,760
967,509
3,327,270
235,245
437
13
53.93%
2009
6,313,430
3,649,009
472,140
4,121,149
36,168
512
3
65.28%
2008
6,370,328
2,623,516
385,604
3,009,121
7,043
516
4
47.24%
2007
5,647,078
2,847,982
71,262
2,919,244
551,159
513
1
51.69%
2006
4,965,595
1,506,571
67,439
1,574,010
328,189
468
2
31.70%
2005
5,158,207
2,361,825
-
2,361,825
337,908
493
-
45.79%
2004
4,887,895
2,391,850
773
2,392,622
191,221
544
1
48.95%
2003
3,949,730
1,202,711
-
1,202,711
50,805
502
-
30.45%
2002
3,550,964
766,186
-
766,186
72,563
521
-
21.58%
2001
3,701,507
1,439,534
-
1,439,534
75,099
607
-
38.89%
2000
3,474,228
1,027,565
-
1,027,565
51,280
578
-
29.58%
1999
3,629,224
1,760,164
-
1,760,164
68,987
570
-
48.50%
1998
3,543,666
1,606,456
275,708
1,882,164
(31,474)
615
5
53.11%
1997
3,426,846
1,129,568
48,241
1,177,810
18,026
552
1
34.37%
1996
3,524,782
892,925
-
892,925
69,385
620
-
25.33%
1995
3,370,421
2,108,024
-
2,108,024
104,443
679
-
62.54%
82/94
27,201,288
14,082,872
134,866
14,217,738
308,947
8,680
3
52.27%
Total
117,188,665
49,976,535
7,241,626
57,218,161
2,860,618
18,397
180
48.83%
Georgia Electric Membership Corporation
Workers’ Compensation Fund
(37,427)
Total
Financial Highlights
September 30, 2013
Fund
Earned
Net Claims
Claims
Claims Paid
Financial
Year
Premium
Paid
Reserves
& Reserved
Surplus
Open
Claims Claims
Loss
Ratio
2013
5,060,496
1,780,147
3,472,808
5,252,955
276
123
103.80%
2012
6,792,424
1,887,290
848,590
2,735,881
262,535
343
15
40.28%
2011
6,451,109
2,552,580
496,684
3,049,264
160,516
371
9
47.27%
2010
6,169,447
2,359,760
967,509
3,327,270
235,245
437
13
53.93%
2009
6,313,430
3,649,009
472,140
4,121,149
36,168
512
3
65.28%
2008
6,370,328
2,623,516
385,604
3,009,121
7,043
516
4
47.24%
2007
5,647,078
2,847,982
71,262
2,919,244
551,159
513
1
51.69%
2006
4,965,595
1,506,571
67,439
1,574,010
328,189
468
2
31.70%
2005
5,158,207
2,361,825
-
2,361,825
337,908
493
-
45.79%
2004
4,887,895
2,391,850
773
2,392,622
191,221
544
1
48.95%
2003
3,949,730
1,202,711
-
1,202,711
50,805
502
-
30.45%
2002
3,550,964
766,186
-
766,186
72,563
521
-
21.58%
2001
3,701,507
1,439,534
-
1,439,534
75,099
607
-
38.89%
2000
3,474,228
1,027,565
-
1,027,565
51,280
578
-
29.58%
1999
3,629,224
1,760,164
-
1,760,164
68,987
570
-
48.50%
1998
3,543,666
1,606,456
275,708
1,882,164
(31,474)
615
5
53.11%
1997
3,426,846
1,129,568
48,241
1,177,810
18,026
552
1
34.37%
1996
3,524,782
892,925
-
892,925
69,385
620
-
25.33%
1995
3,370,421
2,108,024
-
2,108,024
104,443
679
-
62.54%
82/94
27,201,288
14,082,872
134,866
14,217,738
308,947
8,680
3
52.27%
Total
117,188,665
49,976,535
7,241,626
57,218,161
2,860,618
18,397
180
48.83%
Georgia Electric Membership Corporation
Workers’ Compensation Fund
(37,427)
Total
Financial Highlights
September 30, 2013
Fund
Earned
Net Claims
Claims
Claims Paid
Financial
Year
Premium
Paid
Reserves
& Reserved
Surplus
Open
Claims Claims
Loss
Ratio
2013
5,060,496
1,780,147
3,472,808
5,252,955
276
123
103.80%
2012
6,792,424
1,887,290
848,590
2,735,881
262,535
343
15
40.28%
2011
6,451,109
2,552,580
496,684
3,049,264
160,516
371
9
47.27%
2010
6,169,447
2,359,760
967,509
3,327,270
235,245
437
13
53.93%
2009
6,313,430
3,649,009
472,140
4,121,149
36,168
512
3
65.28%
2008
6,370,328
2,623,516
385,604
3,009,121
7,043
516
4
47.24%
2007
5,647,078
2,847,982
71,262
2,919,244
551,159
513
1
51.69%
2006
4,965,595
1,506,571
67,439
1,574,010
328,189
468
2
31.70%
2005
5,158,207
2,361,825
-
2,361,825
337,908
493
-
45.79%
2004
4,887,895
2,391,850
773
2,392,622
191,221
544
1
48.95%
2003
3,949,730
1,202,711
-
1,202,711
50,805
502
-
30.45%
2002
3,550,964
766,186
-
766,186
72,563
521
-
21.58%
2001
3,701,507
1,439,534
-
1,439,534
75,099
607
-
38.89%
2000
3,474,228
1,027,565
-
1,027,565
51,280
578
-
29.58%
1999
3,629,224
1,760,164
-
1,760,164
68,987
570
-
48.50%
1998
3,543,666
1,606,456
275,708
1,882,164
(31,474)
615
5
53.11%
1997
3,426,846
1,129,568
48,241
1,177,810
18,026
552
1
34.37%
1996
3,524,782
892,925
-
892,925
69,385
620
-
25.33%
1995
3,370,421
2,108,024
-
2,108,024
104,443
679
-
62.54%
82/94
27,201,288
14,082,872
134,866
14,217,738
308,947
8,680
3
52.27%
Total
117,188,665
49,976,535
7,241,626
57,218,161
2,860,618
18,397
180
48.83%
Georgia Electric Membership Corporation
Workers’ Compensation Fund
(37,427)
Total
Financial Highlights
September 30, 2013
Fund
Earned
Net Claims
Claims
Claims Paid
Financial
Year
Premium
Paid
Reserves
& Reserved
Surplus
Open
Claims Claims
Loss
Ratio
2013
5,060,496
1,780,147
3,472,808
5,252,955
276
123
103.80%
2012
6,792,424
1,887,290
848,590
2,735,881
262,535
343
15
40.28%
2011
6,451,109
2,552,580
496,684
3,049,264
160,516
371
9
47.27%
2010
6,169,447
2,359,760
967,509
3,327,270
235,245
437
13
53.93%
2009
6,313,430
3,649,009
472,140
4,121,149
36,168
512
3
65.28%
2008
6,370,328
2,623,516
385,604
3,009,121
7,043
516
4
47.24%
2007
5,647,078
2,847,982
71,262
2,919,244
551,159
513
1
51.69%
2006
4,965,595
1,506,571
67,439
1,574,010
328,189
468
2
31.70%
2005
5,158,207
2,361,825
-
2,361,825
337,908
493
-
45.79%
2004
4,887,895
2,391,850
773
2,392,622
191,221
544
1
48.95%
2003
3,949,730
1,202,711
-
1,202,711
50,805
502
-
30.45%
2002
3,550,964
766,186
-
766,186
72,563
521
-
21.58%
2001
3,701,507
1,439,534
-
1,439,534
75,099
607
-
38.89%
2000
3,474,228
1,027,565
-
1,027,565
51,280
578
-
29.58%
1999
3,629,224
1,760,164
-
1,760,164
68,987
570
-
48.50%
1998
3,543,666
1,606,456
275,708
1,882,164
(31,474)
615
5
53.11%
1997
3,426,846
1,129,568
48,241
1,177,810
18,026
552
1
34.37%
1996
3,524,782
892,925
-
892,925
69,385
620
-
25.33%
1995
3,370,421
2,108,024
-
2,108,024
104,443
679
-
62.54%
82/94
27,201,288
14,082,872
134,866
14,217,738
308,947
8,680
3
52.27%
Total
117,188,665
49,976,535
7,241,626
57,218,161
2,860,618
18,397
180
48.83%
Georgia Electric Membership Corporation
Workers’ Compensation Fund
(37,427)
Total
Financial Highlights
September 30, 2013
Fund
Earned
Net Claims
Claims
Claims Paid
Financial
Year
Premium
Paid
Reserves
& Reserved
Surplus
Open
Claims Claims
Loss
Ratio
2013
5,060,496
1,780,147
3,472,808
5,252,955
276
123
103.80%
2012
6,792,424
1,887,290
848,590
2,735,881
262,535
343
15
40.28%
2011
6,451,109
2,552,580
496,684
3,049,264
160,516
371
9
47.27%
2010
6,169,447
2,359,760
967,509
3,327,270
235,245
437
13
53.93%
2009
6,313,430
3,649,009
472,140
4,121,149
36,168
512
3
65.28%
2008
6,370,328
2,623,516
385,604
3,009,121
7,043
516
4
47.24%
2007
5,647,078
2,847,982
71,262
2,919,244
551,159
513
1
51.69%
2006
4,965,595
1,506,571
67,439
1,574,010
328,189
468
2
31.70%
2005
5,158,207
2,361,825
-
2,361,825
337,908
493
-
45.79%
2004
4,887,895
2,391,850
773
2,392,622
191,221
544
1
48.95%
2003
3,949,730
1,202,711
-
1,202,711
50,805
502
-
30.45%
2002
3,550,964
766,186
-
766,186
72,563
521
-
21.58%
2001
3,701,507
1,439,534
-
1,439,534
75,099
607
-
38.89%
2000
3,474,228
1,027,565
-
1,027,565
51,280
578
-
29.58%
1999
3,629,224
1,760,164
-
1,760,164
68,987
570
-
48.50%
1998
3,543,666
1,606,456
275,708
1,882,164
(31,474)
615
5
53.11%
1997
3,426,846
1,129,568
48,241
1,177,810
18,026
552
1
34.37%
1996
3,524,782
892,925
-
892,925
69,385
620
-
25.33%
1995
3,370,421
2,108,024
-
2,108,024
104,443
679
-
62.54%
82/94
27,201,288
14,082,872
134,866
14,217,738
308,947
8,680
3
52.27%
Total
117,188,665
49,976,535
7,241,626
57,218,161
2,860,618
18,397
180
48.83%
Georgia Electric Membership Corporation
Workers’ Compensation Fund
(37,427)
Total
Financial Highlights
September 30, 2013
Fund
Earned
Net Claims
Claims
Claims Paid
Financial
Year
Premium
Paid
Reserves
& Reserved
Surplus
Open
Claims Claims
Loss
Ratio
2013
5,060,496
1,780,147
3,472,808
5,252,955
276
123
103.80%
2012
6,792,424
1,887,290
848,590
2,735,881
262,535
343
15
40.28%
2011
6,451,109
2,552,580
496,684
3,049,264
160,516
371
9
47.27%
2010
6,169,447
2,359,760
967,509
3,327,270
235,245
437
13
53.93%
2009
6,313,430
3,649,009
472,140
4,121,149
36,168
512
3
65.28%
2008
6,370,328
2,623,516
385,604
3,009,121
7,043
516
4
47.24%
2007
5,647,078
2,847,982
71,262
2,919,244
551,159
513
1
51.69%
2006
4,965,595
1,506,571
67,439
1,574,010
328,189
468
2
31.70%
2005
5,158,207
2,361,825
-
2,361,825
337,908
493
-
45.79%
2004
4,887,895
2,391,850
773
2,392,622
191,221
544
1
48.95%
2003
3,949,730
1,202,711
-
1,202,711
50,805
502
-
30.45%
2002
3,550,964
766,186
-
766,186
72,563
521
-
21.58%
2001
3,701,507
1,439,534
-
1,439,534
75,099
607
-
38.89%
2000
3,474,228
1,027,565
-
1,027,565
51,280
578
-
29.58%
1999
3,629,224
1,760,164
-
1,760,164
68,987
570
-
48.50%
1998
3,543,666
1,606,456
275,708
1,882,164
(31,474)
615
5
53.11%
1997
3,426,846
1,129,568
48,241
1,177,810
18,026
552
1
34.37%
1996
3,524,782
892,925
-
892,925
69,385
620
-
25.33%
1995
3,370,421
2,108,024
-
2,108,024
104,443
679
-
62.54%
82/94
27,201,288
14,082,872
134,866
14,217,738
308,947
8,680
3
52.27%
Total
117,188,665
49,976,535
7,241,626
57,218,161
2,860,618
18,397
180
48.83%
Georgia Electric Membership Corporation
Workers’ Compensation Fund
(37,427)
Total
Financial Highlights
September 30, 2013
Fund
Earned
Net Claims
Claims
Claims Paid
Financial
Year
Premium
Paid
Reserves
& Reserved
Surplus
Open
Claims Claims
Loss
Ratio
2013
5,060,496
1,780,147
3,472,808
5,252,955
276
123
103.80%
2012
6,792,424
1,887,290
848,590
2,735,881
262,535
343
15
40.28%
2011
6,451,109
2,552,580
496,684
3,049,264
160,516
371
9
47.27%
2010
6,169,447
2,359,760
967,509
3,327,270
235,245
437
13
53.93%
2009
6,313,430
3,649,009
472,140
4,121,149
36,168
512
3
65.28%
2008
6,370,328
2,623,516
385,604
3,009,121
7,043
516
4
47.24%
2007
5,647,078
2,847,982
71,262
2,919,244
551,159
513
1
51.69%
2006
4,965,595
1,506,571
67,439
1,574,010
328,189
468
2
31.70%
2005
5,158,207
2,361,825
-
2,361,825
337,908
493
-
45.79%
2004
4,887,895
2,391,850
773
2,392,622
191,221
544
1
48.95%
2003
3,949,730
1,202,711
-
1,202,711
50,805
502
-
30.45%
2002
3,550,964
766,186
-
766,186
72,563
521
-
21.58%
2001
3,701,507
1,439,534
-
1,439,534
75,099
607
-
38.89%
2000
3,474,228
1,027,565
-
1,027,565
51,280
578
-
29.58%
1999
3,629,224
1,760,164
-
1,760,164
68,987
570
-
48.50%
1998
3,543,666
1,606,456
275,708
1,882,164
(31,474)
615
5
53.11%
1997
3,426,846
1,129,568
48,241
1,177,810
18,026
552
1
34.37%
1996
3,524,782
892,925
-
892,925
69,385
620
-
25.33%
1995
3,370,421
2,108,024
-
2,108,024
104,443
679
-
62.54%
82/94
27,201,288
14,082,872
134,866
14,217,738
308,947
8,680
3
52.27%
Total
117,188,665
49,976,535
7,241,626
57,218,161
2,860,618
18,397
180
48.83%
Georgia Electric Membership Corporation
Workers’ Compensation Fund
(37,427)
Total
Financial Highlights
September 30, 2013
Fund
Earned
Net Claims
Claims
Claims Paid
Financial
Year
Premium
Paid
Reserves
& Reserved
Surplus
Open
Claims Claims
Loss
Ratio
2013
5,060,496
1,780,147
3,472,808
5,252,955
276
123
103.80%
2012
6,792,424
1,887,290
848,590
2,735,881
262,535
343
15
40.28%
2011
6,451,109
2,552,580
496,684
3,049,264
160,516
371
9
47.27%
2010
6,169,447
2,359,760
967,509
3,327,270
235,245
437
13
53.93%
2009
6,313,430
3,649,009
472,140
4,121,149
36,168
512
3
65.28%
2008
6,370,328
2,623,516
385,604
3,009,121
7,043
516
4
47.24%
2007
5,647,078
2,847,982
71,262
2,919,244
551,159
513
1
51.69%
2006
4,965,595
1,506,571
67,439
1,574,010
328,189
468
2
31.70%
2005
5,158,207
2,361,825
-
2,361,825
337,908
493
-
45.79%
2004
4,887,895
2,391,850
773
2,392,622
191,221
544
1
48.95%
2003
3,949,730
1,202,711
-
1,202,711
50,805
502
-
30.45%
2002
3,550,964
766,186
-
766,186
72,563
521
-
21.58%
2001
3,701,507
1,439,534
-
1,439,534
75,099
607
-
38.89%
2000
3,474,228
1,027,565
-
1,027,565
51,280
578
-
29.58%
1999
3,629,224
1,760,164
-
1,760,164
68,987
570
-
48.50%
1998
3,543,666
1,606,456
275,708
1,882,164
(31,474)
615
5
53.11%
1997
3,426,846
1,129,568
48,241
1,177,810
18,026
552
1
34.37%
1996
3,524,782
892,925
-
892,925
69,385
620
-
25.33%
1995
3,370,421
2,108,024
-
2,108,024
104,443
679
-
62.54%
82/94
27,201,288
14,082,872
134,866
14,217,738
308,947
8,680
3
52.27%
Total
117,188,665
49,976,535
7,241,626
57,218,161
2,860,618
18,397
180
48.83%
Georgia Electric Membership Corporation
Workers’ Compensation Fund
(37,427)
Total
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