KIA&B November/December 2020 | Page 36

SPECIAL REPORT

ANNUAL AUDIT OF KANSAS SELF-INSURANCE POOLS

Annually , KAIA publishes a comparison of financial information of Kansas self-insured pools based on the audited financial statements of the pools submitted to the Kansas Department of Insurance .
The audited financial statements are obtained by the KAIA through a Kansas Open Records request to the Department . This information is then provided to the accounting firm of Mize Houser & Company that prepares the comparison below . Complete copies of the audited financial statements obtained by the KAIA are available to members of the KAIA as a free service .
Contact KAIA at 1-800-229-7048 with questions about the pools or to request a copy of the audited financial statements .
PRIVATE POOLS
Kansas
Kansas
Medicalodges
Kansas Building
Association of
Automobile
Kansas Restaurant
Kansas Livestock
Affiliates Workers '
Kansas Truckers
Wichita Auto
Industry Workers '
Homes for the
Dealers Workers '
and Hospitality
Kansas Employers
Association Risk
KHA Workers '
Compensation
Risk
Dealers Self
Compensation
Aging Insurance
Compensation
Association self
Workers '
Management
Comepnsation
Self-Insurance
Management
Insurance Fund
Fund
Group , Inc .
Fund
Insurance Fund , Inc .
Compensation Fund
Services , Inc .
Fund
Pool
Group , Inc . Trust
( Reviewed )
12 / 31 / 2019
3 / 31 / 2019
12 / 31 / 2019
12 / 31 / 2019
12 / 31 / 2019
12 / 31 / 2019
12 / 31 / 2019
10 / 31 / 2019
12 / 31 / 2019
12 / 31 / 2019
REVENUES : Premiums earned
$
8,454,185
$
2,406,836
$
2,637,323
$
2,140,644
$
-
$
3,922,597
$
3,273,276
$
5,551,045
$
676,251
Investment income
530,388
213,252
277,431
217,545
743
130,665
699,515
21
126,767
20,216
Realized capital gain ( loss )
-
5,595
Other income
130,004
( 38,624 )
-
Total Revenues 9,114,577 2,620,088 2,914,754 2,319,565 743 4,053,262 3,972,791 21 5,683,407 696,467
EXPENSES : Incurred lossess / workers compensation claims
7,081,723
589,899
1,172,941
1,412,712
( 26,880 )
2,912,562
1,801,531
1,894,119
215,411
Claims adjustment
206,861
1,881
592,805
Claims management fees
224,172
25,500
Administration
750,954
248,135
13,123
655,927
274
1,845,081
40,575
Agent commissions
587,660
Premium taxes
257,003
55,508
113,875
10,350
Insurance taxes Excess insurance premiums
667,608
183,102
200,044
138,462
355,468
410,666
1,202,714
96,706
Other underwriting expenses
173,965
701,896
1,060,201
Other expenses
1,781,381
41,942
114,200
16,077
Total Expenses 10,375,375 1,730,816 2,074,765 2,295,012 ( 11,876 ) 4,152,032 3,272,398 274 5,534,719 404,619
Net income ( loss ) before dividends and income taxes
( 1,260,798 )
889,272
839,989
24,553
12,619
( 98,770 )
700,393
( 253 )
148,688
291,848
Dividends paid to members
500,000
374,999
700,000
-
250,000
208,735
Net income ( loss ) before income taxes
( 1,760,798 )
514,273
139,989
24,553
12,619
( 98,770 )
700,393
( 253 )
( 101,312 )
83,113
Provisions for income tax expense ( benefit )
372,787
-
21,500
2,875
( 49,652 )
138,810
( 41,974 )
( 27,646 )
4,598
Net Income ( Loss ) ( 1,388,011 ) 514,273 118,489 21,678 12,619 ( 49,118 ) 561,583 41,721 ( 73,666 ) 78,515
Change in nonadmitted assets
( 7,601 )
( 18,422 )
70,440
-
11,033
( 39,765 )
( 181,931 )
Change in provisions for reinsurance
Change in net deferred income tax
( 339,695 )
( 1,500 )
( 61,755 )
11,156
Refund of contributions Change in net unrealized gains ( losses ) on investments
1,118,664
207,578
50,625
255,060
284,946
192,510
Prepaid expenses / premium assessments Extraordinary amounts of taxes for prior years Prior period adjustment Fund balance transfer
-
Members ' fund balance , beginning of year
8,365,971
5,407,356
2,721,921
3,631,624
( 367,122 )
2,030,374
3,339,573
( 9,250 )
1,328,969
893,726
Members ' fund balance , end of year $ 7,749,328 $ 6,110,785 $ 2,889,535 $ 3,978,802 $ ( 354,503 ) $ 2,215,480 $ 4,065,057 $ 32,471 $ 1,073,372 $ 972,241
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