Insurance Advisory Committee Update – 2nd Qtr. 2017
Summary of discussion items:
- EIM Policyholders’ Surplus grew to $1.08 billion through April, 2017. Discussion took place on options with respect to excess Surplus. EIM may consider additional distributions or other actions in the event there is excess surplus.
- With a current membership count of 158, EIM’s membership retention remains at 100%.
- New business opportunities include GL 2 submissions, D&O 1 submission; Property 11 submissions and Cyber 2 submissions.
- The Mutual Advantage Meetings continue with the following topics being discussed; Commitment to Energy Industry, Capacity, Profit Sharing and many more.
- The IAC task forces discussed the following topics:
- Cyber Liability – task force reported on the recent Wanna Cry ransomware virus and the new Eternal Rocks virus which is more destructive. A survey is in the works and will be sent out near the end of the year.
- Pollution – task force discussed updating a survey for the Membership.
- Emerging Risk – task force discussed the increase use of Unmanned Aircraft Systems (UAS) and their risks to utilities. Since UAS are considered aircraft, they should be registered with the FAA. The task force will also begin reviewing risks associated with self-driving cars and medical marijuana.
The next IAC meeting is scheduled for September 16, 2017.