Worker's Compensation Self-Insurers Council Minutes
April 26, 2001
Members present: Ms. Hudson, Ms. Joswiak, Ms. Neuman, Mr. Wittry
Staff present: Mr. Conway, Mr. Cattanach, Mr. Krueger, Mr. Tomsyck
Call to order. The meeting was called to order by Mr. Tomsyck at 9:00 a.m. in conformance with Wisconsin's open meeting law.
Review and Approval of the Minutes of the Previous Meeting. Minutes of the June 14, 2000 meeting were approved as written.
Election of New Chair. A new Chair needed to be selected to replace Mr. Zitzer. Mr. Wittry was nominated and elected as the new Chair.
Closed session review reports of self-insured employers. n to review financial, loss experience, safety and other information of employers presently or previously exempt from the duty to insure. Some of the companies' specific financial or other business information may be confidential and not subject to public disclosure.
Closed session presentation by Harnischfeger Industries, Inc.. In accordance with s. 19.85(1)(f) the council convened in closed session to review financial, loss experience, safety and other information of Harnischfeger Industries, Inc. and its subsidiaries. Some of the companies' specific financial or other business information may be confidential and not subject to public disclosure.
Open session recommendations by the Council. The Council returned to open session and recommended that:
- The Department prepare reports for the Council that include the number of employees that each self-insured employer as well as payroll. This information should be added to the Security Report if possible.
- The Department is to follow-up with selected self-insured employers that were reviewed today by the Council, provide the Council members with the requested information and take other action as recommended.
- The Department is to follow-up with Harnischfeger Industries, Inc.
Open session review of financial statement issues. The Council continued in open session and agreed to accept either GAAP (Generally Accepted Accounting Practices) or IAS (International Accepted Standard) but would prefer GAAP if given the choice. The reason for this change is because we are seeing a trend where more self-insured employers have foreign parents. Foreign entities are not required to report financial information using GAAP but do use IAS. Regardless of what they use, all self-insure employers are required to provide the Department with enough financial information that will allow the Department to make an assessment as to the financial strength or weakness of the entity.
Open session Council vacancies. The Council continued in open session to discuss the vacancy on the Council. The Council believes that at least one name was submitted to the Department. Mr. Tomsyck is to follow-up on that. Ms. Joswiak's term expires June 30, 2001 and has graciously agreed to accept re-appointment to another term.
Next Meeting. Mr. Tomsyck will poll the council members for available dates in September 2001.