Mississippi Department of Finance and Administration

The board meeting covered several key topics, including the nomination of a new board member to replace retiring and expiring-term members. Financial statements for fiscal year 2022 and a financial report through September 2022 were reviewed. A claims and performance review audit of the third-party claims administrator was discussed, highlighting high administrative performance. The board also reviewed the annual actuarial review and determined FY 2023 premium rates, approving a 15% discount. Finally, the meeting addressed the renewal of actuarial consulting services and third-party administrator contracts, and the initiation of a request for proposals for financial audit services.

The board meeting covered several key items, including the nomination of new board members, review of financial statements for fiscal year 2023, and review of the claims and performance audit report and actuarial analysis. Discussions included FY 2024 premium determination (tabled for later discussion), the FY 2023 financial report, and requests for proposals for actuarial consulting services and claims and performance audit services. The board approved the requests for proposals for both services.

The board meeting covered several key topics, including a discussion on the state of affairs for the DFA and the Office of Insurance and its effects on the board. The meeting also included acknowledgement of a new board member, review of FY2024 year-end financial statements, discussion of the HRK year-end financial report (to be completed later), review of the FY 2024 Claims and Performance Audit Report (also to be completed later), discussion of the FY 2024 and FY 2023 Actuary Analysis reports (to be completed later), and planning for the 2025 Workers' Compensation Annual Member Meeting.

The meeting covered key financial topics, including a review of the June 2023 financial statements (although the statements themselves were not discussed due to incompletion). The board approved contract awards for Actuary services with FTI Consulting and Performance and Claims Audit services with Praxis Claims Consulting, both effective August 1, 2024. Discussion also included the upcoming annual member agency meeting and the nomination process for a new board member. Finally, a question regarding claims payment processes was addressed, clarifying the role of CCMSI in managing and processing claims.

The meeting focused on the 2025 FTI Premium Allocation Report and a "What If" report, leading to a unanimous decision to recommend a 15% premium reduction for FY2025. This reduction is based on two years of successful experience with similar reductions and current claim experience. No other old or new business was discussed.