P.O. Box 2815 Honolulu, Hawaii 96803
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A G E N D A
Meeting of the Board of Directors Wednesday, October 28, 2015
8:00 am (Hawaii Standard Time) 11:00 am (Pacific Daylight Time)
Grand Hyatt Kauai Resort &Spa
1571 Poipu Road, Koloa, HI 96756
Dial +1 (805) 309-0027 Access Code / Meeting ID: 928-856-213
A. Call to Order/Determination of Quorum
B. Industry update: Joe Deems, NRRA / Dennis Harwick / CICA
C. Annual conflict of Interest sign-offs
D. Approval of the August 19, 2015 Board meeting minutes
E. Executive Committee Report / Review operating committee reports
F. Other Business (if not otherwise covered) • Approve Investment Recommendation / Investigate HCIC credit card (Finance Committee) • Approve Project Coordinator contract update (Education Committee) • Captive Review opportunity (Chair & President) • Approve Annual Sponsorship “menu” (Education Committee) • HID follow-up (Government Relations)
o HAR update – proceeding to public hearing o Domicile comparison / proposed HRS changes o Exam Attachment / Session with HID to discuss exam process
• Upcoming events: o November 2 – Captive Review Owners Summit, San Francisco o November 9 – Japan Seminar o Week of December 7 – HCIC Holiday Luncheon o Year-end – HCIC insurance renewal (additional insured requirement) o March 2016, CICA – HCIC session selected! o Southern California Spring 2016 (immediately before or after CICA if possible)
G. Adjournment
P.O. Box 2815 Honolulu, Hawaii 96803
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Jun 25 Planning Meeting – Action Items The Board had its strategic planning meeting in June 2015. We are attaching to each Board agenda to continue refreshing our memories and confirming relevance of our targets for 2015-16 Marketing items (see also marketing plan circulated 7/21/15):
• Target markets: Hawaii, Japan, US employee benefits, & Hawaii leg / Governor / Federal leg.
• Better communicate differentiators: zero premium tax on fronted, annual meeting flexibility, highly experienced infrastructure.
• Identify any other ways to differentiate Hawaii -- undertake via HRS update / review? • Hawaii Chamber of Commerce – join, organize event for their members • HCIC Asia branch • Groom Law Group (US employee benefits) • Marketing trips – Bay Area (9/10/15), Pacific Northwest or Southern Cal (March 2016) • CPCU National Conference, Sept 2016 • On-going contact with Congressional delegates • Hawaii on the Hill June 2016 • Invite governor to events • More frequent marketing communications • Refresh “Why Hawaii” marketing collateral • Identify and retain a “face of captives” spokesperson • Perhaps another session for American Gas Assoc (2016)
Regulatory Opportunities:
• Re-iterate concerns over Exam Questionnaire • Clarify implications of exam findings vs. comments vs. best practices • Continue to monitor national developments via CICA & NAIC
Sponsorships & other items:
• Board-level “sponsorship drive” for Forum 2015 & 2016. • Scholarship program continued; budget for 3 scholars at $2,750 each • Other identified budget items:
o Marketing trips o Hawaii on the Hill 2016 (June?) o Retain spokesperson o Refresh brand
P.O. Box 2815 Honolulu, Hawaii 96803
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Captive and Risk Management Acronyms “Cheat Sheet” Related to Captive Regulatory environment:
DCCA – Department of Commerce & Consumer Affairs. Hawaii Insurance Division is within the DCCA.
DBEDT – Department of Business, Economic Development, and Tourism. While the captive industry hasn’t interfaced much with this department, we may be exploring this further going forward.
HAR 16-17 – Hawaii Administrative Rules. Promulgated regulations specific to captive insurance companies.
HID – Hawaii Insurance Division.
HRS – Hawaii Revised Statutes. Article 19 is the captive statute; Article 6 is the investment code for insurers in the State of Hawaii.
IAIS – International Association of Insurance Supervisors. International equivalent of the NAIC.
NAIC – National Association of Insurance Commissioners. U.S. regulatory support organization comprised of the chief insurance regulators from the 50 states, the District of Columbia, and U.S. territories. NAIC establishes insurance accounting and reporting standards, model laws and regulations, and conducts peer and accreditation reviews. Accreditation by the NAIC is desirable so that insurers domiciled in an accredited state can do business in other states and only be subject to regulatory oversight in their home domicile. This is of particular importance for risk retention group captives who generally function as multi-state insurers. All 50 states and D.C. are currently accredited.
Other Captive, Risk Management, and Finance Organizations:
A.M. Best – Rating organization for insurers, including captives and RRGs (risk retention groups) who desire to be rated.
ASHRM – American Society for Healthcare Risk Management.
CFMA – Construction Financial Management Association
CICA - Captive Insurance Companies Association. CICA is a domicile-neutral captive association. Similar to HCIC, their membership is comprised of captive owners and captive service providers. They hold an annual conference, produce a bi-annual fronting/risk-sharing market survey, and have organized a captive domicile leadership group which meets periodically to discuss issues facing the captive industry.
CPCU – Chartered Property & Casualty Underwriters Association. Comprised of professionals holding the CPCU designation. While not captive or risk management specific, many professionals in the insurance brokerage and insurance company community pursue this designation.
ICCIE – International Center for Captive Insurance Education. National captive insurance education program, domicile neutral. Students completing ICCIE’s program may earn the ACI (Associate in Captive Insurance) professional designation.
RIMS – Risk & Insurance Management Society. RIMs is a key target because its membership is comprised of risk managers and service providers in the insurance and risk management industry. RIMs national organizes national and internet-based educational events, issues numerous publications, and RIMs local / regional chapters also organize their own conferences or educational sessions.
SIIA – Self Insurance Institute of America. SIIA’s focus has historically been on self-insured workers’ compensation and health benefits. With the growing interest in funding medical stop loss in captives, we believe there may be greater opportunities for captives through this organization.
VCIA – Vermont Captive Insurance Association. Vermont’s equivalent to HCIC.
P.O. Box 2815 Honolulu, Hawaii 96803
Minutes
Hawaii Captive Insurance Council Corporation Meeting of the Board of Directors
Wednesday, August 19, 2015 Honolulu, HI
11:30 am (Hawaii Standard Time) - 1:30pm (Pacific Standard Time)
Offices of Aon Insurance Managers 201 Merchant Street, 24th Floor
Honolulu, Hawaii 96813 Attendees: Excused:
Jamie Asato Cynthia Belcher – Teleconference David Bell Jerelyn Brown Peter Carlisle Helen Chang Jill Miura Kris Olafsson – Teleconference Scot Sterenberg Matthew Takamine Paul Wagner - Teleconference Invited Guests: Gerald Yoshida – Teleconference Ed Haik Danel Licari Paul Shimomoto – Teleconference Christina Kamaka Kari Nettel
Ward Ching Ryan Nobriga Fay Okamoto Jason Palmer
Agenda Item Comments/Follow Up
A.
Call to order
Meeting was called to order by Paul Wagner at 11:34 am
B. Minutes of the April 22, 2015
Approved as presented.
C. Review of the August 5, 2015 Executive Committee (“EC”) Meeting minutes and/or Committee Reports
Paul Wagner provided a recap of the August 5, 2015 meeting. A draft copy of the minutes was circulated to the Board.
Additional comments were presented by: Education & Forum – -2016 Forum: At the EC meeting, it was suggested to inquire again with the Four Seasons. The Education Committee inquired and recommended the Hilton Hawaiian Village due to the lower room rate and lower Food & Beverage minimum. In addition, the dates of Oct. 10-12, 2016 were approved by the EC for the 2016 Forum. It was the Education Committee’s recommendation and the board approved the Hilton Hawaiian Village and the dates of October 10 to 12, 2016 for the 2016 forum. -Project Coordinator Contract Review: Committee heads will review the workload spreadsheet detailed by month and Education committee will subsequently make a recommendation. -Annual Sponsorship: Education committee will make a recommendation at the next EC meeting. Industry Liaison Update – Paul Shimomoto -VCIA: reaffirmed that this conference is not a conference for HCIC to exhibit, but would be a good venue for our regulator to interface with others. -NRRA: suggested that NRRA present at our upcoming membership meeting at the forum or have a panel with NRRA and CICA. Paul will follow up with the forum committee.
D. Review and approval of Budget Jamie Asato presented the budget for the July 1, 2015 to June 30, 2016 fiscal year. The budget was approved as presented.
E. Other Business HID/HCIC Jul 22 meeting follow-up
Paul Wagner presented the following: Exam Attachment 3 - a draft of the feedback was attached to the meeting material and will be discussed during the exam process session. Matt Takamine reported that Sanford Saito stated that the questionnaire questions, if not submitted, will be asked during fieldwork. Session with HID to discuss exam process – Matt is working on scheduling a meeting. Domicile comparison / proposed HRS changes – Scot will prepare by September to allow us to have a round table discussion on what changes we might propose for Hawaii captive law. For HCIC sponsored bill, we’d need to have bill language by end of November and line up a sponsor for the bill in December.
Scholarships Board nominations Upcoming events Upcoming events at Forum
The Executive Committee will review and select from the applicants by Aug 31. The deadline is 8/15, so we should know by Mon 8/17 how many applicants we have. Nomination forms due by September 16 for the five vacancies. Membership meeting notices & ballots will be sent out by end of September. Voting will close on Thursday, Oct 29 at 12 noon Hawaii time. Sept 10 Bay Area trip – the flyer was attached to the meeting material. Kari Nettel reported 25 RSVPs to date. Ed Haig encouraged everyone to RSVP as the count will determine his ordering to ensure he meets the budget. The following dates have been confirmed: Tuesday, October 27 – HCIC Scholars practicum. Participants will be Paul Wagner, Ward Ching, Matt Takamine, Craig Watanabe and Fay Okamoto. We are still awaiting confirmation from Sanford Saito. Wednesday, October 28, 8am – BOD Meeting Thursday, October 29, 5pm – Annual Membership Meeting
F. Adjournment
The meeting was adjourned at 12:20 p.m.
P.O. Box 2815 Honolulu, Hawaii 96803
Minutes
Hawaii Captive Insurance Council Corporation Meeting of the Executive Committee
Wednesday, October 14, 2015 Honolulu, HI
10:00 am (Hawaii Standard Time) - 1:00pm (Pacific Standard Time)
Offices of AON Insurance Managers 201 Merchant Street, 24th Floor
Honolulu, Hawaii 96813 Attendees: Invited Guests
Fay Okamoto Paul Wagner – Teleconference Ward Ching - Teleconference Jerelyn Brown Matthew Takamine - Teleconference Jason Palmer Ryan Nobriga - Teleconference Jamie Asato Excused: None
Gerald Yoshida – Teleconference Paul Shimomoto - Teleconference Jill Miura Scot Sterenberg Danel Licari Ed Haik Kari Nettel
Agenda Item Comments/Follow Up A.
Call to order
Meeting was called to order by Fay Okamoto at 10:03 am.
B. Minutes of the August 5, 2015 Executive Committee meeting
Approved as presented.
C. Committee Reports
Legislative Committee: Gerald Yoshida reported. See committee report. Jerry can’t attend the SBRRB meeting on 10/21. Fay and Matt will attend. Jerry also reported that he, Paul Shimomoto and Tony Schmitt attended NRRA Conference. Sanford Saito spoke on a panel. Jerry represented HCIC. Approximately 200 attendees. Paul suggests that we consider globalizing our
topics and presentations at future Forums and webinars. Membership: Danel Licari reported. See committee report. Bold text highlights the changes since the previous report. Reminded captive managers to encourage their clients to take advantage of the free 1st year membership. Renewal notices will go out in December. Jason will provide percentage spent in lobbying expenses to include on membership renewal invoices. Finance: Jason Palmer reported. See committee report. Discussion was held on the investment recommendations received for the $500k portfolio from the RFI’s submitted by FHB, BOH and Morgan Stanley. A provider was selected by the Finance Committee, and agreed upon by the EC committee (Jerelyn excluded in discussion due to conflict). The EC also approved allocating a percentage of investments to exchange traded funds, with final allocation to be based on recommendations from the selected provider. Will be brought to the full BOD for approval. Marketing: Paul Shimomoto reported. See committee report. Ward Ching also reported that the San Francisco seminar went well. Ed Haik reported that there were ~60 attendees, with half being from industry and half clients. Website: Nothing to report. Education: Jill Miura reported. See committee report. Discussion on Kari’s compensation was held. Concluded that compensation will be increased to $63k. Voted and approved that salary should be retroactive to 7/1/15 to coincide with HCIC’s fiscal year. Compensation will be evaluated every 2 years, with potential for discretionary bonuses. Ed committee will also discuss long term goals. 2016 Forum – HHV is requiring that we add HHV as an additional insured. They are requiring $1M in coverage to cover exhibitors. Jill to inform Ryan that he add HHV as an additional insured during the renewal process. Discussed Captive Review opportunity. See fact sheet attached to committee report.
Jill presented what the committee came up with regarding an annual sponsorship plan. Reviewed Vermont’s sponsorship program and used it as a basis for our plan. See plan attached to committee report. HID expressed concerns about the disparity between sponsorship levels. Concluded that Ed committee will revisit the sponsorship levels as consider the following:
• Come up with higher levels for Forum and add 4 comp registrations for the highest level
• Have discussion with HID for co-sponsorship of Captive Review
• Add level for Japan Seminar To be discussed for final approval at 10/28/15 BOD meeting. Industry Liaison –None. Government Relations: Matthew Takamine noted that he will be meeting with the Commissioner on Friday, October 16. Inform the Commissioner about the Captive Review opportunity.
D. Other Business
Captive Review Summit in SF on 11/2 – see attached flyer. EC committee agreed to include a small blurb in an email to membership with a link to the website for more info. BOD meeting is on 10/28 at 8:00 am. Membership meeting on 10/29 at 5:00 pm. Holiday lunch – save 12/9 and 12/11. Working on securing a venue.
E. Adjournment
The meeting was adjourned at 11:59 am.
F
Legislative Committee Report
Date: October 14, 2015
Submitted by: Jerry Yoshida
Committee Members: Jerelyn Brown Danel Licari Paul Shimomoto Ward Ching
Capri Haga Edward Haik Mark Hironaga Christina Kamaka
Chris Mertes Jill Miura Fay Okamoto Jason Palmer
Scot Sterenberg Matt Takamine Colin Teraoka Paul Wagner Jerry Yoshida
A. Subject: Proposed Administrative Rules: As of yesterday, I am informed that the proposed revisions to the captive administrative rules (“Revised Rules”)
will be heard by the Small Business Regulatory Review Board (“SBRRB”) at its October meeting, which is scheduled for Wednesday, October 21, 2015, at 1 p.m., at No. 1 Capitol District Building – 250 South Hotel Street, Conference Room 436. I should be receiving a copy of the agenda for that meeting tomorrow. Someone from HCIC should attend the SBRRB meeting at which the Revised Rules will be considered.
B. Subject: NAIC F Committee Proposal re Multi-‐State Captive Reinsurers: The NAIC F Committee adopted a new Part A Accreditation Preamble, which discusses the cope of the Part A
Standards as they apply to captives that reinsure three specified lines of business (XXX/AXXX life, variable annuities, and long-‐term care), and include certain safe harbor provisions for XXX/AXXX reinsurance transactions. The new Part A Accreditation Preamble still needs to be approved by the NAIC Executive Committee/Plenary, which will be considering the matter at the NAIC Fall National Meeting, scheduled for November 19-‐25.
C. Subject: 2016 Hawaii Legislation
An ad hoc group met to discuss seeking introduction of a bill that would, among other things, provide the commissioner with discretion to waive or not undertake regulatory exams every five years. The matter is still under discussion.
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P.O. Box 2815 Honolulu, Hawaii 96803
Membership Committee Report to Executive Committee
Date: 10/14/15
Submitted by: Danel Licari/Ed Haik (Co-Chairs) A. 2015 Membership Renewals
1) 2015 Membership – total 84 members - 53 captive owners (47 X $325 = $15,275). Count includes six free memberships (4 formations, 1 forum
registration, and 1 anniversary). - 31 service providers (31 X $800 = $24,800) - Total revenues from service provider and owner members for 2015 = $40,075. - This update is from September information; will evaluate again after forum.
2) 2014 Membership – total 89 members to date - 55 captive owners (49 X $325 = $15,925) Count includes six free memberships (3 formations, 3 anniversaries). - 34 service providers (34 X $800 = $27,200) - Total revenues from service provider and owner members for 2014 = $43,125.
B. 2015 Hotel Benefit Renewals 1) Hotels renewed (website updated): Pending renewals: - Hilton Hawaiian Village - Sheraton Waikiki - Sheraton Maui - Hawaii Prince - Royal Hawaiian - JW Marriott Ihilani - Mauna Kea Resort - Moana Surfrider - Hapuna Beach Prince - Halekulani - Parc Waikiki - Kahala Resort - Ritz Carlton Kapalua
C. 2015 Membership Drive 1) Free “1st” year membership to new captive formations will continue for 2015. Eleven formations for 2014 were
offered “free” memberships in 2015 plus another eight formed in 2015 as of June 30, 2015. So far only six have accepted and one declined since their first captive is a member. Captive managers please reach out to your new formations to take advantage of the “free” membership.
2) HCIC “Award of Excellence” to continue in 2015. Two awards to be presented at forum. One for an individual and the other for a company.
3) Membership committee will try again this year to recruit new captive owner members through anniversary acknowledgement and gift. Out of twelve anniversaries this year eight are not members. Out of the eight non-members one accepted free membership.
D. Ideas/Works In Progress to Increase Membership
1) Membership Committee is open to all ideas related to increasing membership and prize giveaway ideas for next year’s drawing.
2) Possible mass mailing to “new” group of potential members. Target service providers that participate at other domicile forums. Service provider trend seems to be moving towards multi-states.
3) Revisit having the HCIC member application part of captive application process & or ask for regulator “encouragement” to maintain “member in good standing” could that question “Are you a member of the HCIC in good standing?” be asked in concert with the annual licensing update?
P.O. Box 2815 Honolulu, Hawaii 96803
HCIC Marketing Committee Report to Executive Committee October 13, 2015
1. West Coast Seminar (SF)
• By all accounts, well-attended success
2. Japan Seminar – November 9, 2015
• $23,500 from sponsors (including State of Hawaii) • Estimated attendance: 120 PAX • Estimated costs: $20,000.00
o Looking to wire funds in advance as deposit • Invites are being disseminated by managers and referral sources – RSVP’s pending • Format
o (2) client case studies o (1) Manager/Broker roundtable o State of Hawaii presentation o Reception to follow
3. CICA 2016 – Scottsdale, AZ (March 6 -8)
• Exhibitor information just released • Estimated cost: $2,500 (domiciles)
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Education Committee Report to the Executive Committee
Date: October 14, 2015
Submitted by: Jill Miura Education Committee Members: Christina Kamaka, Craig Watanabe, Jamie Asato, Ryan Nobriga, Jill Miura
A. Project Coordinator Contract Review ‐ Follow Up Recommendations:
Prepared detailed listing of duties o Solicited input from Kari & committees o Concentration of work in July – October time period
Identification of tasks to move earlier in the year – solicitation of forum proposals, sponsorships (see below)
Identify primary contact person o Local officer selected by the EC
Annual meeting (review list of duties, provide/receive feedback) Review of contract every 2 years unless there is a significant change in duties Compensation
B. Forum 2016
Selection of venue update Received a proposal from Four Seasons Ko Olina and did a site visit at the Waikiki Beach Marriott Decided to move forward with the HHV who had the most competitive proposal (facilities, room
rates, minimum f&b) Dates set – October 12 – 14 (W‐F) Ed Haik, Chair
C. CICA Session Submission
Power of Captives: Employee Benefits and ERM Case Study Paul Wagner, AGL, and James Cortiglia, Zurich
D. Upcoming Webinar Schedule
Industry & Regulatory Update – December Set schedule for February, April, June (session coordinators assigned, selection of topics in progress)
E. Annual Sponsorship
Recommend annual sponsorship To be distributed at end of prior year for upcoming year Identified major sponsorship opportunities for 2016 (ala carte)
o Forum o Captive Review o Japan Seminar
Proposed amounts and levels – see attached
P.O. Box 2815 Honolulu, Hawaii 96803
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Date: October 14, 2015
Submitted by: Jason Palmer, Treasurer Finance Committee Members: Jason Palmer, Treasurer ◊ Ryan Nobriga, Assistant Treasurer ◊ Christina Kamaka ◊ Jamie Asato
Information submitted below are based upon financial statements prepared as of
September 30, 2015 Review of Cash Portfolio – As of September 30, 2015 the Company had approximately $565,000 in cash and cash equivalents invested as follows:
Type of Cash & Cash Equivalents Institution Amount as of 9/30/2015
Checking Account, with no return Bank of Hawaii $215,400
Money Market Account, yielding .07% Bank of Hawaii $450,392
The Finance Committee was tasked with seeking investment recommendations based on a $500,000 portfolio. A request for information (RFI) was submitted to all Banking and Investment Management members. The Finance Committee has reviewed all responses to the request for information and has a recommendation for the Executive Committee to be reviewed in executive session. Upcoming cash flow is estimated as follows:
Cash Flow Analysis
Beginning Cash Balance at September 30, 2015 $665,792
Projected Increases:
Forum Registration Fees Due $10,000
Forum Sponsorship Fees Due $3,000
Japan Sponsorships Due $9,000 $22,000
Projected Decreases:
Forum Estimated Payment In Process $134,296
Forum Expenses $20,000
Japan Seminar Expenses $20,000
General & Administrative Expenses $20,000 ($194,296)
Ending Cash Balance December 31, 2015 $493,496
P.O. Box 2815 Honolulu, Hawaii 96803
Finance Committee Report to the Board of Directors
Comparison to Vermont Captive Insurance Association – The below tables compare the balance sheet and income statement of each organization.
Balance Sheet Accounts VCIA as of December 31, 2014
HCIC as of June 30, 2015
Investable Assets $1,097,231 70% $565,178 90%
Non Investable Assets $471,319 30% $59,903 10%
Total Assets $1,568,550 100% $625,081 100%
Total Liabilities $800,350 51% $123,777 20%
Retained Earnings $768,200 49% $501,304 80%
Total Liabilities and Retained Earnings $1,568,550 100% $625,081 100%
Income Statement Accounts VCIA as of December 31, 2014
HCIC as of June 30, 2015
Membership Dues $390,603 27% $45,525 21%
Annual Conference Revenue $942,804 68% $166,125 77%
Other Income $99,526 5% $5,419 2%
Total Revenue $1,432,933 100% $217,069 100%
Personnel Expenses $722,158 50% $66,084 36%
Annual Conference Expenses $340,107 24% $90,080 49%
General & Administrative Expenses $216,775 15% $19,425 11%
Legislative and Lobbying Expenses $100,157 7% $4,551 2%
Other Expenses $62,229 4% $4,621 2%
Total Expenses $1,441,426 100% $184,761 100%
Key takeaways from the comparison are as follows:
VCIA has net retained earnings of $768,200 in comparison to HCIC’s $501,304
The revenue split between membership dues and annual conference revenues are consistent.
VCIA expenses a greater amount of personnel expenses proportionately, which signifies HCIC’s increased reliance on member involvement.
HCIC has a greater percentage of annual conference expenses which is likely attributed to the conference dinner that HCIC holds, whereas VCIA does not hold a conference dinner.
VCIA Investment Portfolio VCIA as of December 31, 2014
Cash & Cash Equivalents $281,080 26%
US Treasuries and Agencies $107,867 10%
Corporate Bonds $200,895 18%
Fixed Income Indexed Funds $175,300 16%
International Equity Indexed Funds $79,274 7%
Domestic Equity Indexed Funds $252,815 23%
Total Investable Assets $1,097,231 100%
Financial Statements as of September 30, 2015 – Total assets and total liabilities and equity have increased approximately $107,000 since June 30, 2015 (fiscal year end) due primarily to 2015 Forum Sponsorship and Registration Fees received in advance. For the period ended September 30, 2015 the organization has a net loss of approximately $11,000, which was expected against a budgeted loss of approximately $22,000. Finance Due Dates – all finance deadlines have been met as of the date of this report.
Hawaii Captive Insurance CouncilBalance Sheet
As of September 30, 2015 and 2014
September 30, 2015
September 30, 2014
ASSETSBOH Checking 215,400 175,120 BOH Money Market 450,392 100,124 FHB Certificate of Deposit - - Time Certificate of Deposit - 250,000
665,792 525,244
Accounts Receivable 37,712 47,407 Deposits - Forum 6,000 6,000 Prepaid expense - Forum 22,570 63,905 Prepaid expense - Other 542 535
TOTAL ASSETS 732,616 643,091
LIABILITIES & EQUITYAccounts Payable 2,219 1,466 Accrued Expenses 7,195 3,433 Membership Dues Received in Advance - Owners 3,900 3,981 Membership Dues Received in Advance - Service Providers 6,000 7,000 Forum Registrations Received in Advance 208,550 155,400 Japan Sponsorships Received 14,500 -
Total Liabilities 242,364 171,280
EquityOpening Bal Equity 7,519 7,519 Retained Earnings 493,785 461,477 Net Income (11,052) 2,815
Total Equity 490,252 471,811
TOTAL LIABILITIES & EQUITY 732,616 643,091
Period Ended Pro-Forma Over/ Period Ended Fiscal Year AnnualSeptember 30, Budget (Under) September 30, Ended Budget
2015 FY 2015 Budget 2014 June 30, 2015 FY 2015Income
Forum:Sponsors - - - 55,000$ 82,000 Registration - - - 111,125 159,500
Membership Dues 10,225 11,100 (875) 15,069 45,525 44,400 Membership Award Sponsorship - - 5,000 5,000 Japan Seminar Sponsorships - - - 23,000 Interest 241 125 116 112 419 500
Total Income 10,466 11,225 (759) 20,181 217,069 309,400
ExpensesEducation
Forum - - - 90,080 141,500 Seminars/Webinars 553 (553) 1,065 2,210 Scholarship Program - - - 1,844 8,250 Equipment 800 (800) 3,200 Bad Debt Expense - - 6,150 -
Marketing: - - Japan Seminar - - - - 23,000 Hawaii on the Hill - 4,336 10,000 Promotions (newsletter & pubs) - 3,750 (3,750) - 850 15,000 Trade Shows & Advertising 1,171 3,500 (2,329) - 3,446 14,000 Marketing 2,991 1,250 1,741 - 2,044 5,000 RIMS Dinner - 500 (500) - 531 2,000 Economic Impact Study - - - - - -
Industry Liason - 1,250 (1,250) - 1,820 5,000 Membership 24 543 (519) 321 1,712 2,170 Website - 1,375 (1,375) 230 260 5,500 Legislative Expenses - 1,800 (1,800) - 214 7,200 Operating: - -
HCIC Coordinator Services 15,159 15,159 (0) 15,159 60,636 60,637 Accounting Services 710 1,000 (290) 576 3,628 4,000 Insurance 542 550 (8) 535 2,153 2,200 Conference Line for EC & BOD Meet 310 375 (65) 310 1,241 1,500 Social Functions - 250 (250) - 577 1,000 Miscellaneous 60 13 48 - 18 50 Storage Fees - 163 (163) - 641 650 PO Box - 50 (50) - 192 200 Utilities 58 125 (67) 134 402 500 Meetings 160 375 (215) 75 748 1,500 Banking Fees - 38 (38) 26 122 150 Credit Card Fees 333 - 333 - 50 - Postage - - - - - -
Total Expenses 21,518 33,417 (11,899) 17,366 184,760 316,417
Net Income (Loss) (11,052) (22,192) 11,140 2,815 32,309$ (7,017) -
Hawaii Captive Insurance CouncilIncome Statement
For the Period Ended September 30, 2015 and 2014
Fiscal Year 7/1/2013‐6/30/2014 Time Period Date Due Status Preparer Signatory
Hawaii GET Form G‐45, semi‐annual 7/1/13‐12/31/13 1/20/2014 Filed Lori Chung Treasurer/Assistant Treasurer
Hawaii GET G‐49, annual 1/1/13‐12/31/13 4/20/2014 Filed Lori Chung Treasurer/Assistant Treasurer
Hawaii GET Form G‐45, semi‐annual 1/1/14‐6/30/14 7/21/2014 Filed Lori Chung Treasurer/Assistant Treasurer
Hawaii GET G‐49, annual 1/1/14‐6/30/14 10/20/2014 Filed Lori Chung Treasurer/Assistant Treasurer
Form 990 Tax Return 7/1/13‐6/30/14 2/15/2015 Filed 2/10/15 Saslow Lufkin & Buggy Treasurer/Assistant Treasurer
Copy of Form 990 to Hawaii attorney general’s office (Charity Transmittal) 7/1/13‐6/30/14 Lori Chung Treasurer/Assistant Treasurer
Annual DCCA Business Registration Report 12/31/2014 Filed 12/18/14 Char Hamilton
Conflict of Interest Statements 7/1/13‐6/30/14 Completed
Fiscal Year 7/1/2014‐6/30/2015 Time Period Date Due Status Preparer Signatory
D&O Liability Insurance Policy Renewal 1/1/2015‐2016 1/1/2015 Renewed Great American Insurance GorupGeneral Liability Insurance Policy Renewal 1/1/2015‐2016 1/1/2015 Renewed Island Insurance Company
Hawaii GET Form G‐45, semi‐annual 7/1/14‐12/31/14 1/20/2015 Filed 1/20/15 Lori Chung Treasurer/Assistant Treasurer
State of Hawaii Vendor Compliance ** 2/28/2015
Compliant as of
2/10/15 Treasurer / Kari Nettel
Review HCIC Board website, copies of all reports uploaded 3/31/2015 Chair / Kari Nettel
Review project coordinator contract / fees 4/30/2015 In Process Ed Chair / Kari Nettel
Hawaii GET Form G‐45, semi‐annual 1/1/15‐6/30/15 7/20/2015 Filed 7/20/2015 Lori Chung Treasurer/Assistant Treasurer
Hawaii GET G‐49, annual 1/1/14‐6/30/14 10/20/2015 Filed 7/20/2015 Lori Chung Treasurer/Assistant Treasurer
Annual DCCA Business Registration Report 12/31/2015 Char Hamilton
Form 990 Tax Return 7/1/14‐6/30/15 2/15/2016 Saslow Lufkin & Buggy Treasurer/Assistant Treasurer
Copy of Form 990 to Hawaii attorney general’s office (Charity Transmittal) 7/1/14‐6/30/15 Lori Chung Treasurer/Assistant Treasurer
Conflict of Interest Statements 7/1/14‐6/30/15 Do be completed at HCIC Forum
** State of Hawaii Vendor clearance is required for HID to pay HCIC for Forum sponsorship. Hawaii Compliance Express is intended to streamline the process of
the required state tax, federal tax, and state DCCA and department of labor clearances, but Federal Form 8821 for federal tax clearance may need to be refreshed annually
Kari Nettel handles annual renewal fee to participate in Hawaii Compliance Express, but needs to have an HCIC officer to "sign" certain forms if needed.
https://login.ehawaii.gov/lala/login?service=https%3A%2F%2Fvendors.ehawaii.gov%2Fhce%2Fj_acegi_cas_security_check
email: [email protected]
password (last changed 10/2014): HCIC2014‐10*
Hawaii Captive Insurance Council
Finance Due Dates
Captive Review
Opportunity
Captive Review
o Circulation statistics – 5,500 print copy subscribers
o E‐Daily snapshot – 10,000 emails
Opportunity for Hawaii to have its own Captive Review Issue – see VT issue
o 36 page domicile showcase
o Soft launch at CICA – distributed on media table
o Full launch at RIMS – sent directly to subscribers with April edition; distributed on media
table at RIMS; full reader publication on CR.com and CR LinkedIn and notifications via
o Update at HCIC Forum in fall
Options offered
o Fully sponsored by HCIC ‐ $25,000
HCIC in full control of content and space allocation
500 print copies; digital copy
o Partially sponsored by HCIC ‐ $15,000
$2,950 per participant for editorial, advert, listing and copies of report
o Individually funded
$3,650 per participant for editorial, advert, listing and copies of report
Fully sponsored option
o Fund through annual sponsorship – ala carte offering
Assess interest at the following rates:
$8,000 (State?)
$3,000
$2,000
$1,000
o Lower cost for participants; more options (see above)
o HCIC controls message – highlight/showcase about Hawaii
o Logistics
HCIC to identify participants, level of participation, placements
Captive Review to coordinate with participant for articles, advertisements, etc…
HCIC
Annual Sponsorship
Forum:
Diamond 10,000$ Exclusive recognition as sponsor of captive owner appreciation, recognition on
card for captive owner gift, logo and 100 word description in forum brochure,
link to website from forum webpage, early distribution of registration list,
tabletop exhibit space
Platinum 7,500$
Logo recognition on forum gift, recognition on card for captive owner gift, logo
and 50 word description in forum brochure, link to website from forum
webpage, early distribution of registration list, tabletop exhibit space
Gold 5,000$ Recognition as sponsor of welcome reception and keynote speaker lunch,
recognition on card for captive owner gift, logo and 25 word description in
forum brochure, link to website from forum webpage, early distribution of
registration list, tabletop exhibit space
Silver 2,500$
Recognition as sponsor of refreshment breaks, recognition on card for captive
owner gift, company name and logo in forum brochure, tabletop exhibit space
Supporter 500$ Recognition with captive owner gift
Captive Review:
A 8,000$ Full page ad with 8 pages of content, co‐sponsorship, digital issue, 125 hard copies
B 3,000$ Full page ad, 2 page article (1,200 words), digital issue
C 2,000$ 1/2 page ad, 1 page article (600 words), digital issue
D 1,000$ 1/4 page ad, round table article (300 words), digital issue
Japan Seminar:
Diamond 7,500$ Prominent logo display at seminar and reception, commemorative gift, logo
and 50 word description in invitation and program, exhibit space, link to
website from HCIC website, early distribution of registration list, company
literature may be distributed
Gold $ 5,000 Recognition at seminar and reception, commemorative gift, company
recognition in invitation and program, exhibit space, link to website from HCIC
website, early distribution of registration list, company literature may be
distributed
Silver $ 2,000 Recognition at seminar and reception, commemorative gift, company
recognition in invitation and program, early distribution of registration list,
company literature may be distributed
Bronze 1,000$ Recognition at seminar and reception, company name in invitation and
program
Supporter 500$ Recognition as supporter
West Coast Seminar:
Sponsor 500$ Recognition as sponsor as seminar