The New Jersey Safety Net 2015 Annual Report

Similar documents
The New Jersey Safety Net 2014 Annual Report

NEW HAMPSHIRE INSURANCE GUARANTY ASSOCIATION Balance Sheet June 30, 2014

INSURANCE DIVISION OF INSURANCE Administration New Jersey Property-Liability Insurance Guaranty Association Assessment Premium Surcharge

ASSEMBLY, No STATE OF NEW JERSEY. 214th LEGISLATURE PRE-FILED FOR INTRODUCTION IN THE 2010 SESSION

ASSEMBLY BANKING AND INSURANCE COMMITTEE STATEMENT TO SENATE COMMITTEE SUBSTITUTE FOR. SENATE, No. 63 STATE OF NEW JERSEY DATED: MAY 5, 2003

ORDER NO. A STATE OF NEW JERSEY DEPARTMENT OF BANKING AND INSURANCE

FORC QUARTERLY JOURNAL OF INSURANCE LAW AND REGULATION

TITLE 85 EXEMPT LEGISLATIVE RULE WORKERS' COMPENSATION RULES OF THE WEST VIRGINIA INSURANCE COMMISSIONER

SUMMARY OF PENNSYLVANIA AUTO INSURANCE LAW

MVAIC MOTOR VEHICLE ACCIDENT INDEMNIFICATION CORPORATION

Public Act No

Frank E. Jenkins, III JENKINS & BOWEN, P.C. 15 South Public Square Cartersville, Georgia (770)

INSURANCE CODE TITLE 10. PROPERTY AND CASUALTY INSURANCE SUBTITLE C. AUTOMOBILE INSURANCE CHAPTER 1952

THE NON-ADMITTED AND REINSURANCE REFORM ACT AND NEW JERSEY'S SURPLUS LINES INSURANCE GUARANTY ASSOCIATION

With regard to the coverage issue 1 : With regard to the stacking issue 2 :

COMMERCIAL EXCESS LIABILITY POLICY DECLARATIONS

Michigan Catastrophic Claims Association Annual Report to the Commissioner Fiscal Year Ended June 30, 2012

Chapter 47 - GROUP SELF-INSURANCE RULE IMIPLEMENTING THE INTERGOVERNMENTAL RISK MANAGEMENT ACT

Michigan Property & Casualty Guaranty Association P.O. Box Livonia, Michigan Phone: (248)

MARYLAND PERSONAL AUTO SUPPLEMENT

BULLETIN 96-7 FREQUENT PROBLEMS FOUND IN FILINGS

DAIRYLAND INSURANCE COMPANY MARKET CONDUCT EXAMINATION OCTOBER 31, OCTOBER 31, 1997

AMENDATORY ENDORSEMENT NORTH CAROLINA PERSONAL AUTO POLICY

CHAPTER 179. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: 1. R.S.34: is amended to read as follows:

When You Have Other Medical Insurance

GEORGIA (To be completed and signed by Named Insured) IMPORTANT NOTICE GEORGIA UNINSURED MOTORISTS COVERAGE PLEASE READ THIS NOTICE CAREFULLY.

PIP Coverage and Disputes

Workers Compensation, Property & Liability Coverage for Illinois Public Schools

STATE OF MICHIGAN COURT OF APPEALS

The Maryland Automobile Insurance Fund and the Private Insurance Market

Uninsured Motorist and Underinsured Motorist Coverage. Gary Kramer J. Scott Sanpietro James R. Potts

STATE OF MICHIGAN COURT OF APPEALS

Subrogation and Liens: Basic Principles and Practical Considerations. Brandon E. Berg Thompson, Coe, Cousins & Irons, L.L.P.

Alberta Finance and Enterprise - Insurance - Family Protection Endorsement

RESPONDENT'S ANSWER BRIEF JAMES H. WHITE, JR. STAATS, WHITE & CLARKE. Florida Bar No.: McKenzie Avenue. Panama City, Florida 32401

NEW JERSEY COMPENSATION RATING & INSPECTION BUREAU EXPLORING THE COST OF A WORKERS COMPENSATION INSURANCE POLICY

PERSONAL INJURY PROTECTION DISPUTE RESOLUTION. The purpose of this subchapter is to establish procedures for the resolution of disputes

Illinois Official Reports

How To Get Insurance In Kentucky

Auto Insurance Buyers Guide

Frank E. Jenkins, III JENKINS & BOWEN, P.C. 15 South Public Square Cartersville, Georgia (770)

NEW JERSEY AUTO SUPPLEMENT

THE CONSUMERS SAFETY NET

BUSINESS INSURANCE FAQ

SUPREME COURT OF APPEALS OF WEST VIRGINIA

NEBRASKA PROPERTY AND LIABILITY INSURANCE GUARANTY ASSOCIATION ACT

UNIVERSITY OF FLORIDA SELF-INSURANCE PROGRAM AND HEALTHCARE EDUCATION INSURANCE COMPANY COMBINING FINANCIAL STATEMENTS JUNE 30, 2013

New York Liquidation Bureau 2013 ANNUAL REPORT

New Jersey AUTO INSURANCE

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

ILLINOIS LAW MANUAL CHAPTER XI INSURANCE COVERAGE AND DEFENSES. Uninsured motorist coverage protects the policyholder who is injured by an

Infinity Sponsored Errors and Omission Insurance Program Frequently Asked Questions

NEW JERSEY AUTO INSURANCE

CANAL INSURANCE COMPANY INDEMNITY COMPANY

Prepared by: Barton L. Slavin, Esq Web site:

M E M O R A N D U M. Request for Change to Special Automobile Insurance Policy Memorandum 01/06/14 Page 1

16 LC ER A BILL TO BE ENTITLED AN ACT BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

CHAPTER 31. SOUTH CAROLINA PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION

AUTO INSURANCE A RATE COMPARISON GUIDE NEBRASKA DEPARTMENT OF INSURANCE 941 O STREET, SUITE 400 PO BOX LINCOLN, NEBRASKA

ISSUING AGENCY: New Mexico Public Regulation Commission Insurance Division. [7/1/97; NMAC - Rn & A, 13 NMAC 12.3.

REFERENCE ACTION ANALYST STAFF DIRECTOR or. 1) Insurance & Banking Subcommittee 12 Y, 0 N, As CS Lloyd Luczynski

ENROLLED HOUSE BILL No. 4455

STATE OF NEBRASKA. Department of Insurance EXAMINATION REPORT. GRANGE MUTUAL INSURANCE COMPANY of CUSTER COUNTY. as of.

CALIFORNIA EARTHQUAKE AUTHORITY. Financial Statements. December 31, 2001 and (With Independent Auditors Report Thereon)

Video Course Evaluation Form. Atty ID number for Pennsylvania: Name of Course You Just Watched

TABLE OF CONTENTS Minimum Provisions for Automobile Liability Insurance Policies Covering Motor Vehicles

The Availability of Insurance in the Maine Property & Casualty Market 2015

NEW MEXICO SELF-INSURERS' FUND WORKERS' COMPENSATION AND EMPLOYERS' LIABILITY PLAN

IN THE COMMONWEALTH COURT OF PENNSYLVANIA

Minnesota Workers' Compensation Assigned Risk Plan. Financial Statements Together with Independent Auditors' Report

History: Add. 1971, Act 19, Imd. Eff. May 5, 1971; Am. 1976, Act 89, Imd. Eff. Apr. 17, 1976.

UNITED STATES DISTRICT COURT DISTRICT OF CONNECTICUT. Israel : : v. : No. 3:98cv302(JBA) : State Farm Mutual Automobile : Insurance Company et al.

LegalFormsForTexas.Com

NEW JERSEY AUTO INSURANCE, BUYER S GUIDE

STATE OF OKLAHOMA. 2nd Session of the 47th Legislature (2000) AS INTRODUCED

OREGON LAW AT-A-GLANCE

COUNTIES. January 24, 2000

MARKET CONDUCT EXAMINATION ST. PAUL FIRE AND MARINE INSURANCE COMPANY AND AFFILIATES 385 WASHINGTON STREET ST. PAUL, MINNESOTA 55102

Chapter 3. Personal Injury Protection (PIP) Benefits and Uninsured/Underinsured Motorist

New York State Department of Financial Services

TRUST AND AGENCY FUNDS

11 NYCRR Text is current through February 15, 2002, and annotations are current through August 1, 2001.

VIRGINIA ACTS OF ASSEMBLY SESSION

No Fault/PIP/First Party Medical States

FLORIDA PERSONAL INJURY PROTECTION

MEMORANDUM. Risks and Liabilities of Automobile Use within the Scope of Public Duties INTRODUCTION SUMMARY

Report of Examination of. Central Mutual Insurance Company Van Wert, Ohio. As of December 31, 2011

Audit of. Workers Compensation Program

PEEL MARYBOROUGH MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2014

Insolvency Trends 2010 Mid Year Report A Publication of the National Conference of Insurance Guaranty Funds

Impediments to Settlement

TITLE 18 INSURANCE DELAWARE ADMINISTRATIVE CODE Automobile Insurance. 603 Delaware Motorists Protection Act [Formerly Regulation 9]

Property and Casualty Review Standards Checklist

STRATFORD INSURANCE COMPANY OFFER OF OPTIONAL ADDITIONAL UNINSURED MOTORISTS COVERAGE AND OPTIONAL UNDERINSURED MOTORIST COVERAGE

RECENT CASES INSURANCE LAW-UNINSURED MOTORIST COVERAGE VALIDITY OF OTHER INSURANCE PROVISIONS

IN THE COURT OF COMMON PL EAS OF LYCOMING COUNTY, PA

made simple Auto Insurance What s included:

A SUMMARY OF COLORADO UNINSURED AND UNDERINSURED INSURANCE COVERAGE LAW April 2004

CHOOSING YOUR AUTOMOBILE INSURANCE POLICY. Ways to Save Money

WASHINGTON INSURANCE GUARANTY ASSOCIATION ACT

Transcription:

The New Jersey Safety Net

of the New Jersey Property-Liability Insurance Guaranty Association THE NEW JERSEY SAFETY NET The New Jersey Property-Liability Insurance Guaranty Association (NJPLIGA) was established in 1974 to provide statutory benefits to insureds and claimants of insolvent property-casualty insurance companies. NJPLIGA provides a safety net to New Jersey policyholders and claimants when they find themselves without certain types of insurance coverage. NJPLIGA is also responsible for reimbursement of insurance carriers handling certain excess medical benefits (EMBs) personal injury protection (PIP) claims. NJPLIGA works in conjunction with its Board of Directors, member companies and the New Jersey Department of Banking and Insurance (NJDOBI) to satisfy its statutory responsibilities. NJPLIGA also administers the following statutory entities: Workers Compensation Security Fund (WCSF). The WCSF was created in 1935 and administers the claims of insolvent workers compensation insurance carriers arising from the coverage of risks located or resident in New Jersey. In January 2010, responsibility for the administration of the WCSF was transferred to NJPLIGA. New Jersey Surplus Lines Insurance Guaranty Fund (NJSLIGF). NJSLIGF was established in 1984 to provide statutory benefits to the policyholders and claimants of insolvent surplus lines insurance carriers. At year end, surplus lines membership totaled 200 eligible insurers. Unsatisfied Claim and Judgment Fund (UCJF). In 1952, the UCJF was established to pay the damages of uninsured claimants who were injured in an accident with an uninsured motorist. Since 2004, stranger pedestrian PIP claims are also administered by the UCJF. NJPLIGA provides third party administrator (TPA) services pursuant to its statutory authority. Page 1 of 20

NJPLIGA CLAIMS AND FINANCIAL ACTIVITY Page 2 of 20

Statements of Assets, Liabilities and Fund Balance Modified Cash Basis December 31, 2015 2014 ASSETS Cash and cash equivalents $ 35,583,382 $ 31,061,383 Investments, at cost 242,892,072 220,438,975 Assessments receivable due from member companies, net of allowance of $753,320 in 2015 and $752,608 in 2014 73,903 - Due from affiliated funds 2,158,822 2,049,511 Property and equipment, net of accumulated depreciation and amortization 1,849,349 1,047,018 Other assets 193,275 159,778 Total assets $ 282,750,803 $ 254,756,665 LIABILITIES AND FUND BALANCE Employee benefits payable $ 24,276 $ 20,126 Due to affiliated funds - 3,225 Funds held under TPA contracts 3,832,014 214,147 Total liabilities 3,856,290 237,498 Fund balance 278,894,513 254,519,167 Total liabilities and fund balance $ 282,750,803 $ 254,756,665 Page 3 of 20

Statements of Assessments Charged and Collections, Expenses and Fund Balance Modified Cash Basis Year Ended December 31, 2015 2014 Assessments charged and collections: Members assessments charged, net of refunds $ 105,470,503 $ 131,349,343 Net investment and interest income 1,884,240 1,425,915 Interest income received from affiliated fund 11,963 16,566 Distributions collected in connection with insolvency proceedings (including interest thereon) 40,518,090 20,753,670 Large deductible recoveries 750 1,750 Fund transfer from state of New Jersey TPA 2,831,699 876,728 Total assessments charged and collections 150,717,245 154,423,972 Expenses: Claims paid 4,356,587 2,749,888 Claims paid Excess Medical Benefit 114,399,199 139,073,647 Claims paid TPA 2,019,372 778,999 Claims expense paid 401,554 1,157,402 Claims expense paid Excess Medical Benefit 814,519 997,172 Claims expense paid TPA 1,059,257 64,579 Premium refunds paid 16,130 780,189 Administrative expenses paid direct 12,916,926 11,599,354 Administrative expenses reimbursed and due from other funds (12,375,656) (10,851,357) Administrative expenses charged Excess Medical Benefit 2,052,793 1,781,496 Administrative expenses charged TPA 681,218 134,958 Total expenses 126,341,899 148,266,327 Excess of assessments charged and collections over expenses 24,375,346 6,157,645 Fund balance at beginning of year 254,519,167 248,361,522 Fund balance at end of year $ 278,894,513 $ 254,519,167 Page 4 of 20

DISBURSEMENTS - NJPLIGA In 2015, the total losses paid by the Association on insolvency, EMB and TPA claims combined was $120.8 million and total loss adjustment expenses (LAE) were $2.3 million. NJPLIGA s indemnity payments on insolvent estates totaled $4.4 million with $401,554 of LAE. Figure 1: NJPLIGA Disbursements on Estates Inception to 12/31/2015 (in millions) Top 10 Estates Disbursements Phico Insurance $80.7 Integrity Insurance $73.5 MIIX Insurance $73.1 Reliance Insurance $70.4 Homestate Insurance $70.0 Midland Insurance $53.3 Transit Casualty Insurance $43.1 Legion Insurance $39.3 Security Indemnity Insurance $29.6 The Home Insurance $28.6 Figure 1: NJPLIGA Disbursements on Estates, left, shows the top ten estates with the largest disbursements since the inception of the organization. NJPLIGA is also responsible for the runoff of EMB claims. In 2015, EMB expenditures averaged $9.6 million per month totaling $115.2 million for the year in reimbursements to member companies and the organization on PIP claims. This is a significant reduction from the 2014 annual expenditure of $140.1 million. Total $561.6 RECEIPTS - NJPLIGA Distributions from insolvent estates totaled $40.5 million in 2015. At the May 13, 2015 Annual Meeting/Board of Directors Meeting, the NJPLIGA Board of Directors reviewed the funding needs of the organization to satisfy insolvency and other statutory obligations. The Board determined that an assessment of member companies was necessary and authorized a 0.7% assessment. A total of 485 member companies were billed $105.5 million. BALANCES AND RESERVES - NJPLIGA At year end, the NJPLIGA fund balance was $278.9 million with combined reserves of $311 million including insolvency reserves of $70.1 million and a two year EMB reserve of $240.9 million. Page 5 of 20

INSOLVENCY ACTIVITY The primary function of the organization is the management of the claims of insolvent property-casualty insurance companies. In 2015, 25 insolvent estates were administered by NJPLIGA with 2 estate closures. Lincoln General Insurance Company was a property-casualty insurance company domiciled in Pennsylvania which was declared insolvent on November 5, 2015. NJPLIGA received 5 liability claims in connection with this insolvency in 2015. Page 6 of 20

WCSF CLAIMS AND FINANCIAL ACTIVITY Page 7 of 20

Statements of Assets, Liabilities and Fund Balance Modified Cash Basis December 31, 2015 2014 ASSETS Cash and cash equivalents $ 14,412,448 $ 13,866,297 Investments, at cost 151,396,690 129,247,769 Assessments receivable due from member companies, net of allowance of $155,578 in 2015 and $154,640 in 2014 - - Total assets $ 165,809,138 $ 143,114,066 LIABILITIES AND FUND BALANCE Due to affiliated funds $ 440,250 $ 417,788 Fund balance 165,368,888 142,696,278 Total liabilities and fund balance $ 165,809,138 $ 143,114,066 Page 8 of 20

Statements of Assessments Charged and Collections, Expenses and Fund Balance Modified Cash Basis Year Ended December 31, 2015 2014 Assessments charged and collections: Members' assessments charged $ 23,331,106 $ 21,381,376 Net investment and interest income 915,296 601,588 Distributions collected in connection with insolvency proceedings (including interest thereon) 18,892,131 15,687,758 Large deductible recoveries 196,880 124,789 Total assessments charged and collections 43,335,413 37,795,511 Expenses: Claims paid 16,907,253 20,104,296 Claims expenses paid 1,208,876 1,235,673 Administrative expenses charged association 2,512,103 2,050,432 Administrative expenses paid direct 34,571 29,185 Total expenses 20,662,803 23,419,586 Excess of assessments charged and collections over expenses 22,672,610 14,375,925 Fund balance at beginning of year 142,696,278 128,320,353 Fund balance at end of year $ 165,368,888 $ 142,696,278 Page 9 of 20

WCSF DISBURSEMENTS - WCSF In 2015, the WCSF s loss payments on insolvent estates totaled $16.9 million plus $1.2 million of LAE. Figure 2: WCSF Payments on Estates in 2015, below, shows Lumbermens Mutual Casualty Company with the highest payments of $5.9 million in 2015. RECEIPTS - WCSF Distributions from insolvent estates in 2015 totaled $19.1 million. assessments from 282 member companies in 2015. The WCSF collected $23.3 million in BALANCES AND RESERVES - WCSF The year-end available funds for the WCSF totaled $165.8 million with combined loss and LAE reserves of $260.2 million and $6.5 million, respectively. Page 10 of 20

INSOLVENCY ACTIVITY The WCSF received 1 workers compensation claim in connection with the Lincoln General Insurance Company insolvency and paid approximately $11,000 in loss and LAE with approximately $592,000 in combined loss and LAE reserves. In 2015, 24 insolvent workers compensation estates were managed by the WCSF. closures in 2015. There were no estate Page 11 of 20

SLIGF CLAIMS AND FINANCIAL ACTIVITY Page 12 of 20

Statements of Assets, Liabilities and Fund Balance Modified Cash Basis December 31, 2015 2014 ASSETS Cash and cash equivalents $ 625,371 $ 801,616 Reserve fund 37,000 37,000 Investments, at cost 11,578,891 10,333,034 Total assets $ 12,241,262 $ 11,171,650 LIABILITIES AND FUND BALANCE Due to affiliated fund $ 38,302 $ 10,025 Total liabilities 38,302 10,025 Fund balance 12,202,960 11,161,625 Total liabilities and fund balance $ 12,241,262 $ 11,171,650 Page 13 of 20

Statements of Collections, Expenses and Fund Balance Modified Cash Basis Year Ended December 31, 2015 2014 Collections: Net investment and interest income $ 71,025 $ 44,808 Distributions collected in connection with insolvency proceedings (including interest thereon) 1,078,934 9,538 Total collections 1,149,959 54,346 Expenses: Claims paid (recovered) 43,427 (68,153) Claims expenses paid 21,990 5,282 Administrative expenses charged association 39,310 43,674 Administrative expenses paid direct 3,897 3,564 Total expenses (recoveries) 108,624 (15,633) Excess of collections over expenses 1,041,335 69,979 Fund balance at beginning of year 11,161,625 11,091,646 Fund balance at end of year $ 12,202,960 $ 11,161,625 Page 14 of 20

NJSLIGF DISBURSEMENTS NJSLIGF continued to experience minimal claim activity in 2015. Losses paid totaled approximately $65,000. RECEIPTS Distributions from insolvent estates totaled $1million in 2015. BALANCES AND RESERVES As of December 31, 2015, NJSLIGF had a fund balance totaling $12.2 million with combined indemnity and LAE reserves of $1.3 million. Page 15 of 20

UCJF CLAIMS AND FINANCIAL ACTIVITY Page 16 of 20

Statements of Assets, Liabilities and Fund Balance Modified Cash Basis December 31, 2015 2014 ASSETS Cash and cash equivalents $ 6,714,222 $ 12,420,221 Investments, at cost 15,052,808 6,491,831 Receivable from other funds - 4,877 Assessments receivable due from member companies net of allowance of $17,573 in 2015 and $145,178 in 2014 10,877 - Total assets $ 21,777,907 $ 18,916,929 LIABILITIES AND FUND BALANCE Balances due plaintiffs arising from settlements $ 498,257 $ 477,672 Due to affiliated fund 1,679,606 1,619,689 Total liabilities 2,177,863 2,097,361 Fund balance 19,600,044 16,819,568 Total liabilities and fund balance $ 21,777,907 $ 18,916,929 Page 17 of 20

Statements of Assessments Charged and Collections, Expenses and Fund Balance Modified Cash Basis Year Ended December 31, 2015 2014 Assessments charged and collections: Members' assessments charged $ 86,125,554 $ 84,314,311 Claims recoverable 112,704 98,547 Net investment and interest income 287,298 304,145 Total assessments charged and collections 86,525,556 84,717,003 Expenses: Claims paid 67,908,077 67,148,060 Claims expense paid 5,894,760 7,683,966 Administrative expenses charged - Association 9,812,679 8,741,528 Administrative expenses paid - direct 117,601 110,436 Interest expense paid to affiliate - direct 11,963 16,566 Total expenses 83,745,080 83,700,556 Excess of assessments charged and collections over expenses 2,780,476 1,016,447 Fund balance at beginning of year 16,819,568 15,803,121 Fund balance at end of year $ 19,600,044 $ 16,819,568 Page 18 of 20

UCJF DISBURSEMENTS The organization s UCJF responsibilities include the administration of uninsured motorist and stranger pedestrian PIP claims. In 2015, combined indemnity and LAE payments totaled $73.8 million with $67.9 million in indemnity and $5.9 million in LAE. Figure 3: Loss and Expense Payments on Stranger Ped PIP UCJF Claims, 2011-2015, below, shows actual payments for stranger pedestrian PIP claims in 2015. RECEIPTS At the May 13, 2015 Annual Meeting/Board of Directors Meeting, the NJPLIGA Board of Directors, as statutory administrator of the UCJF, reviewed the funding needs to satisfy responsibilities associated with stranger pedestrian PIP and uninsured motorist claims. The Board determined that an assessment of member companies was necessary and authorized a 1.5% assessment of each carrier s automobile liability net direct written premium. The assessment generated a billing to 310 member companies in the amount of $86.1 million. Page 19 of 20

RECEIPTS UCJF COLLECTION ACTIVITY The services of a collection agency are utilized to recover the debts owed to the UCJF by uninsured automobile owners and drivers and $112,704 was collected in 2015. BALANCES AND RESERVES The year end available funds for the UCJF totaled $19.6 million with outstanding indemnity and LAE reserves of $93.3 million. BOARD OF DIRECTORS Pursuant to N.J.S.A. 17:30A-1 et seq., NJPLIGA is governed by a 9 member Board of Directors consisting of insurance industry representatives. The following is a list of the current Board of Directors. NJPLIGA Joanne Martyn, Board Chair Stephen Crosta, Vice-Chair James Doherty, Treasurer Georgia Flamporis John Friedman William Lynch Thomas A. Nowak Jessica Schlee-Gilbert David Ziemer NJSLIGF Advisory Body Charles McCloskey, Jr. Frank Powell, Jr. Board Counsel Cynthia Borrelli, Esq. Federal Insurance Company Selective Insurance Company of America Farmers Mutual Fire Insurance Company of Salem County Allstate New Jersey Insurance Company United Services Automobile Association Liberty Mutual Insurance Company AIG Property Casualty Company New Jersey Manufacturers Insurance Company State Farm Insurance Company Metcom Excess FTP, Inc. Bressler, Amery and Ross, P.C. BOARD MEETINGS The Board of Directors met in regular session on January 14, 2015, May 13, 2015 and September 29, 2015. Page 20 of 20