State’s insurance management agency looks to boost reserves

Lawmakers met to discuss updates on the State Board of Risk and Insurance Management and what could be changing during the next legislative session. Monday was the start of December interim meetings at the West Virginia state Capitol, and Eyewitness News said no quorum was met in Monday’s PEIA meeting, meaning nothing was finalized. The West Virginia Board of Risk and Insurance Management’s purpose is to provide liability and property insurance for all units of state government. Its net position is around 81 million dollars, including all programs. They said their claims and adjustment expenses totaled to roughly 99 million for the past fiscal year. Lawmakers said this was the first of several meetings to discuss how to rebuild the reserves of BRIM to get it on a stable track. They anticipate it to be on the table during the next legislative session.