MS Pool Financials

 

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Accounting Principles and Statement Format 

The Pool’s operations are accounted for on a policy year basis.  All policies with an inception date in calendar year 200X are considered policy year 200X policies and the related premiums, losses and expenses are accounted for as policy year 200X business.  A policy year’s operating results evolve over time as policies written late in the calendar year expire and work their way through the final audit process. Consequently, a policy year’s operating results are usually reported on an inception-to-date basis rather than on the basis of transactions occurring during a given time period.  Since there are some who prefer to see the transactions that have occurred during the most recent reporting period, the statements reflect both presentations and show how cumulative data has been affected by recent events.

The presentation of the Pool’s accounts generally follows the annual statement format.  Investment income is net of investment expense and reflects income earned on the cash flow of a policy year. Investment income is allocated to a policy year based on its prorata share of investable funds.

Outstanding losses are discounted based on IRS published discount factors adjusted to reflect the Pool’s rate of return on invested funds. This practice was initiated with the permission of the Commissioner and the concurrence of the Advisory Board and, while somewhat of a departure from strict statutory accounting principles, provides a presentation of the Pool’s operations which we feel is more useful to our members.  The individual member company statements reflect both quarter-to-date and inception-to-date results for the respective member company and the Pool as a whole.  The summary reflects each company's stake in the Mississippi Pool.  

 

Policy/Accident Year Chart

To view/print the current Policy/Accident Year Losses Paid & Case Outstanding chart,  click here: 

Policy/Accident Year Chart

Statement of Operations

To view/print the Statement of Operations, click here: 

Statement of Operations

 

 

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