Minnesota Self-Insurer'S Security Fund

“All private self insurers' are members of minnesota self insurer's security fund (sisf). The members of sisf have rights to elect the members of the governing body.”

“The board of directors is elected by the members of minnesota self-insurer's security fund at the annual meeting.”

“Form 990 is reviewed by the minnesota self-insurer's security fund treasurer, executive director, and general counsel. The treasurer's review includes comparisons to audited financial statements noting agreement, etc.”

“The minnesota self-insurer's security fund (sisf) board of trustees has a duty of loyalty to sisf requiring them to avoid any actual or potential conflict of interest with sisf. A conflict may arise whenever a board trustee has any direct or indirect financial, personal, or professional interest in any transaction or decision of the board which is of such a nature that the board trustee's decisions may be affected or determined by his/her personal interest. Conflicts of interest may also arise when a board trustee or a family member receives a personal benefit as a result of a position with sisf. The board of trustees considers matters of policy and procedure that have general application to the membership. It is appropriate for individuals on the board of trustees who are also sisf members who are generally affected in the matter to participate in the board deliberations and to vote on such matters. When any policy or procedure under consideration has some specific or unique advantage or gain for the interests of a particular member represented on the board of trustees, such circumstances shall be disclosed. When considering and voting on any matter that is unique or specific to a member and the member is also represented on the board of trustees there shall be full disclosure of the nature and extent of the board trustee's interest in the matter. Only after such disclosure may the board trustee participate in the discussion, but such board trustee shall not vote on such matters. The board chair may request that such board trustee recuse him/herself from any such vote, if the board trustee fails to do so on his/her own initiative. The board of trustees may vote to declare an executive session and request that the interested board trustee be excused from the board deliberations. At each annual meeting of the board of trustees, each trustee shall receive a copy of the code of conduct and, within 30 days thereafter, shall execute and return to the chair of the board of trustees the code of conduct acknowledgment form”

“Compensation of the trustees of the minnesota self-insurer's security fund is established in the plan of operation. The board of trustees may revise this compensation by amending the plan of operation, but any change in compensation or other amendments to the plan of operation must be approved by the minnesota commissioner of commerce before they become effective.”

“The governing documents are made available on the minnesota self-insurer's security fund (sisf) website. The audited financial statement is distributed to sisf members only.”

“The oversight and selection process has not changed since the prior tax year.”