A Specific Assessment was levied on the members in 2017. The purpose of this assessment is to increase the Liquidity Fund to a Base Level of $200 million by 2021. This Fund provides immediate cash to meet Assuris’ obligations in any future insolvency before assessing Members. Our Liquidity Fund is currently $129 million.
Statements of Financial Position
Assets and Liabilities
Total assets of $134 million are composed of $0.9 million of cash and cash equivalents, $132 million of liquid bonds, $0.6 million of accrued investment income and $0.7 million of other assets.
Total liabilities of $1.3 million consists of accounts payable, accrued liabilities and employee future benefits.
Statements of Comprehensive Income
Revenue and Expenses
Total revenue of $8 million is primarily derived from an Administrative Assessment to Members of $6.0 million and an investment income of $2 million from bonds and short-term investments.
Total overall operating expenses of $5.4 million are consistent with the previous year.
Contributions from Members
In 2017, a Specific Assessment of $15.2 million was collected from Members being the first of the five installments to increase the Base Level to $200 million.