NDIRF Director of Member Services Corey Olson stands behind a podium at the front of a room filled with 2024 NDIRF Annual Meeting attendees sitting at rectangle-shaped tables set up in rows (i.e. classroom style). The screens behind Corey show a summary of the NDIRF's 2023 financial results in a bulleted list.

NDIRF Hosts 2024 Annual Meeting; West, Jacobson, Frey Elected to Board

2024 NDIRF Annual Meeting hosts board member election and reviews 2023 claims performance, risk management services, and financials

Bismarck, N.D. – The North Dakota Insurance Reserve Fund (NDIRF) hosted its 2024 Annual Meeting on Thursday, May 9, at the North Dakota Heritage Center. The meeting featured the re-election of board members Chris West and Tyler Jacobson and the election of new board member Travis Frey. The meeting commenced with a review of the NDIRF’s 2023 claims, risk services, and financial results.

Frey serves under the Counties category on the NDIRF Board of Directors and replaces Slope County Commissioner Scott Ouradnik who fulfilled the board’s term limits per the North Dakota Association of Counties (NDACo). West, who is the City of Grafton Mayor, will continue to serve under the Cities category, and Jacobson, who is the Valley City Parks and Recreation Executive Director, will continue to serve under the Others category. The Others category represents all local government entity types, excluding cities, counties, and schools.

Frey was elected November 2020 to the Mercer County Commission. He is a project engineer who holds a professional engineering (P.E.) designation, master’s degree in business administration, and bachelor’s degree in ag & biosystems engineering. Frey brings various public entity experience to the NDIRF Board of Directors, including serving on the Towner City Council and as City of Beulah Mayor.

The 2024 Annual Meeting also marked the beginning of new terms for appointed board member positions. North Dakota League of Cities (NDLC) Executive Director Matt Gardner was appointed chairperson-elect, and Jacobson assumed the chairperson position. Jacobson replaces Cass County Commissioner Chad Peterson who fulfilled the appointment’s term.

NDIRF 2023 Review

NDIRF Director of Member Services Corey Olson reviewed the NDIRF’s 2023 claims performance, highlighting frequent and high-cost claim types and shared information about risk management services available to NDIRF members to prevent these claim types.

The available risk management services include online defensive driving courses, online LocalGovU professional development and safety courses, and in-person and online HR Collaborative for Local Government (www.NDIRF.com>HR Collaborative) educational resources and courses. Olson also provided information about the NDIRF’s partnership with the North Dakota Local and Technical Assistance Program (NDLTAP), an educational program that provides educational resources and courses for local government heavy equipment and machinery operators.

NDIRF CFO Nora Frueh reviewed the NDIRF’s 2023 financial results, affirming the NDIRF’s continued strong and stable financial scorecard, including:

  • 46.2% loss ratio
  • $8 million in net earnings
  • $30.1 million in members’ equity
  • $4.2 million in investment gains
  • Not filing a 2024 general rate increase, meaning most members’ rates will remain stable throughout 2024

In its 2023 Annual Report, the NDIRF reported the amount of members’ equity earns a more than 95% confidence level from its consulting actuaries that it can meet expected future obligations.

The NDIRF’s 2023 investment returns significantly rebounded from 2022 in which it reported a $5.1 million loss; however, the NDIRF shared that because investment assets had not fully recovered from 2022’s losses, its board of directors did not declare a 2023 Conferment of Benefits.

“The board’s decision was made so the NDIRF was not selling assets from a loss position, demonstrating our shared commitment to ensure the NDIRF’s long-term health and vitality for the benefit of our members,” Frueh said. “It’s an honor for us to serve our members, North Dakota’s political subdivisions, and it’s exciting to share continued positive financial results from 2023 with them at our annual meeting and through our annual report.”

The NDIRF’s 2023 Annual Report is available here: 202405_2023-Annual-Report_FINAL.pdf (ndirf.com).

To learn more about the liability, auto, and public assets coverages the NDIRF offers, go here: Coverage – NDIRF.

Photo: NDIRF Director of Member Services Corey Olson stands behind a podium and addresses 2024 NDIRF Annual Meeting attendees.