LSSU holds a number of Insurance Reserves. In recent years we have used these reserves to fulfill General Fund needs. What level of reserves are appropriate today (with a General Fund deficit) and in the future?
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How much will our campus be impacted by the impending lawsuits against MSU? Will that impact our insurance liabilities?
LSSU and other universities in Michigan are self-insured (via MUSIC). MSU was part of MUSIC (it currently is not) and some of the claims occurred within the time-frame of MSU’s membership. MUSIC may have significant liability and has already taken some steps to protect its membership. This is a complicated case with multiple employers and claims. The information seems to change weekly. It will take a long time before we hear the last of this issue.
Have we had an actuary analyze our insurance and exposure to risk in order to estimate appropriate cash reserve levels?