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?
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?
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