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JEFFERSON FARMERS MUTUAL FIRE INSURANCE COMPANYREPORT OF EXAMINATION TABLE OF CONTENTS SCOPE OF EXAMINATION I hereby certify that the attached report of examination dated January 17, 2006 shows the condition and affairs of JEFFERSON FARMERS MUTUAL FIRE INSURANCE COMPANY, Jefferson, Maine as of December 31, 2004 and has been filed in the Bureau of Insurance as a public document.
Dated this ____ day of ____________, 2006 January 17, 2006 Alessandro A. Iuppa, Superintendent Dear Sir: In accordance with your instructions and pursuant to statutory provisions, an examination has been made on the conditions and financial affairs of JEFFERSON FARMERS MUTUAL FIRE INSURANCE COMPANY at its Secretary/Treasurer’s home in Jefferson, Maine, hereinafter referred to as the “Company”. The following report is respectfully submitted. The prior full scope examination covered the period January 1, 1996 to the close of business on December 31, 2000. This examination is a limited scope examination and covers the period January 1, 2001 through December 31, 2004. A limited scope examination consists of confirming of all cash and investments, review of corporate records, and an analytical review and reasonableness testing of relevant Annual Statement line items. Only those adjustments considered material to the financial statements are being addressed in this Report of Examination. Other findings will be communicated to Company management in the form of a Management Comment Letter. The Jefferson Farmers Mutual Fire Insurance Company was incorporated in 1891 for the purpose of insuring real and personal property against loss by fire or lightning. Management of the Company is vested in a Board of Directors. The following are the duly elected members of the Board of Directors and the Officers serving as of December 31, 2004. Board of Directors
Officers
LINES OF BUSINESS AND TERRITORY The Company issues fire and lightning policies in the State of Maine. SCHEDULE OF PREMIUM NOTES & POLICIES IN-FORCE Balances at 12/31/04
UNDERWRITING RULES AND PRACTICES The Company issues fire and lightning policies for a three-year period under an assessment plan and requires a promissory note for each policy. The amount of the note is 10% or 12.5% of the insured amount. The Company charges a premium equal to 10% of the note. The amount of insurance that the Company may retain is limited by the Bylaws at $5,000 per risk. The amount of risk retained by the Company is in compliance with the State of Maine’s prescribed percentage of surplus and outstanding notes. The following financial statements show the results of the Company’s operations for the year ending December 31, 2004 as determined by this examination. BALANCE SHEET December 31, 2004
STATEMENT OF INCOME December 31, 2004
Bank balances were confirmed directly from the Company’s various depositories and reconciled to the Company’s book balances. The Company includes cash and certificates of deposit as Deposits in Trust Companies and Banks. STATE OF MAINE Michael R. Nadeau, CPA, CFE, CISA, AES, being duly sworn according to law, deposes and says that in accordance with the authority vested in him by Alessandro A. Iuppa, Superintendent of Insurance, pursuant to the Insurance Laws of the State of Maine, he has made an examination on the conditions and affairs of JEFFERSON FARMERS MUTUAL FIRE INSURANCE COMPANY of Jefferson, Maine as of December 31, 2004 and that the foregoing report of examination subscribed to by him is true to the best of his knowledge and belief. The following examiners from the Bureau of Insurance assisted: Margaret S. Boghosian, CPA, CFE __________________________ Subscribed and sworn to before me This _____ day of ___________, 2006 _________________________
Last Updated: July 16, 2008 |
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