A Specific Assessment was collected from the members beginning 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 was $185 million at December 31, 2020.
Statement of Financial Position
Assets and Liabilities
Total assets of $193.7 million consists of $190.2 million of liquid bonds, $1.1 million of cash and cash equivalents, $1.0 million of right of use asset, $0.8 million of accrued investment income and $0.6 million of other assets.
Total liabilities of $2.5 million consists of $1.4 million of accounts payable, accrued liabilities and employee future benefits, $1.1 million of lease liability.
Statement of Comprehensive Income
Revenue and Expenses
Total revenue of $9.1 million is from an Administrative Assessment to Members of $6.0 million and an investment income of $3.1 million from bonds and short-term investments.
Total overall operating expenses are $6.7 million.