2019-05-15T08:00:22-05:00 2018-06-30 350921680 CROWE LLP 175 Powder Forest Drive Simsbury CT 060897902 990 2017-07-01 461828839 Fiat Lux Risk and Insurance Company FIAT 5109879820 1608 Rhode Island Ave NW Washington DC 20036 Nathan Brostrom Chair/CFO 2019-05-15 true Kristin Anderson P01231300 8606789200 2017 2019-02-21 02:37:17Z CHERYL LLOYD 1608 Rhode Island Ave NW Washington DC 20036 1202588684 false X N/A X 2012 DC Manage and self-fund general, professional terrorism, & other liability losses as well as terrorism property damage exposures, for regents of the UC and its affiliates. 9 2 0 0 100000 96250 0 0 216406675 239201454 10159745 10888950 0 0 226566420 250090404 0 0 0 0 0 0 0 0 0 367756507 283860880 367756507 283860880 -141190087 -33770476 939237057 1089219812 928674920 967837988 10562137 121381824 THE ORGANIZATION'S PRIMARY MISSION IS TO OPERATE FOR THE BENEFIT OF AND TO PROMOTE AND SUPPORT, DIRECTLY OR INDIRECTLY, THE INTERESTS AND PURPOSES OF THE REGENTS OF THE UNIVERSITY OF CALIFORNIA. IN FURTHERANCE OF THIS PURPOSE, THE ORGANIZATION PROVIDES: (A) IMPROVED RISK MANAGEMENT PRICING PREDICTABILITY AND COST STABILITY; (B) ENHANCED RISK MANAGEMENT, AND PROTECTION AND COVERAGE OF LESS TRADITIONAL RISKS AND ESOTERIC RISKS; (C) A FOUNDATION FOR DEVELOPMENT AND IMPLEMENTATION WITHIN THE REGENTS OF MORE FORMALIZED RISK FINANCING POLICIES AND PROCEDURES; AND (D) INSURANCE COVERAGE FOR EXTERNAL THIRD PARTIES, INCLUDING BUT NOT LIMITED TO, AGENTS, AFFILIATES, ASSOCIATIONS, JOINT VENTURES, AND PARTNERSHIPS OF OR IN WHICH THE REGENTS OF THE UNIVERSITY OF CALIFORNIA PARTICIPATES OR OWNS AN INTEREST PROVIDED THAT SUCH THIRD PARTY COVERAGE IS NO MORE THAN AN INSUBSTANTIAL PORTION OF THE ORGANIZATION'S OVERALL ACTIVITIES. false false 282692515 0 239201454 The organization provides insurance coverage to the Regents of the University of California. The organization underwrites deductible reimbursement policies to the University providing coverages for certain lines of coverage within its casualty program including: workers' compensation, medical professional liability, employment practice liability, general liability, and auto liability. The organization provides property terrorism and casualty insurance coverage to the University covering direct physical loss or damage to insured properties in the United States of America and resulting from a certified act of terrorism as defined under the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA). 282692515 true false false false false false false false false false false false false true true true true false false false false false false false false false false false true false false false false false false false false false false false false false true false false false true 5 0 true 0 true true false false false false false X 9 2 false true false false false false false true true false false true true true true false false false false false CA X Ashley Lamell 8022642087 100 Bank Street Suite 500 Burlington VT 05401 CHERYL LLOYD PRESIDENT 4.0 36.0 X X 0 246983 25706 NATHAN BROSTROM CHAIR/CFO 3.0 37.0 X X 0 428110 47588 CHARLES F ROBINSON SECRETARY 2.0 38.0 X X 0 458103 48908 RACHAEL NAVA DIRECTOR 1.0 39.0 X 0 366750 39110 JANET A NAPOLITANO DIRECTOR 1.0 39.0 X 0 588440 34154 STEVEN A OLSEN DIRECTOR (THROUGH 1/1/2018) 2.0 38.0 X 0 362261 38904 RONALD S CORTEZ DIRECTOR 2.0 38.0 X 0 273387 23039 ERIN GORE DIRECTOR 1.0 0.0 X 0 0 0 JARID BECK DIRECTOR 1.0 0.0 X 0 0 0 NORMAN HAMILL ASST. SECRETARY 1.0 39.0 X 0 225419 1114 JOHN G FALLE ASST. SECRETARY (THROUGH 11/9/2017) 1.0 39.0 X 0 310147 31823 CHRIS C HARRINGTON ASST. SECRETARY (STARTING 11/9/2017) 2.0 38.0 X 0 204803 5575 0 3464403 295921 0 false true false Willis Towers Watson 100 Bank Street Burlington VT 05401 Consulting and Management 444366 PricewaterhouseCoopers PO Box 514038 Los Angeles CA 900514038 Accoutning 177670 McDermott Will & Emery LLP PO Box 6043 Chicago IL 606806043 legal services 141617 Bickmore Risk Services 1750 Creekside Oak Drive Sacramento CA 95833 Risk Services 116382 District of Columbia Department of Insurance Securities & Banking 1050 First Street Washington DC 20002 Banking and insurance 100000 6 0 Net Earned Premiums 524298 239201454 239201454 0 0 0 0 239201454 13006308 100000 12906308 0 0 950380922 952498280 -2117358 0 -2117358 -2117358 0 0 0 0 0 250090404 239201454 100000 10788950 930523 781545 148978 49778 49778 209848 209848 551834 551834 331590 331590 0 0 151694 151694 14707 14707 31777 31777 LOSSES AND LOSS ADJ EXP 281415918 281415918 PREMIUM TAXES 163462 163462 9749 0 9749 0 283860880 282692515 1168365 0 539608079 67196564 3175293 33459284 0 0 2000000 2000000 718465 3067970 0 0 0 373042829 939454994 0 0 20692391 44041000 939237057 1089219812 279844 30731277 0 928395076 937106711 928674920 967837988 X 5234853 121381824 5327284 10562137 121381824 939237057 1089219812 X -33770476 7135516 137452002 2645 X false true X true X X X 1 THE REGENTS OF THE UNIVERSITY OF CALIFORNIA 943067788 2 true 0 0 1 0 0 true false false false false false false false false false false false false false false false Schedule A, Part IV, Section C, Line 1 Majority director detail Control and management of the Regents of the University of California (the supported organization) is vested in the same persons that manage and control Fiat Lux Risk and Insurance Company (the supporting organization). Five out of the seven directors of the supporting organization must be officers and employees of the supported organization, and four of those five persons are in key management roles of the supported organization: 1) the President of the supported organization, 2) the CFO of the supported organization (who serves as the supporting organization's BOD chair), 3) the General Counsel of the supported organization, and 4) the Chief Risk officer of the supported organization. Loss Reserves and Adjustments 889510000 UNEARNED PREMIUM RESERVES 19337461 RELATED PARTY PAYABLE 28259250 Reinsurance Premium Payable 937106711 X 256674086 7135516 0 7135516 249538570 551834 0 551834 250090404 283309046 0 0 283309046 551834 0 551834 283860880 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The company is exempt from federal income taxes under the provisions of Section 501(c)(3) of the Internal Revenue code, having received approval of its Application for Recognition of Exemption with an effective date of exemption of September 28, 2012. In addition, the Company is exempt from state income taxes imposed under the California Revenue and Taxation Code. However, the Company is subject to income taxes on any net income that is derived from a trade or business, regularly carried on, and not in furtherance of the purpose for which it is granted exemption as well as certain types of income received from controlled subsidiaries pursuant to IRC Section 512(b)(13). In November 2016, the Company loaned two-million dollars to UC Health RRG (A Reciprocal Risk Retention Group), a nonexempt organization that is controlled by the Regents of the University of California, in exchange for a subordinated surplus note, which has an interest rate of 5% per annum. Pursuant to IRC Section 1.512(b)(13), the interest income earned is considered unrelated business taxable income to the Company. The tax expense related to this note for the years ended June 30, 2018 and 2017 were $32,380 and $0 respectively. The Company is subject to premium taxes in the District of Columbia on direct premiums written. Premium tax expense for the years ended June 30, 2018 and 2017 were $105,336 and $101,250 respectively. The Company is also subject to federal excise taxes on certain reinsurance premiums paid on policies issued by foreign insurers. The federal excise tax expense for the years ended June 30, 2018 and 2017 were $58,126 and $55,037 respectively. false false false false false false false false false CHERYL LLOYD PRESIDENT 0 211609 0 0 0 35374 0 12478 0 13228 0 272689 0 0 NATHAN BROSTROM CHAIR/CFO 0 382094 0 8916 0 37100 0 27109 0 20479 0 475698 0 0 CHARLES F ROBINSON SECRETARY 0 412087 0 8916 0 37100 0 29982 0 18926 0 507011 0 0 RACHAEL NAVA DIRECTOR 0 319567 0 8916 0 38267 0 20184 0 18926 0 405860 0 0 JANET A NAPOLITANO DIRECTOR 0 542424 0 8916 0 37100 0 27396 0 6758 0 622594 0 0 STEVEN A OLSEN DIRECTOR (THROUGH 1/1/2018) 0 324322 0 0 0 37939 0 18429 0 20475 0 401165 0 0 RONALD S CORTEZ DIRECTOR 0 226188 0 11972 0 35227 0 11041 0 11998 0 296426 0 0 NORMAN HAMILL ASST. SECRETARY 0 184100 0 9583 0 31736 0 0 0 1114 0 226533 0 0 JOHN G FALLE ASST. SECRETARY (THROUGH 11/9/2017) 0 269514 0 3000 0 37633 0 15714 0 16109 0 341970 0 0 CHRIS C HARRINGTON ASST. SECRETARY (STARTING 11/9/2017) 0 158477 0 17864 0 28462 0 0 0 5575 0 210378 0 0 Form 990, Part VI, Line 15 The officers of the organization are compensated by a related organization, the Regents of the University of California for their services to the related organization and the organization. The process used by the related organization to determine compensation included all of the elements described in Line 15. Form 990, Part VI, Line 3 Delegation of management duties THE ORGANIZATION CONTRACTS THE SERVICES OF WILLIS TOWERS WATSON TO PROVIDE SPECIALIZED INSURANCE MANAGEMENT SERVICES. Form 990, Part VI, Line 11b Review of form 990 by governing body THE ORGANIZATION WORKED WITH AN INDEPENDENT ACCOUNTING FIRM ENGAGED TO PREPARE THE FORM 990 RETURN. THE DRAFT RETURN PREPARED BYTHE ACCOUNTING FIRM WAS REVIEWED AND APPROVED BY THE AUDIT AND FINANCE COMMITTEE AND A COMPLETE COPY OF THE RETURN WAS PROVIDED TO THE ENTIRE BOARD PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. Form 990, Part VI, Line 12c Conflict of interest policy PURSUANT TO THE CONFLICTS OF INTEREST POLICY, AN ANNUAL CONFLICT OF INTEREST QUESTIONNAIRE, AIMED AT DETERMINING ANY FAMILY AND BUSINESS RELATIONSHIPS AND TRANSACTIONS OR OTHER TRANSACTIONS THAT MAY POSE A POTENTIAL CONFLICT, IS DISTRIBUTED TO ALL COVERED PERSONS (I.E. BOARD MEMBERS, OFFICERS, EXECUTIVE LEADERSHIP OR KEY EMPLOYEES). COVERED PERSONS ARE REQUIRED TO DISCLOSE REAL OR POTENTIAL CONFLICTS AT THE TIME WHEN SUCH CONFLICTS ARISE. WHEN SOMEONE BECOMES A COVERED PERSON AND ANNUALLY THEREAFTER, EACH COVERED PERSON IS REQUIRED TO SIGN A STATEMENT AFFIRMING THAT HE/SHE: (1) HAS RECEIVED A COPY OF THE CONFLICTS OF INTEREST POLICY; (2) HAS READ THE POLICY AND UNDERSTANDS SAID POLICY; AND (3) AGREES TO COMPLY WITH ALL REQUIREMENTS OF THE POLICY, INCLUDING COMPLETING THE CONFLICTS OF INTEREST QUESTIONNAIRE. THE COMPLETED QUESTIONNAIRES ARE REVIEWED BY THE BOARD AND ANY PERSONS WITH ACTUAL OR POTENTIAL CONFLICTS ARE INFORMED VIA WRITTEN COMMUNICATION. THE PROCEDURES FOR ADDRESSING ANY CONFLICT OF INTEREST INCLUDES, BUT IS NOT LIMITED TO, THE FOLLOWING: (1) THE CONFLICTING INTEREST IS FULLY DISCLOSED TO THE BOARD; (2) THE INTERESTED PERSON RESPONDS TO FACTUAL QUESTIONS RELATED TO THE SUBSTANCE OF THE TRANSACTION OR ARRANGEMENT BEING CONSIDERED, AFTER WHICH HE/SHE SHALL LEAVE THE MEETING; (3) THE PERSON WITH THE CONFLICT OF INTEREST IS EXCLUDED FROM THE DISCUSSION AND APPROVAL OF SUCH TRANSACTION; (4) ALTERNATIVES TO THE PROPOSED TRANSACTION ARE INVESTIGATED, COMPETITIVE BIDS OR COMPARABLE VALUATIONS ARE OBTAINED; (5) ANY CONFLICTING ISSUES DURING THE COURSE OF A BOARD MEETING WHICH CANNOT BE RESOLVED IS REFERRED TO THE GOVERNANCE COMMITTEE; AND (6) THE TRANSACTION OR ACTION MUST BE APPROVED BY A MAJORITY OF DISINTERESTED PERSONS. Form 990, Part VI, Line 19 Required documents available to the public GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. Form 990, Part XI, Line 8 The organization is using the same accounting method on the return (including the Form 990 and all schedules) to report revenue and expenses that it regularly uses to keep its books and records and which clearly reflects income. The prior period adjustment of $137,452,002 reflects a change in accounting policy on discounting loss reserves, in conformity with the University's accounting policy, which was implemented by the organization and reflected in the organization's audited financial statements as of June 30, 2017. Form 990, Part XI, Line 9 Other changes in net assets or fund balances Transfer of Operations - 2645; REGENTS OF THE UNIVERSITY OF CALIFORNIA 1111 FRANKLIN ST 10 FL OAKLAND CA 94607 943067788 EDUCATION CA 501(c)(3) 2 NA false UC HEALTH RRG 1608 RHODE ISLAND AVE NW WASHINGTON DC 20036 813768942 INSURANCE DC REGENTS OF THE UNIVERSITY OF CALIFORNIA C Corporation 0 0 0 false false false false false false false false false false false false true true true true true false false true