PCSC Newsletter 4th Edition June 2023
PCHIP, PCRRG and the Peace Church Sponsored Captive (PCSC) welcomed committee members and guests to the Annual Meetings of the Subscriber Advisory Committees (SAC) in VT the first week of May. The beginning of the year is a busy time for each entity and committee members approved measures that will not only benefit Subscribers but help to attract new participants. PCRRG, PCHIP and PCWSP each made allocations to Subscriber Savings Account. The allocation made to PCHIP Subscribers was the largest in the history of the program and highlights the continued financial success of the program. The SAC’s of both PCRRG and PCHIP approved distributions from Subscriber Savings Accounts which will be paid in the next few months. PCWSP will review options for a distribution during their next scheduled meeting in June. As part of their efforts to consolidate service providers and reduce costs, PCSC, on behalf of each captive cell, entered into a contract with Pinnacle Actuarial Resources effective January 1. Pinnacle delivered their first loss reserve study to PCRRG, affirming the historically conservative approach taken by the risk retention group. Crowe, who was selected as the Tax/Audit partner for all captive groups delivered presentations to PCRRG and PCHIP affirming that there were no disagreements with management in financial accounting and reporting. Crowe will report to PCWSP in June.
The PCHIP SAC approved a process that will assist new members with collateral obligations when joining the program. Traditionally, each member is required to contribute two years of collateral to secure the “Gap” between the captive loss funding and the aggregate attachment point for the captive. This contribution may be made in cash or via Letter of Credit. Under the new guidelines, prospective members may elect to spread this obligation over a four-year period. This approach may allow the member to partially fund obligations in the third and fourth year with their portion of dividends, if any, that may be declared by the SAC.
Recognizing that membership growth remains a key element to their long-term success, each program has expressed a willingness to look at members outside the Peace Church Community. Participants are encouraged to refer prospective communities to Eric Himes, eric@resoucepartnersonline.org, or Phil Leaman, phil@resourceparntersonline.org, for introductions and follow-up. We are excited to share the success of our approach with those communities outside of our traditional fellowships.
Save the date for The Peace Church Annual Subscribers Meeting which will be held from November 28th to December 1st in Clearwater, FL. The Hilton Clearwater Beach Resort lives up to its name and will serve as a beautiful backdrop for our event. We look forward to seeing everyone this Fall!
