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CFO flags rising high-dollar claims and board approves IBNR and contingency reserves
Summary
CFO Iftikhar Hussain reported a $4.8 million year-to-date fund balance but warned that high-dollar Access Plus claims at Stanford and UC are driving increased exposure; the board approved June 30, 2022 IBNR and contingency reserve amounts after Aon reported an overall reserve increase and noted an unmapped UHC claim of about $1.16 million judged not material by auditors.
Chief Financial Officer Iftikhar Hussain told the board Jan. 12 that through November the fund balance was about $4.8 million higher than at the start of the year, but he warned of mounting pressure from high-dollar medical claims concentrated in the Access Plus plan, citing late maternity and ICU claims, primarily at Stanford and UC, that could add millions to liabilities.
Hussain also reviewed mayoral budget instructions for the fiscal years 2023–24 and…
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