Columbia, MO – Missouri Employers Mutual, the state’s No. 1 provider of workers compensation insurance, has voluntarily agreed to a full audit of its operations by the Missouri State Auditor. In an effort to further demonstrate transparency, MEM has also agreed to release the company’s previous independent financial audit reports, requested salary information and minutes of its board meetings.
“MEM welcomes this unfettered access and review of our operations and is confident that the results will satisfy our policyholders and producers and demonstrate that MEM is a company that operates with integrity,” said Jim Owen, Chairman and Interim CEO. “In recent weeks, MEM’s financials have been extensively reviewed by the state insurance regulator and examined by both internal and external sources. The company’s financial position is stronger than ever and we remain committed to maintaining the high quality service and integrity that our policyholders, producers, employees and the public expect.”
MEM and the State Auditor agreed to make the following five sets of documents public pursuant to paragraph 7 of their Agreement:
- ‘All audits conducted pursuant to Section 287.920.1, RSMo. and all ‘statements’ pursuant to Section 287.920.2, RSMo.’ MEM and the Auditor agreed that “posting of these audits and statements on MEM’s website shall be considered making them public pursuant to this Agreement.’
- 2010 MEM Director compensation by individual
- The present salaries of MEM’s ten highest-compensated employees, disassociated with their names and positions.
- The 2010 report on average market compensation.
- All minutes for the past two years (Subject to redaction of any confidential, proprietary, personnel or attorney-client privileged information).”
The 2008-09 and 2009-10 Independent Auditors reports and the 2008, 2009 and 2010 Annual Statements filed with the Department of Insurance are available on MEM’s website.