- Report Published -
|A Study to Establish an Economically Balanced Approach for Funding the Birth-Related Neurological Injury Compensation Fund|
|Board of the Virginia Birth-Related Neurological Injury Compensation Fund|
|HJR 646 (Regular Session, 2005)|
In its 2005 session the Virginia General Assembly adopted House Joint Resolution 646 (HJR646) requiring the Virginia Birth-Related Neurological Injury Compensation Program (Program) Board of Directors (Board) to conduct a study to provide an economically balanced approach for adequately funding the Compensation Fund (Fund). A copy of this resolution is provided as Appendix A. The General Assembly directed that, "in conducting its study, the Virginia Birth-Related Neurological Injury Compensation Program shall":
• Identify the extent of Program deficit
• assess causes for such deficit
• review the program structure to determine the necessary amendments to stem deficit; and
• Assess the effect of such amendments on the number of beneficiaries projected to be assisted by the Program in subsequent years
The Executive Director, at the direction of the Board, engaged a professional to coordinate the study through the issuance of an RFP and selected C. Gary Burke to fill this role. Mr. Burke has over 25 years of financial and project management experience in Virginia State government. Mr. Burke was supported by a graduate student from Virginia Commonwealth University, Mr. Sam Ragsdale. Mr. Ragsdale assisted the project by conducting research, preparing analyses as required, and generally assisted the project coordinator with multiple project related tasks.
Additionally, such a study would, out of necessity, include actuarial projections to support its conclusions and recommendations. Accordingly, the Executive Director engaged the actuarial firm of Pinnacle Actuarial Resources, Inc. to conduct the actuarial analyses necessitated by the study. Pinnacle has extensive experience in the preparation of such analysis and has provided assistance to the Program in the past. Mr. Robert J. Walling, III, Principal and Consulting Actuary with the firm, was the primary contact on this project for Pinnacle. Mr. Walling and his firm is a good choice for this role as he has worked with other states and is recognized an "expert" in his field. Mr. Walling's Curriculum Vitae is provided in Attachment G.
As instructed by the House Joint Resolution 646 (HJR646) the Executive Director identified stakeholders that needed to participate in the completion of this study. The stakeholders so identified were contacted and informal interviews were conducted. Appendix B is a listing of those identified by the Executive Director as contacts and the organizations that they represent. Appendix C provides a copy of the questionnaire used in the interviews. Section III, Input from Stakeholders is a summary of the insight provided by the contacts on behalf of their constituents and their recommendations for this study.
The Board wishes to thank all of the participants of the study for their commitment to the task and for the time and effort all have provided to help continue the good work of the Program since its inception in 1987.