ISO conversion to cut operating fund.(Insurance Services Office)

National Underwriter Property & Casualty-Risk & Benefits Management, January, 1997 by Otis, L.H.

The Insurance Services Office operating fund will be reduced by a third following its conversion to for-profit status, according to ISO's general counsel. ISO has a "surplus" of operating funds of approximately $75 million at present, but will redeem $25 million worth of shares to stockholders following its conversion, leaving the organization with about $50 million after the conversion, said Joseph P.

Giasi, Jr., senior vice president and general counsel of New York-based ISO. Mr. Giasi made his remarks on the ISO conversion during a briefing for regulators at a committee meeting held last month during the winter meeting of the National Association of Insurance Commissioners in Atlanta. Insurer member companies, who will become ISO shareholders in the...

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