December 30, 2003

Member
Minnesota Self-Insurers’ Security Fund

Dear Member:

Enclosed please find the preliminary Minutes of the Self-Insurers' Security FUnd Annual Membership Meeting which was held on November 12, 2003. Also enclosed is a current copy of a revised Plan of Operation.

For those of you who were not at the Annual meeting, we are enclosing a copy of the Self-Insurers' Security Fund Financial Statement for the fiscal year 2003. The audit report notes that the Self-Insurers' Security Fund was not able to obtain an actuarial report for National Steel to determine the range of liabilities.

The Minnesota Department of Commerce COmmissioner Glenn Wilson addressed the membership. Among other things, he brought the members up-to-date on the Department's activities.

Updated information on the Self-Insurers' Security Fund can be obtained at our web site located at http://www.mnsisf.org. Please use this site and send any comments the SISF Board.

We hope you will review the enclosed material carefully. If you have any questions, call our General Counsel, Larry Koll, at (651)291-9155, ext. 105.

Sincerely,

David J. Hennes
Chair
Minnesota Self-Insurers' Security Fund