2024-04-09T11:08:57-07:00 2023-06-30 990 2022-07-01 980063504 RUMINCO LTD co Regents of the Univ of Minnesota RUMI 6126241053 2221 University Avenue SE Ste 100 Minneapolis MN 55414 Michael D Volna Director 2024-04-02 Michael D Volna 999009999 true 2 AAL1 IAL1 FAL1 2022 2023-04-26 12:10:37Z 2221 University Avenue SE Ste 100 Minneapolis MN 55414 16651398 false X N/A X 1977 BD RUMINCO is a wholly-owned captive insurance company whose principal activities are the insurance of certain risks to the University of Minnesota. 7 2 0 0 0 6076017 7155871 976359 1610460 0 7052376 8766331 0 0 0 0 0 6049885 5587664 6049885 5587664 1002491 3178667 62223712 71744022 5583345 6177114 56640367 65566908 RUMINCO is a wholly-owned captive insurance company whose principal activities are the insurance of certain risks to the University of Minnesota. false false 5445083 7155871 RUMINCO is incorporated under the laws of Bermuda and is a wholly-owned subsidiary of the University of Minnesota. RUMINCO's principal activities are the insurance of certain risks of its parent. Various coverages include commercial general and professional liability, non-profit organization liability, business auto liability and excess automobile liability. RUMINCO's insurance agreements limit its exposure to loss on a per occurrence and annual aggregate basis. 5445083 true false false false false false false false false false false false false false true false true true false true true false false false false false false false false true false false false false false false false false false false false false false true false false false true 0 0 false 0 false true OC false false false false false 0 false false false false false false false X 7 2 true true false false true true true true false false false true true true true true true false false false X Artex Risk Solutions Bermuda 4412944300 3rd Fl Wesses House 45 Reid St Hamilton Bermuda BD HM 12 Stuart H Mason Treasurer 0.00 40.00 X X 0 1179852 252178 Joan TA Gabel Dir thru 060923 0.00 40.00 X 0 732708 293219 Myron Frans Vice President 0.00 40.00 X X 0 408687 122921 Douglas R Peterson Director 0.00 40.00 X 0 368618 64338 Michael D Volna Director 0.00 40.00 X 0 236474 59347 Susan Kratz Director 0.00 40.00 X 0 191726 50312 Robert Eastham Director 0.00 0.00 X 0 0 0 Christopher Garrod Chairman 0.00 0.00 X X 0 0 0 3118065 842315 0 false true false None over 100000 0 0 Captive Insurance Premium 524298 7155871 7155871 7155871 823739 823739 0 0 0 8671788 7885067 786721 786721 786721 0 0 0 0 8766331 7155871 1610460 0 0 0 0 0 0 0 0 0 0 61000 61000 0 26000 26000 0 0 18527 18527 13225 13225 0 0 0 0 0 0 0 0 0 0 0 0 Underwriting Expenses 5445083 5445083 Corporate Secretarial Fees 10551 10551 Licenses & Fees 8278 8278 Director Fees 5000 5000 0 5587664 5445083 142581 0 26162 89274 0 0 0 0 0 0 0 11783 12725 0 62094209 71129900 0 0 0 91558 512123 62223712 71744022 58828 89153 5524517 6087961 5583345 6177114 X 250000 250000 2000000 2000000 54390367 63316908 56640367 65566908 62223712 71744022 3178667 5747874 X false true X true false X X 1 Regents of the Univ of Minnesota 416007513 5 true 5463610 0 1 5463610 0 true false false false false false false false false false false false false false false true false Incurred Losses Not Reported 2565043 Oustanding Loss Reserves 3522918 6087961 14514205 5747874 5747874 8766331 8766331 5587664 5587664 5587664 Caribbean 0 1 Management Serv 124054 Caribbean 0 0 Bank Account 89274 1 1 213328 213328 false false false false false false X X X X false true false false false false false false false Douglas R Peterson Director 366332 2286 30500 33838 432956 Joan TA Gabel Dir thru 060923 673012 50000 9696 185500 107719 1025927 Michael D Volna Director 234188 2286 31606 27741 295821 Myron Frans Vice President 404979 3708 110500 12421 531608 Stuart H Mason Treasurer 501144 675000 3708 224650 27528 1432030 Susan Kratz Director 188812 2500 414 19961 30351 242038 Form 990, Part VI, Section A, Line 2 Joan Gabel, Stuart Mason, Douglas Peterson, Michael Volna, Myron Frans, and Susan Kratz are all employees of the University of Minnesota. Form 990, Part VI, Section A, Line 3 RUMINCO has engaged Artex Risk Solutions (Bermuda), Ltd. to facilitate the captive insurance function of RUMINCO in Bermuda. All significant transactions regarding the legal status of RUMINCO in Bermuda are coordinated with Artex Risk Solutions (Bermuda), Ltd. Form 990, Part VI, Section A, Line 6 RUMINCO's sole stockholder is Regents of the University of Minnesota (41-6007513). The stockholder is a public research university and has been ruled by the IRS to be an integral part of the state of Minnesota. Form 990, Part VI, Section A, Line 7a The stockholder of RUMINCO is Regents of the University of Minnesota. RUMINCO is the captive insurance company of the stockholder identified above and the stockholder owns the controlling interest in RUMINCO and has power to appoint the Governing Body. Form 990, Part VI, Section A, Line 7b The stockholder, Regents of the University of Minnesota, has the authority to appoint and remove a controlling portion of the board of directors of RUMINCO. The stockholder has been ruled by the IRS to be an integral part of the state of Minnesota. RUMINCO has been determined to be an organization described in section 501(c)(3) and is a supporting organization under section 509(a)(3) as a result of the control of the stockholder over the operations of RUMINCO. Form 990, Part VI, Section A, Line 8b All meetings are contemporaneously documented. There are no committees that act on behalf of the governing body. Form 990, Part VI, Section B, Line 11b The board of directors of RUMINCO receives a draft copy of the IRS Form 990 and are given time to review the document and provide comments prior to its final filing with the Department of Treasury/Internal Revenue Service. Form 990, Part VI, Section B, Line 12c All directors with listed compensation on Schedule J Part II are employees of Regents of the University of Minnesota. All such directors must adhere to the University policies with respect to reporting conflicts of interest. The reporting is required annually and all conflicts in excess of $10,000 are reported to the University. The University takes appropriate action whenever a conflict of interest is noted. In addition, RUMINCO also follows the Insurance Code of Conduct. Form 990, Part VI, Section C, Line 19 Regents of the University of Minnesota (aka University of Minnesota) is a public University, ruled by the IRS to be an integral part of the state of Minnesota. As a public university, it is subject to the Minnesota Data Practices Act. Under this act, all relevant documents relating to the governance of RUMINCO are subject to public scutiny. Furthermore, RUMINCO, as a Section 501(c)(3) entity, is also subject to the public disclosure and public inspection requirements of the code. Form 990, Part XII, Line 2c - Audit Committee Oversight Consistent with prior years, the RUMINCO Board of Directors reviews and approves RUMINCO'S Audit Process, Statutory Financial Statements and the Management Financial Statements. The Audit Committee of Regents of the University of Minnesota assumes responsibility for the oversight of the consolidated financial statements of the University of Minnesota and the selection of the auditing firm. The full Board of Regents approves the selection of the auditor and the final Audited Financial Statements based upon recommendation by the Audit Committee. The University's financial statements include the financial data of both tax-exempt component units. Regents of the University of Minnesota 2221 University Ave SE Suite 100 Minneapolis MN 55414 416007513 Education/Research/Public Outreach MN State MN Regents of the University of Minnesota false false false false false false false false false false false false true false false true false false false false Regents of the University of Minnesota l 3728571 FMV Regents of the University of Minnesota o 1735039 FMV