The Association of Governmental Risk Pools (AGRiP) recently presented the TAC Risk Management Pool (TAC RMP) with an AGRiP Recognition Award for its completion of AGRiP’s Advisory Standards for public entity pools.
The designation is a valuable credential in the risk management industry and sets TAC RMP apart from its competitors. TAC RMP participated in a lengthy application and review process to receive the designation, which is effective through 2022. It extends TAC RMP’s current Recognition Award, which it received for 2016-19. Because public entity pools are not generally rated by industry-accepted rating bureaus such as A.M. Best or Moody’s, accreditation by a recognized trade association provides an alternative to ratings assigned to commercial insurance providers.
To be selected, TAC RMP had to meet AGRiP's detailed Advisory Standards for Governance, which include:
- Foundational standards as formation requirements for both the pool itself and member participation
- Fiduciary and financial solvency standards as governance best practices designed to influence the financial security of the pool, and
- Operational standards as necessary governing board best practices. “This highly sought-after award reflects the intense level of dedication that our Board and staff have in providing a critical service for our members,” said TAC RMP Board Chair and Lubbock County Commissioner Bill McCay.
“I am very proud of all of our staff; this coveted recognition highlights how hard they all work to make TAC RMP one of the best in the industry, not only in Texas but across the nation,” said TAC Risk Management Services Director Michael Shannon. “The TAC RMP Board of Directors, which is composed of elected officials and Pool members, have shown great leadership and this recognition exemplifies their efforts.”