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c Florida Municipal Insurance Trust NOTES TO FINANCIAL STATEMENTS September 30, 2010 Note 3 - Investments and Investment Income (Continued) As further described at Note 14, investments in the amount of $1,045,000 are held by Deutsche Bank as collateral under a surety bond issued to the Florida Municipal Loan Council (FMLC) which is restricted, Note 4 - Premium Income Premium income for the current policy year is based on management's estimates and will be adjusted upon completion of all premium audits, Premiums receivable represents primarily the estimated post year-end premium adjustments, Premium income is reported net of ceded excess reinsurance premiums and incentive credits, Premium Income Ceded Excess Reinsurance Premiums Incentive Credits Net Premium Income $131.472.444 (24,268.423 ) (10,751,041 ) $ 96.452,980 The Trustees established an incentive plan to provide for premium reductions to members based on each member's past experience in the Trust and other criteria, c; Note 5 - State of Florida Special Disabilitv Trust Fund The state of Florida operates the Special Disability Trust Fund (SDTF) which reimburses Florida employers and carriers for certain workers' compensation benefits paid for claims incurred prior to January 1, 1998, The SDTF is funded with assessments paid to the Florida Department of Financial Services by insurers and self-insurers providing workers' compensation coverage in Florida, The Trust does not report as liabilities claims that have been accepted for reimbursement by the SDTF, In the event the SDTF does not meet its obligations, the Trust would be liable for such amounts, As of September 30, 2010, the Trust was due $949,034 from the SDTF for previously paid workers' compensation benefits eligible, for reimbursement, of which approximately $235,000 is expected to be collected after one year, c 16