HomeLog inRegisterFAQSearch

Share | 
 

 UPDATE FROM THE INSURANCE COMMITTEE

View previous topic View next topic Go down 
AuthorMessage
Minnesota Eternals
 
 
avatar

Posts : 21841

PostSubject: UPDATE FROM THE INSURANCE COMMITTEE   Thu Feb 04, 2016 3:58 pm

Alright everyone, so here is the result of the newly formed Insurance Committee's initial meeting to determine what we're doing about insurance funds going forward and surrounding items....

1. Bylaw F.1 is being revised to the following (I will be updating the actual bylaw momentarily)
Bylaw F.1 Revised wrote:
F.1 Owner Insurance (50.00 per owner **one time only**)

A. Each owner must pay a one time $50 insurance fee in order to be an official owner in the club.  

*** Refunds of the insurance money to a departing franchise will not occur if the President feels any of the questions below can be answered with YES.
1. Has the departing owner been in the club less than 5 years?
2. Looking at the 3 years worth of available draft picks, is there less than five (5) total picks remaining for the franchise in the combined 1st and 2nd rounds of those three years?
3. Looking at Warbucks, does that franchise have less than 25 in its possession (or 225 after yearly stipend)?
4. Can a reasonable argument be made that the team in question is a bottom 5 team (looking at present condition) in Roster Wars?
5. Is the franchise currently the PINK team or scheduled to be the upcoming PINK team?

The President reserves the right to deny an insurance refund even if the above conditions are met if he deems there are other circumstances that this rule could not foresee. The President would love to be able to look at all of those factors and still refund the insurance money but by being an owner in this club you acknowledge the Presidents decision will be final.

B. After that, each owner will then need to pay 107.00 within a week of the conclusion of the annual owners meeting each year.  This money and how it is used is described below.

C. All monies collected for Insurance purposes will be held in the Roster Wars Insurance Fund and will be governed by the Insurance Committee along with the RWP and RWVP.

D. In the event that a vacant team is deemed by this committee to be in such bad shape that it's unreasonable to expect a new owner to be able to turn the franchise around within 3 years or so, the committee may approve to use the Insurance Fund to pay for one full season of League Dues for that franchise.
1. The incoming owner must pay the $50 insurance money to enter the league.
2. The incoming owner must pay for one full season of their League Dues (typically $107) and that would be non-refundable.  In a nutshell, the owner pays for one season and is getting two seasons.
3. If there are multiple teams available which will cause a dispersal draft to occur, there will not be reparations.  There will not be a case of an owner getting reparations AND a dispersal draft.
4. The Insurance Committee's ruling on reparations is final.  
5. If a member of the Insurance Committee is directly involved in a case, the RWP, RWVP or a substitute long-standing owner will take their place in ruling on the case.

E. The Insurance Fund at full strength would be $1300 (24 owners x $50 + $100).  Any overage obtained through changes in ownership that pushes the insurance fund over $1300 will be added to the progressive pot.  Any shortages will be replenished through turnover not requiring reparations.  If there is no turnover, then it doesn't really matter anyway.


2. It has been determined that Bylaw Section B.5 would be better suited in Section Y and the following will be added to it regarding the protocol for our waitlist.

idea wrote:
A. If the next Waitlisted Owner in line chooses not to take an open franchise, they will move to the back of the waitlist and will remain at the back of the waitlist for 12 months.  This means than any prospects approved to the waitlist in that 12 month span will be ahead of this owner in line.
B. This owner will not be offered a franchise for 12 months even if they are the only franchise left on the waitlist.  The league has the ability to run a vacant team if necessary.
C. If a waitlisted owner opts to pass on the second team offered to them, they will be downgraded to "Friend of the league" status.


3. And lastly, in accordance with the changes the committee came to the conclusion that the Kane County Goon Squad shall receive one free season from the Insurance Fund because that situation was not handled properly at the time.  



Like I mentioned, I will get these changes updated very soon and moving forward we will go...

Any questions, comments or concerns? Go!


Back to top Go down
New England Nineties
 
 
avatar

Posts : 5585

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Thu Feb 04, 2016 4:59 pm

Looks fine. Theoretically there might be some issues, but those issues won't happen in reality, so let's not waste our breath.


Back to top Go down
Titletown Tyrants
 
 
avatar

Posts : 9020

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Thu Feb 04, 2016 5:01 pm

Looks pretty cut and dry to me!


Back to top Go down
Norfolk Bombers
 
 
avatar

Posts : 5494

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Thu Feb 04, 2016 5:32 pm

These rule changes SUCK. Who came up with this shit....







baghead2


Back to top Go down
Tarpon Springs RedKnights
 
 
avatar

Posts : 7790

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Thu Feb 04, 2016 6:33 pm

Sounds good. Thanks to those involved in devising them.


Back to top Go down
Kane County Goon Squad
 
 
avatar

Posts : 7325

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Thu Feb 04, 2016 7:18 pm

looks good to me and thanks  rock on rock on rock on


Back to top Go down
Kirksville Growlers
 
 
avatar

Posts : 717

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Thu Feb 04, 2016 7:23 pm

Great work guys


Back to top Go down
Atlanta Africans
 
 
avatar

Posts : 5649

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Thu Feb 04, 2016 9:47 pm

I don't quite follow how the fund is kept full. E.g
Year 1 - owner leaves and reparations are required. $50 new insurance less $100 free season so balance goes down by $50
Year 2 - same thing so now it's $1200
Year 3 - again now it's $1150 and now the league is technically insolvent
How are we getting this back to the full amount?


Back to top Go down
Norfolk Bombers
 
 
avatar

Posts : 5494

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Thu Feb 04, 2016 10:09 pm

People who leave that cannot answer yes to all the questions, but their teams are in good condition.



Back to top Go down
Baja Beatniks
 
 
avatar

Posts : 3587

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Thu Feb 04, 2016 10:22 pm

So there is no guarantee that it will be replenished? Thought this was one of the primary aspects being addressed by the committee.


Back to top Go down
San Francisco Golddiggers
 
 
avatar

Posts : 4148

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Thu Feb 04, 2016 10:23 pm

Can I buy insurance? Laughing


Back to top Go down
Las Vegas DeGenerates
 
 
avatar

Posts : 3103

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Fri Feb 05, 2016 12:16 am

Sounds good... But I'd still choose PUNT.


Back to top Go down
England Dragons
 
 
avatar

Posts : 8346

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Fri Feb 05, 2016 1:21 am

Atlanta Africans wrote:
I don't quite follow how the fund is kept full. E.g
Year 1 - owner leaves and reparations are required. $50 new insurance less $100 free season so balance goes down by $50
Year 2 - same thing so now it's $1200
Year 3 - again now it's $1150 and now the league is technically insolvent
How are we getting this back to the full amount?

Whilst this is technically possible, it's so incredibly unlikely that after discussion, we decided it didn't need to be included in the by-laws.

The rules already in place make it very unlikely that a leaving team will get their insurance back. So unless, as you listed here, 3 consecutive leaving teams are in such poor state that reparations are required, it's a non-issue.

In the history of the league, 16 owners (including Tony) have moved on. Of those 16, 1 has been considered in a poor enough state to require reparations. 1 out of 16.

Having looked through the rosters, in my opinion, the only franchise that would require reparations if the owner left right now would be Freakshow. So, whilst it's possible that Bob leaves this year, then someone else messes their team up and leaves next year, and then someone else messes their team up and leaves in 2018 - with no-one leaving in-between - it's not very likely.

If it's felt that's not neat enough, we can add a line in to say that if the pot gets to $1150 then $50 can be taken from the progressive pot, but again, after discussion we did not feel that was necessary.

cheers



Back to top Go down
Baja Beatniks
 
 
avatar

Posts : 3587

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Fri Feb 05, 2016 7:29 am

I thought a committee was chosen so they could make the pot right out of their own pockets. Evil laugh

If you all did the math and decided to "cross that bridge when we come to it" - I can live with that.



Back to top Go down
Bergen Brawlers
 
 
avatar

Posts : 4606

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Fri Feb 05, 2016 8:08 am

England Dragons wrote:
Atlanta Africans wrote:
I don't quite follow how the fund is kept full. E.g
Year 1 - owner leaves and reparations are required. $50 new insurance less $100 free season so balance goes down by $50
Year 2 - same thing so now it's $1200
Year 3 - again now it's $1150 and now the league is technically insolvent
How are we getting this back to the full amount?

Whilst this is technically possible, it's so incredibly unlikely that after discussion, we decided it didn't need to be included in the by-laws.

The rules already in place make it very unlikely that a leaving team will get their insurance back. So unless, as you listed here, 3 consecutive leaving teams are in such poor state that reparations are required, it's a non-issue.

In the history of the league, 16 owners (including Tony) have moved on. Of those 16, 1 has been considered in a poor enough state to require reparations. 1 out of 16.

Having looked through the rosters, in my opinion, the only franchise that would require reparations if the owner left right now would be Freakshow. So, whilst it's possible that Bob leaves this year, then someone else messes their team up and leaves next year, and then someone else messes their team up and leaves in 2018 - with no-one leaving in-between - it's not very likely.

If it's felt that's not neat enough, we can add a line in to say that if the pot gets to $1150 then $50 can be taken from the progressive pot, but again, after discussion we did not feel that was necessary.

cheers



If I'm reading the rules correctly, all 16 departing owners have, or will have, forfeited their deposit because they weren't around for 5 years.  And it appears that the deposits get rolled over to the progressive pot.  If that's correct, then there should be $800 in the progressive pot that can be looked to if there are any shortages.  And, with the pot just a bit under $1,100, it looks like most of the pot is the insurance money.  I do realize that the statement isn't completely accurate because payouts were made based on percentages but the number should be at least $500-$600.  With that cushion, it would seem that the insurance money is safe and that resort to the progressive pot should not be an issue because a fair amount of that money was initially insurance money.  And it appears that there will be a rare instance in which taking money from the insurance fund occurs.  On that point, does it make sense to have any incentives to new owners paid out out of both pots, i.e., the first $50 (if needed) from the insurance pool and any remainder from the progressive pot?


Back to top Go down
Bergen Brawlers
 
 
avatar

Posts : 4606

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Fri Feb 05, 2016 8:16 am

An additional thought, because it is more likely than not that a departing owner will not get their security back, it appears that the primary need to have a fully-funded insurance pot is in the case of league dissolution -- an event that hopefully will never happen.  In that event, I would (and I should check the rules) imagine that the progressive pot is liquidated.  So, maybe a good solution would be that, everytime that there is a payment that would cause the progressive pot to go below a set amount (say $800), the insurance fund is replenished (if necessary) and then the payout is made based on the reduced progressive pot amount.


Back to top Go down
Minnesota Eternals
 
 
avatar

Posts : 21841

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Fri Feb 05, 2016 12:16 pm

Russ, I might be having issues reading today but I got lost in all that...let me say what's what in my words and either you'll be set straight or you can tell me that is what you're saying...

The Progressive Pot is completely separate from the Insurance Fund. The Progressive Pot's balance is seen in the banner up top.

The Insurance Fund can be seen in the RW Bank section. It currently has $1200 in it.

When owners leave the league, they either get their $50 insurance money back or they don't. If they do, the new owner for that franchise will pay $50 into the Insurance Fund so nothing changed. If they don't get it back, the new owner must still pay $50 into the Insurance Fund which means the fund gained $50.

If the Insurance Fund has $1300, it's maxed out and any funds coming it's way will be tossed into the Progressive Pot.

If the Insurance Fund needs to fund a free season for a new owner because the team is so bad, that owner still must pay $50 into the insurance fund to the loss to the fund is -$50.

As some have keyed in on, technically if the Insurance Fund needed to fund a free season several times in a row the Fund will go down without being replenished fully but realistically and reasonably thinking, this will not occur to a degree that it'll ever be an issue. The vast majority of turnover with be a -/+ situation or simple a +......we have had only one case in 5 years of a team needing this assistance. If we suddenly had an issue with this, the league has a bigger issue to address which is the lack of character of it's owners because it would multiple people are trashing teams and quitting.

Hope this helps anyone/everyone.


Back to top Go down
Bergen Brawlers
 
 
avatar

Posts : 4606

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Fri Feb 05, 2016 12:26 pm

Thanks. I think that we are on the same page.  The 2 second summary was that the progressive pot contains money that was originally paid as insurance money so using the progressive pot to replenish the insurance fund, if necessary, makes sense.


Back to top Go down
Minnesota Eternals
 
 
avatar

Posts : 21841

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Fri Feb 05, 2016 12:31 pm

Bergen Brawlers wrote:
Thanks. I think that we are on the same page.  The 2 second summary was that the progressive pot contains money that was originally paid as insurance money so using the progressive pot to replenish the insurance fund, if necessary, makes sense.

Agreed but it would take some extremes for that to be necessary and the committee would address that if needed. Presently, the only way funds are coming out of the Progressive Pot is if someone wins some. winning


Back to top Go down
Littleton SilverBallers
 
 
avatar

Posts : 3192

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Fri Feb 05, 2016 1:32 pm

Looks good to me


Back to top Go down
Bergen Brawlers
 
 
avatar

Posts : 4606

PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   Fri Feb 05, 2016 1:33 pm

Minnesota Eternals wrote:
Bergen Brawlers wrote:
Thanks. I think that we are on the same page.  The 2 second summary was that the progressive pot contains money that was originally paid as insurance money so using the progressive pot to replenish the insurance fund, if necessary, makes sense.

Agreed but it would take some extremes for that to be necessary and the committee would address that if needed.  Presently, the only way funds are coming out of the Progressive Pot is if someone wins some.  winning


Challenge accepted.


Back to top Go down
Sponsored content




PostSubject: Re: UPDATE FROM THE INSURANCE COMMITTEE   

Back to top Go down
 
UPDATE FROM THE INSURANCE COMMITTEE
View previous topic View next topic Back to top 
Page 1 of 1

Permissions in this forum:You cannot reply to topics in this forum
Roster Wars :: The Roster Wars Clubhouse :: Main RW Lobby-
Jump to: