Viking Magazine - February 2016 - 41

Fall Meeting 2015
Board Minutes
International Board of Directors
The Fall 2015 Meeting of the
International Board of Directors was held
November 3-6, 2015, at the Sons of Norway
Headquarters in Minneapolis, Minnesota.
The following Officers and Directors
were present: President Jon Tehven, Vice
President Ron Stubbings, Secretary Dan
Rude, Treasurer Ray Knutson, and Directors
Bob Hoover, Erlene Stevenson, Marci
Larson (arriving on the 4th), Elaine Nelson,
Jon Grinde, Lyle Berge, Gloria Benazic and
Odd Harald Olsen. Attending from the staff
were Chief Executive Officer Eivind Heiberg
and Legal Counsel David Ness.
Jeff Birdsley and Jon Augustine of BTC
Capital Management presented the
Sons of Norway investment portfolio.
Slow economic growth throughout the
industry is predicted. There is steadiness
in the overall credit quality of our bonds.
We are in a good position with our
investments and our yield. Actuary Dean
Stiller, explained the importance of the
investment/yield ration in relation to
our products.
Markerting Director Len Carlson
addressed questions relating to the
recruiting process for FBCs. The
commission schedule, bonus program
and products are very competitive
with related companies. The struggle is
keeping the FBCs motivated to contact
an audience that doesn't understand that
we're a Fraternal Life Insurance Company.
It was reported that the electronic
application system is in its infancy with
new applications being processed. The
organization just had an online sales
presentation and will be investigating
further on the subject.
Actuary Dean Stiller remarked on
the Utah Mandatory Reserve. This
isn't required in every state, but it is
important to comply with each states'
insurange regulations. Most are done
with the NAIC Uniform Certificate of
Authority Application, but it's our job and
responsibility to be aware of changing
regulations in each state that we are
licensed to sell insurance.
Foundation Director Cindy Olson
reported on the goal to raise $500,000
for the 50th Anniversary of the Sons of
Norway Foundation through District
and Lodge challenges, culminating
at the International Convention. She
also included the roll out of the Klubb
program, which is a multi-year donation
commitment.
Linda Pederson, Fraternal Director, spoke
on the graphic awards that her staff has
been nominated for. She also spoke of
the issues with the current distribution
method of the Lodge Directory.
Actuary Dean Stiller then reported that
the Principle Based Reserves (PBR) has
now passed in 38 states. In all likelihood,
this will become a reality January 1, 2017.
While Sons of Norway may qualify for an
exemption, we will need to determine
whether or not we will want to use it as
we may want to use the new required
calculations.
Diane Gill, Director of Underwriting,
updated the International Board on a
recent FBC survey conducted on the
Underwriting Department. There were
high marks on service and good feedback
for future training. All in all it was very
positive feedback.
Controller Dean Nelson report to the
International Board on the status of the
Lock Box. His contact at Wells Fargo is
committed to getting this completed
by December 12. He also reported that
there was a discrepancy of the dues in
District 7 and he will be developing a
report to determine how much should be
distributed to the District.
Dean Stiller and Dean Nelson reviewed
the Third Quarter Financials with the
International Board line by line. Currently,
our RBC ratio is 509% in 2009 was 227%.
We are definitely moving in the right
direction.
An informal dinner was held with
the International Board members at
the Normandy Inn on Tuesday,
November 3, 2015.
MOTION was made and seconded
to approve the agenda with additions.
Motion carried.
Minutes were approved of the
following International Board Meetings:
May 5-8, 2015 Meeting. The following
Executive Session Minutes: May 5, 2015,
May 6-8, 2015, Nominating Committee
e-mail vote and September 28, 2015.
Motion carried.
Vice President Stubbings is very excited
about the participation level of the Vice
President Network, with all 8 Districts
represented. They've identified Hudson
Valley #3-432 as being a lodge to look to
because there were able to increase their
adult and juvenile members by nearly 30%
in 2015. What are they doing and can other
lodges replicate it.
MOTION was made and seconded to
approve the Vice President's Network
report. Motion carried.
Erlene Stevenson presented the report
on the progress of the 2016 International
Convention planning. She also presented
the International Board with the budget
and proposed delegate package for a
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Viking Magazine - February 2016

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