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Cloud Statement by Treasurer Cloud

Cloud Statement by Treasurer Cloud

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Published by kevinhfd
Media Statement by Hartford's Treasurer
Media Statement by Hartford's Treasurer

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Published by: kevinhfd on Oct 13, 2013
Copyright:Attribution Non-commercial


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October 11, 2013
Statement by Adam Cloud, CityTreasurer of Hartford
 Today, I am asking the Department of Insurance to investigate HybridInsurance regarding their lack of payment. I will be forwarding allrelevant information to them and asking other relevant departments inthe City of Hartford to do the same. I will also strongly support theCity's Internal Audit Department's review.It is important to note that in accordance with state law, at no time wasthe city uninsured, and it will remain insured based on ourpayment. We do not have to recoup the payment or make any
additional payments to remain insured. It is the carrier’s responsibility to
obtain any owed payment from Hybrid.My office did not approve any business relationship for the City andHybrid. The smaller pension fund policy was recommended by anoutside insurance agency that had solicited a competitive, reduced costproposal from Hybrid. The bid was approved by the Office of theCorporation Counsel and the Pension Commission, not our office. Theinsurance coverage for the City and the schools was made by anindependent committee which neither I, nor anyone in my staff, was amember of.
It is the Finance Department that reports to the City’s COO that
processes payments to city vendors. When we learned the City could bein danger of an insurance coverage lapse, I engaged the FinanceDepartment. In consultation with the former City Finance Director Julio

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