[10426]
October 27, 1998
TO: BOARD OF GOVERNORS No. 72-98
PRIMARY CONTACTS - MONEY MARKET FUNDS No. 3-98
PRIMARY CONTACTS - MEMBER COMPLEX No. 100-98
ALL ICI MUTUAL INSURED COMPLEXES No. 10-98
ICI MUTUAL BOARD OF DIRECTORS No. 14-98
RE: MONEY MARKET FUND PORTFOLIO INSURANCE MEETING
______________________________________________________________________________
As you know, ICI Mutual, the mutual fund industry’s captive insurance company, has been working to
create money market fund portfolio insurance. In the development of this product, ICI Mutual has
received substantial input from money market fund members and their portfolio managers.
The insurance will provide coverage for defaults and similar risks affecting money market fund portfolio
securities. It is believed that the policy provisions are wholly responsive to the needs of money market
funds, most critically, in addressing the need for an immediate response in the event of a potential loss.
The product will be issued by ICIM Reinsurance Company, a wholly owned subsidiary of ICI Mutual,
with support from a consortium of other insurance companies acting as reinsurers.
The insurance will be available immediately. A meeting will be held on November 17, 1998 at 2:00 p.m.
in the David Silver Conference Room at the Investment Company Institute to discuss and answer
questions regarding the default insurance. If you or a representative would like to attend, please fax the
attached form to Arletta Mitchell at 202/326-5373 by November 10, 1998.
Matthew P. Fink, President David Silver, President
Investment Company Institute ICI Mutual Insurance Company
Attachment
MONEY MARKET FUND PORTFOLIO INSURANCE MEETING
2:00 p.m., November 17, 1998
David Silver Conference Room
Investment Company Institute – 12th floor
1401 H Street, N.W., Washington, D.C. 20005
I will attend the Money Market Fund Portfolio Insurance Meeting on November 17, 1998.
I will not be in attendance.
_________________________________
Name
_________________________________
Firm
Please fax this form to Arletta Mitchell
At 202/326-5373 by November 10, 1998.