Commitments and Contingencies
Future lease commitments as of December 31, 1996 for 1997 are $294,359. The litigation brought by an Association member in 1993 continued in 1996. A resolution is anticipated in 1997. Audited financial statements are available at the Association's offices.
Fines
The Association has a fining procedure for delinquent, incorrect, or incomplete unit reports. This procedure generated $103,489 in fines in 1996. A summary on the status of the fine system is reported to the Commerce Department each month. The current procedure was implemented in 1990.
Insolvent Fund Account
The Association continues to make regular payments to claimants of Security Casualty Company of Chicago. No assessments were levied in 1996.
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