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Financial audit: Abuse claims drained West Virginia Board of Risk and Insurance Management

By Roger Adkins Charleston Gazette-Mail

CHARLESTON, W.Va. — Abuse claims from previous years, including some related to the former Miracle Meadows school in Harrison County, have affected the finances of the West Virginia Board of Risk and Insurance Management, or BRIM, according to a financial audit.

Miracle Meadows, a Christian boarding school, closed in 2014 after allegations that students were physically and sexually abused. In November 2020, 29 former students settled their claims for a total of $51.9 million. However, additional lawsuits were filed in 2021 and 2022. To date, nearly 90 former students have filed legal action against the school and its former director.

BRIM held its quarterly meeting Dec. 13, where discussion centered around an independent financial audit conducted by the accounting firm Forvis LLP.

While it’s part of a larger overall financial picture, abuse cases from previous years contributed to an increase in total liabilities in 2022 of more than $96.5 million, after they had decreased by $14.8 million in 2021, according to information presented at the meeting. The decrease in liabilities in 2021 was because of the payout of several large claims related to one insured entity, according to the audit…

To read more: https://www.wvgazettemail.com/news/financial-audit-abuse-claims-drained-w-va-board-of-risk-and-insurance-management/article_9e254565-4d6e-52e9-8aad-ea89bd807a19.html

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