SUMMARY

The Fund, which is self-funded through insurance premiums and investment earnings, provides low-cost life insurance to Wisconsin residents. Its financial statements for the years ended December 31, 2004, 2003, and 2002, were fairly presented in accordance with accounting provisions allowed by the Commissioner of Insurance. In a separate management letter, we report concerns because the surplus-to-assets ratio declined to 2.7 percent as of December 31, 2004, and was lower than the 7.0 to 10.0 percent required by statute.