Chairman Richard Thomson said there were other legal matters to be finalised before the board could begin any formal discussions with insurers.
The board is insured for losses of up to $5 million.
It had kept in contact with insurers throughout legal proceedings against the board's former chief information officer, Michael Swann, and his friend and business associate Kerry Harford, Mr Thomson said.
Swann and Harford were found guilty on Friday of defrauding the board of $16.9 million, when they charged for computer-related services they did not provide during a six-year period.
The board's High Court civil claim against Swann and up to 17 other defendants was active, but was at present just "sitting there" while the board awaited the outcome of any reparation orders which may be made following Swann and Harford's criminal convictions.
Any possible reparation and legal costs orders will be made during sentencing, which is expected in early February.
Harford has already settled his part in the civil action.
The civil case was seeking to recover the almost $17 million loss, but even if it was 100% successful the board did not expect it would be able to recover the full amount, Mr Thomson said.
"Depending on what the judge orders in way of reparation, that may influence whether or not it needs to proceed further, but that is just pure speculation.
"We always have to weigh up the costs of proceeding against likely return.
"We won't be wishing to expend any further legal costs if we don't have to."
Mr Thomson told the Otago Daily Times on Friday costs to undertake the civil action and forensic investigations to make sure no other fraud had occurred were about $1 million.
