The Connecticut Interlocal Risk Management Agency presented First Selectman Laura Francis from Town of Durham with a $6651.00 check for their prorated share of CIRMA’s $3.2 million Members’ Equity Distribution for 2012.
A member-owned and governed organization, CIRMA is the state’s largest municipal insurer, providing both Workers’ Compensation and Liability-Auto-Property coverage to its 221 member municipalities and public schools.
The July 23rd distribution of Members’ Equity is the program’s second distribution. Since the program was launched in July of 2011, a total of $6 million has been distributed to eligible members.
Bruce A. Wollschlager, President and Chief Executive Officer, noted, “We are very pleased to provide this distribution of equity to our members. This distribution is made possible by our strong capital position, our stable financial performance, and our members’ risk management efforts.”
In 2002, CIRMA began a ten-year capitalization effort that has increased CIRMA’s Members’ Equity 183% to $88 million.
The distribution is unrestricted and made in the form of a check to CIRMA’s members, rather than a premium credit, so that each Town or school can use it as they need. CIRMA’s program is structured so that it does not subsidize insurance rates or disguise the true cost of insurance, thereby preserving its members’ ability to accurately budget from year to year.
John Elsesser, Town Manager of Coventry, and CIRMA Chairman of the Board, said, “When so many towns are still struggling with reduced funding, we’re proud that CIRMA is able to make this distribution, as well as providing our members assured availability and stable rates.”
Eligibility for the program requires that the member have continuous participation in any program that generated eligible contributions for the member throughout the following periods: a) the fiscal year under review 2010-2011; b) the fiscal year of declaration 2011-2012; and c) the fiscal year of distribution 2012-2013.
For more information about CIRMA’s Members’ Equity Distribution Program, please visit www.CIRMA.org/distribution.
Submitted press release