Wilcox County receives insurance program dividend
Published 3:31 pm Wednesday, June 14, 2017
ATLANTA, GA – Wilcox County has received a share of a $3 million dividend declared by the Board of Trustees of the Association County Commissioners of Georgia – lnterlocal Risk Management Agency (ACCG – IRMA), the property & liability fund for Georgia county governments.
Wilcox County’s dividend, in the amount of $12,835, will be applied in the form of a credit towards their property and liability premium for the 2017 – 2018 policy year.
The ACCG – IRMA is a non-profit, Georgia county government-owned insurance fund, providing property and liability insurance coverage to its members since its inception in 1987.
Georgia law, enacted at the request of Georgia county governments, authorizes county governments to form non-profit insurance funds, which operate much like mutual insurance companies. These non-profit insurance funds allow Georgia county governments to purchase insurance coverage at cost efficient rates that are typically better than a county could negotiate on its own. The fund is owned by the Georgia county participants and managed by a Board of Trustees who represent participating Georgia counties. It is an efficient method of financing insurable risks, which ultimately reduces insurance costs for participating county governments and benefits the taxpayers. Participants also receive extensive loss control and safety services to help mitigate claims.
Any insurance premiums which are not used to pay claims and operating expenses, as well as any investment income earned on the premium while it is held to pay claims, belongs to the member county governments. The dividends are possible because of favorable results in the investment of premium dollars held in reserve to pay claims, as well as the successful and dedicated management efforts on the part of Wilcox County in promoting safety and implementing loss control techniques.
“The $3 million dividend is the largest in ACCG-IRMA’s 31-year history,” said David Uhlman, Director of ACCG’s Property & Casualty Programs. “We are pleased that this program provides cost-effective, comprehensive coverage and risk management services, while delivering outstanding customer service to counties and authorities throughout the state.”