County receives insurance dividend

Stephens County has received $19, 046 from the board of trustees of the Association County Commissioners of Georgia Interlocal Risk Management Agency.

That is the county's share of a $3.25 million dividend declared by the board of trustees.

The money will be applied in the form of a credit towards the county's property and liability contribution for the 2022-2023 policy years.

The ACCG-IRMA is a non-profit, member-owned insurance fund that is managed by a board of trustees who represent participating members.

Georgia law authorizes counties to form non-profit insurance funds which operate much like mutual insurance companies.

This fund allows members to purchase insurance coverage at rates that are typically better than what they could negotiate on their own.

It is an efficient method of financing insurable risks which ultimately reduces insurance costs for participating country governments and benefits the taxpayers.

Participants also receive extensive loss control and safety services to help mitigate claims.

Any contributions remaining after paying actual claims and operating expenses, as well as any investment income earned on the premium while it is held to pay claims, belong to the member county governments.

The dividends are possible because of favorable results in these areas as well as the successful and dedicated management efforts on the part of the county in promoting safety and implementing loss control techniques.