GMA Property & Liability Program Announces $5 Million Dividend for 2013
January 10, 2013
The Board of Trustees of GMA’s property and liability insurance program has declared a $5 million dividend for the May 1, 2013, renewal. The net effect of the dividend will be to reduce members' premium for the upcoming program year. GMA recognizes the difficult economic times that the membership faces and wants to continue to return as much of the fund’s surplus to the members as possible.
The dividend will be distributed as a renewal credit to those members which renew their coverage with GMA, effective May 1, 2013. GMA has distributed $25 million in dividends since 2009 and $38.5 million in dividends since the program’s inception.
The dividend is apportioned among the program’s members and is based on length of time participating in the program and on claims experience. This renewal credit distinguishes the GMA property and liability program from traditional insurance providers.
Oversight for the GMA property and liability fund (the Georgia Interlocal Risk Management Agency or GIRMA) is provided by a 9-member board of trustees comprised of elected and appointed municipal officials from among the fund’s membership.