2006-11-09 / Front Page

County receives insurance dividend from ACCG-IRMA

Lincoln County has received a dividend in the amount of $12,587 from the Association County Commissioners of Georgia-Interlocal Risk Management Agency (ACCG-IRMA).

The money represents the county's share of a $1 million dividend declared by the ACCG-IRMA Board of Trustees. The dividend is dispensed in the form of a premium credit, applied toward the county's property and liability premium for the 2006- 2007 policy year.

According to an ACCG-IRMA spokesman, "Any insurance premiums that are not used to pay claims and operating expenses as well as any investment income earned on the premiums while they are held to pay claims belong to the participating county governments.

"The dividends are possible because of favorable results in the investment of the premium dollars held in reserve to pay claims and the successful and dedicated management efforts on the part of Lincoln County in promoting safety and implement- ing loss control techniques," he continued.

ACCG-IRMA is a non-profit, county government-owned insurance fund, providing property and liability coverage to its members since its inception in 1987.

Georgia law, enacted at the request of county governments, made it possible for these governments to create non-profit insurance funds which operate much like mutual insurance companies. These funds allow insurance coverage to be offered to county governments in a very cost effective manner.

In essence, the program is an efficient method of financing insurable risks, which ultimately reduces insurance costs for the county and benefits the taxpayers. ACCG-IRMA also provides extensive loss control and safety services to help mitigate and reduce claims.

The risk management agency is governed by a board of trustees comprised of representatives from the participating Georgia counties.

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