Roxbury receives equity funds
Published 4:23 pm, Wednesday, October 2, 2013
The town of Roxbury recently received a check for $2,749, its prorated share of CIRMA's $3 million members' equity distribution for 2013.
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 members.
Bruce A. Wollschlager, CIRMA's president and CEO, said, "CIRMA has distributed a total of $9 million in equity to our members in the three years of the program."
"The distribution is a direct result of CIRMA's financial strength, the investment gains achieved by our portfolio of investments, as well as our members' efforts to reduce losses through sound risk management practices," he said.
The distribution is unrestricted and made in the form of a check to CIRMA's members, rather than a premium credit, so each town or school district can use it as they need. CIRMA's program is structured so it does not subsidize insurance rates or disguise the true cost of insurance, thereby preserving CIRMA's members' ability to accurately budget from year to year.
Eligibility for the program requires a member to have continuous participation in any program that generated eligible contributions throughout the following periods: a) the fiscal year under review 2011-2012; b) the fiscal year of declaration 2012-2013; and c) the fiscal year of distribution 2013-2014.
For more information about CIRMA's members' equity distribution program, visit www.CIRMA.org/distribution.