Massachusetts Interlocal Insurance Association Property and Casualty Group declared $500,000 in Dividends and announced continued distribution of $3,333,000 in Participation Credits for FY2012. Combined with the $500,000 dividend, the total distribution for FY2012 will be more than $3.8 million.

These participation credits and dividends benefit participants in MIIA’s workers’ compensation and property and liability programs. The Town of Wareham is a member of the MIIA workers’ compensation program and the MIIA property and liability program and has received a dividend in the amount of $5,358.Total dividends and participation credits returned to MIIA members now exceed $38 million.

The dividend distribution of $500,000 confirms MIIA’s underlying philosophy that municipalities and other public entities, through a cooperative effort, can reduce and control workers’ compensation insurance costs. MIIA is distributing this dividend to eligible members immediately.

MIIA introduced the Participation Credit several years ago to recognize the continued commitment of many of our members and to recognize the administrative savings to the program from these loyal members. The Participation Credit will be applied to reduce insurance premiums on policies effective July 1, (FY2012) for members who remain in the programs for that fiscal year.

These credits and dividends, combined with discounted rates, offer members substantial savings. In addition, MIIA continues to expand its MIIA Rewards program, a program that enabled MIIA members to earn $2M in additional credits against FY2011 insurance costs. Members earn these credits by performing certain loss control activities and attending training seminars.

The dividends and participation credit announcement was made during MIIA’s annual business meeting January 22 . Nearly 300 public officials attended the annual meeting and luncheon, which is held during the Massachusetts Municipal Association’s annual meeting.

MIIA is the private, non-profit insurance arm of the Massachusetts Municipal Association. Municipal insurance is MIIA’s only business. MIIA insures more than 390 cities, towns, and other public entities in Massachusetts.