CIRMA's exceptional financial strength has made it possible for CIRMA to provide an Equity Distribution program that will distribute a percentage of CIRMA's Member's Equity to eligible members. The Distribution program represents the best of CIRMA: the value of member-ownership, its strong governance, financial discipline, and professional expertise.
The Members' Equity Distribution program's declaration and payment process will begin in the December of each year with the acceptance of the prior year's audited financial statements by CIRMA's Budget & Audit committee. CIRMA management staff, working with its actuaries, will then develop a recommended dividend and present it to the Operations & Underwriting committee. The Board will consider the committee's recommendation in March. Upon approval of CIRMA's Board of Directors, an award percentage will be announced in the spring, and then payment will be issued as a check to eligible members after the start of the policy year.
Distribution Eligibility. Participation in the distribution program will be open to only those CIRMA members who have continuous participation in any program that generated eligible contributions for the member for three consecutive years; those three years being the fiscal year of the financial result, the fiscal year in which the distribution is declared, and the year the distribution is to be paid. Each member's distribution amount will be based on its premium for the year of the result.
For more information about our Equity Distribution Program please contact Steve Bixler, VP of Underwriting.
Connecticut Interlocal Risk Management Agency900 Chapel Street * New Haven, CT 06510 * Ph: (203) 946-3700 * Fax: (203) 773-6971
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