Manchester Municipal Risk Management Authority


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What's New/Hot Topic From MMRMA to You
MMRMA Announces $1.5 Million Distribution from State Pool Retention Fund
Board declares distribution based on recommendation from the State Pool Committee.


February 2019
Smart Onboarding and Orientation Practices; MMRMA Updates Five Valuable Risk Control Brochures; Preview of Risk Management Workshop

Board Approves $31.8 Million Distribution

Posted: Monday, February 22, 2016

** SPECIAL ANNOUNCEMENT **

Board Approves $31.8 Million Distribution to Members

At its February 18th meeting, MMRMA’s Board of Directors acted to declare a $31,814,134 distribution of excess net assets to current renewing MMRMA Individual and State Pool Members. The Board also approved the 2016 Net Asset Policy Report, including the results of the most recent capital adequacy analysis, which determines the required net asset amount. This will be our tenth distribution of excess net assets to current renewing Individual and State Pool members. With this distribution, MMRMA has distributed over $226,000,000 to its renewing members since 2006. The following table shows a history of these distributions:

Net Asset Distributions 2006 to 2016
     
Fiscal
Year
  Cumulative
Distributions
Distribution
     
2006 3,696,996 3,696,996
2007 7,573,675 11,270,671
2008 15,766,399 27,037,070
2010 10,260,746 37,297,815
2011 19,660,124 56,957,939
2012 38,644,191 95,602,130
2013 19,145,625 114,747,755
2014 34,535,390 149,283,146
2015 45,152,750 194,435,895
2016 31,814,134 226,250,029

This distribution is the largest component of an over $36,000,000 deployment of excess net assets for the benefit of our membership this year. Examples of other uses of excess net assets include: 

  • Michigan Vehicle Assessments – Excess net assets are used to pay the Michigan Catastrophic Claims Association (MCCA) and Michigan Assigned Claims Plan vehicle assessments for members. It is estimated that we will pay more than $2,700,000 in assessments on behalf of the membership this year.
  • Risk Avoidance Program (RAP) Grants – Excess net assets of $1,250,000 are allocated to fund RAP Grants for the upcoming year. RAP Grants are awarded through MMRMA’s Membership Committee.
  • Data Breach Coverage – In July 2013, MMRMA began providing Data Breach Coverage to all Individual and State Pool Members. This coverage will continue to be supported with excess net assets.
  • No Fault Automobile Coverage – Excess net assets are used to provide members with enhanced no fault automobile coverage. With Michigan having one of the most costly no fault statutes in the nation, this is a significant benefit.
  • Coverage for Volunteers – Excess net assets are used to underwrite liability coverage for volunteers.

 

Once again, this is very good news for members and, based on the distribution rules adopted by the Board, most members will receive their share of this distribution following their membership renewal.

 

MMRMA’s ability to provide these benefits to its members is a direct reflection of strong performance results over a sustained period of time.  Many factors contributed to these favorable results, including better than expected loss trends in recent years, member responsiveness to risk control recommendations, good risk management practices by members that resulted in fewer losses, and, most importantly, investment income through June 30, 2015.  However, the most central factor that allows MMRMA to deploy excess net assets is the long-term commitment that members have made to MMRMA.  Without your loyalty and ongoing support of this fine organization, these benefits would not be possible.  Thank you.




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Michigan Municipal Risk
Management Authority

14001 Merriman Road
Livonia, MI 48154
734.513.0300
800.243.1324

MMRMA has been a leader in municipal risk since 1980 and remains committed to meeting the ever-expanding challenges faced by its membership. MMRMA's risk control services are designed to help its members identify, prevent, and mitigate losses through on-site surveys, training, and other services. MMRMA also provides its members with premier claims and legal services, sound financial management, and essential news on the latest developments in public risk management.


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