County will receive $222,882 dividend

Deputy Auditor Steve Messerschmidt notified the Morrison County Commissioners Tuesday, of a $222,882 dividend that would be forthcoming from Minnesota Counties Insurance Trust (MCIT). In 2001 Morrison County paid a premium of approximately $279,286.

Messerschmidt said, “As a non-profit entity, MCIT has been successful in stabilizing insurance costs for counties. The recent dividend was possible due to better than expected performance results for the years 1986 to 2000 for property casualty and 1989 to 2000 for workers compensation.”

He added, “The dividend is a reflection of the county’s long-term commitment to reducing losses. Since counties are self-insuring these risks, there is a much greater sensitivity to controlling losses. Morrison County believes that real progress is being made toward reducing the cost of claims which becomes a direct savings to the taxpayer.”

MCIT declared a total dividend of $17,500,000 to its member counties in 2001. Over the last 10 years MCIT member counties have received over $82 million in dividend distributions. Since 1993 Morrison County has received approximately $988,000 in dividends.

Eighty-three counties participate in MCIT which is an organization that allows counties to self-insure workers compensation and property/liability insurance through a pooling arrangement. MCIT was created by the counties in 1985 when insurance was unavailable or not cost effective.

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