Tags: Government & News & Crime
February 11, 2013FORSYTH COUNTY, Ga. — Forsyth County has received a share of a $3.25 million dividend declared by the Board of Trustees of the Association County Commissioners of Georgia—Group Self-Insurance Workers' Compensation Fund (ACCG—GSIWCF).
This year, the dividend, or profits it paid out to the county was $1,347. The money will be returned as a means of credit towards Forsyth County's workers compensation premium.
"The dividend that is returned to the counties rewards those long-term members of ACCG's workers' compensation fund and can result in a significant reduction in their insurance premium. This program continues to allow counties to effectively manage their insurance costs," said Fred Favors, McDuffie County commissioner and vice-chairman of ACCG—GSIWCF Board of Trustees.
The dividends are attained through favorable results in the investment of premium dollars in the reserve to pay claims.
These efforts towards promoting safety contribute to the reduction of injuries, claims and costs. Any insurance premiums along with any investment income earned on the premium not used to pay claims and operating expenses, belongs to the county members of the ACCG—GSIWCF.
Since 1982, the ACCG—GSIWCF, owned by Georgia county government members, has provided workers' compensation insurance coverage to Georgia counties. The Board of Trustees who represent the Georgia counties then manage the fun. Georgia law, enacted in 1982 as Georgia counties' request, allows counties to form a non-profit insurance fund to provide for anticipated expenses.
The ACCG—GSIWCF self-insures a vast amount of risk, which allows Georgia county governments to buy non-profit insurance coverage at cost-efficient rates. This program helps finance insurable risks, which benefits the taxpayers by reducing insurance costs for the county and giving counties loss control and safety services to improve conditions.