$38.2 Million in Dividends Declared Since 2007!
Good news for NIAC members! NIAC is a member-governed 501(c)(3) charitable risk pool created and operated exclusively for the benefit of other 501(c)(3) tax-exempt nonprofits in California. NIAC is rated A (Excellent) VIII by A.M. Best and has reached a sufficient size and financial strength to be able to share its financial success with its members.
NIAC is an example of the power of nonprofits working together. In addition to offering stable and affordable liability coverage, specialized claims service, and a variety of resources to help members avoid accidents, we are delighted to be able to establish this Dividend Plan to reward member loyalty and commitment to loss control.
NIAC’s financial results vary depending on the claims experience of its members. When NIAC’s financial results are better than expected, we believe that it is in the best interests of our members to share this success with them. To do so on an equitable basis, NIAC has developed a Dividend Plan to allocate such benefits when they are declared. A summary of the plan is provided below:
In any year that a Company-wide Dividend is declared by the NIAC board of directors, members that qualify will receive a Member Dividend check within 30 days of their subsequent policy renewal with NIAC. The amount of that check will vary depending on the premium size paid by a member, their claims experience, and the length of time they have been insured by NIAC. Members begin accruing Loyalty Credits immediately. Loss Ratio Credits begin accruing after six years of continuous membership with NIAC. Each member’s check will be a pro-rata portion of the Company-wide Dividend declared by the board of directors.
Please refer any questions about this plan to Pamela Davis, 831-621-6018 or firstname.lastname@example.org.