Another case of membership having its privileges.
Why MMIC » Dividend Policy
If you’ve read other sections of this web site, it’s clear that as a policyholder of Medical Mutual, you get much more than just insurance for the premiums you pay. Besides protection, vigorous defense, free risk management services, personal support and all the rest, your membership in the mutual company known as Medical Mutual Insurance Company of Maine also makes you eligible for dividends.
Since its founding in 1978, Medical Mutual has returned dividends to its policyholders in the form of premium credits eight times for a total of $23 million. That’s because, unlike commercial carriers, we’re not in business to make a profit. We’re in business to make enough money to pay claims and operating expenses. When surpluses warrant it, we pay dividends. And while there are other mutual companies writing professional medical liability insurance in Northern New England, none has ever paid a dividend in Maine, New Hampshire or Vermont.
What does your professional medical liability insurance company do with its surpluses?