Counties receive insurance rebates
$84,000 to Walker and $59,000 to Catoosa
That there’s a first time for everything proved true last week when more than $5 million of workers’ compensation fund assets were returned in counties across Georgia by ACCG.
For Walker County, the amount returned was $84,337. Catoosa County received a check for $58,647. The nearby counties of Whitfield and Chattooga each received slightly more than $24,000.
Statewide, similar checks have been given to local governments following the ACCG’s realignment of premium-funded investments.
Founded in 1914, ACCG (Association County Commissioner of Georgia) serves as an umbrella that provides training and services while acting as an advocate for the state’s 159 counties.
More than 166 counties and authorities trust this organization to provide workers’ compensation insurance, according to ACCG Executive Director Ross King.
“We’ve enjoyed the relationship and representation of our county by ACCG,” Walker County Commissioner Bebe Heiskell said Tuesday, Aug. 30, when King presented the nearly $85,000 check. “Today we are reaping the rewards of their good stewardship of our taxpayer dollars. We’re excited to put those dollars to work right here in Walker County.”
Premiums are used to pay injured workers, and any por- tion of unused premiums were invested, just as with any other insurance company or organization.
King said that the ACCG board of trustees recently determined it was in the best interest of the fund to eliminate one of three money managers for the workers’ compensation fund investment portfolio.
Assets from that manager were liquidated and transferred to the remaining managers, something that resulted in an influx of realized gains.
That sale of fixed income and equity assets resulted in a large influx of realized gains and an unusually large increase in cash.
After assessment of the pro- gram, its trustees agreed that a portion of those gains could be returned to the participating counties or regulated authorities.
“We are very excited to have the opportunity to allot this special one-time return to the membership,” said Board of Trustees Chairman and McDuffie County Commissioner Frederick Favors.
King said every group invested in that insurance program since 2014 is eligible for their share of proceeds from the sale of assets.
“This action underscores the benefit of participating in a county-owned program,” said ACCG President and Elbert County Chairman Tommy Lyon. “We have the flexibility to share a portion of these gains with the membership whereas a commercial carrier would likely have kept the profit or distributed it to its shareholders.”
Those participating in the ACCG workers’ compensation plan received pro-rata shares of the premiums they had paid.
The excess profits being passed along to members comes with no strings attached — counties are free to use the proceeds in any way they see fit.
But the ACCG encourages some of the return be used to reduce the number and severity of future claims as members have the opportunity to save 7.5 percent of their annual premiums if they meet certain requirements to make for a safer workplace.