FISIF Releases $900,000 in Surplus Funds Distribution
This year, the FISIF Board of Trustees voted to release $900,000 in Surplus Funds Distribution back to its Members. The funds distributed resulted from a surplus of funds (excess of premiums over expenses) from Fund Years 2006, 2007, 2008, 2009, 2010, 2011, 2012 and 2013.
In order to have shared in the distribution from any of these years, Members must have been a covered business through the end of that Fund Year, the business must have beaten the Fund’s Loss Ratio (meaning the business must have actually contributed to the surplus), and the Member must be in good financial standing with FISIF.
Several factors contribute to whether or not there are surplus funds in any year. Obviously, the amount of premium collected in one year is a factor. Additionally, FISIF makes every effort to assure that administrative costs are controlled, operating efficiently with a small, experienced staff of professionals. This experience contributes to our ability to maintain claims costs with our “No Nonsense” approach to claims administration and loss prevention. Furthermore, your premium dollars are held on deposit in secure investments, thus generating additional income into the Fund. Finally, and most importantly, the effort by our Members to maintain safe working environments for employees and to report all claims quickly and efficiently, as well as Member participation in post-accident drug/alcohol testing and Return-to-Work programs makes for a successful year and more money returned to you.
To date, FISIF has returned over $17.1 million dollars in Surplus Funds Distribution back to its Members.