MIEC is in business to provide its members with the best possible insurance at the lowest possible cost. It has absolutely no profit motive as it is owned and operated for the exclusive benefit of its insureds.

When MIEC has more money in reserve than it needs (which typically comes about when claims costs are less than expected), MIEC's policy is to return the excess to policyholders. During 2007, the Board of Directors authorized the payment of $17,000,000 in dividends, payable as a premium credit to all policyholders renewing in 2008.

While dividends vary from year to year, and cannot be guaranteed, MIEC has now returned nearly $250 million in dividend credits to policyholders.

Dividends can result in substantial savings over the long-term. Individual dividends are allocated to individual policy holders based on premiums paid to MIEC and based on paid less experience. Many long term policyholders receive dividends / premium credits that reduce their annual cost by 20% or more. Dividend credits are based on MIEC's overall profitability and on each state's actual claims experience and operating expense over the most recent five years.

While we cannot guarantee future premium credits, our policyholders know that they, not stockholders or outside owners/investors, will benefit when operational conditions allow. Contact us for more information about dividends.