More than 22,000 Texas employers will reportedly receive a share of a $25 million dividend from Texas Mutual Insurance Company as the Texas MutualSM board of directors unanimously approved the general dividend plan, which includes an annual component for qualifying customers whose policies expired in 2002 and a retention component for select, longtime customers.
“The general dividend plan will reward our loyal policyholders whose low claim losses have contributed to our success,” said Texas MutualSM chairman Martin Young Jr. “We hope these dividends will contribute to their success, too, which will ultimately help the Texas economy.”
Only Texas MutualSM policyholders enrolled in either the Small Business Injury Protection Plan® or the Cornerstone® programs may qualify for the plan, which still requires Texas Department of Insurance approval. State law prohibits policyholders enrolled in the company’s insurer of last resort (Start) program from receiving dividends.
Young also noted that the general dividend plan is separate from the company’s group purchase dividend program. Texas MutualSM purchasing groups have received over $268,000 in dividends this year.
The announcement marked the fifth consecutive year for Texas Mutual Insurance Company to offer general dividends.
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