The Mississippi Automobile Dealers Association (MADA) Self Insurers Fund (SIF) Board of Trustees has announced a historic $1 million dividend for participants, along with a rate reduction of 5.7%. These changes will take effect starting April 1, 2025.
Fund Chairman Walt Massey emphasized the program’s continued success, stating, “Once again, the MADA SIF has proven to be the most efficient way to provide workers’ compensation insurance to members of the association. This is due to the commitment of our members to provide a safe workplace for dealership employees.”
A Premier Benefit for Members
Established in 1989, the MADA SIF is a cornerstone benefit for association members, delivering significant savings to dealerships while also generating vital non-dues income for MADA. Governed by dealers and managed daily by CCMSI, the fund ensures its operations remain closely aligned with the needs of its participants.
This latest dividend marks a major milestone, as the total amount distributed to policyholders now approaches $20 million. Additionally, the rate reduction is part of a larger trend: This is the sixth consecutive year that rates have been lowered, with an overall cut of 27% since the initiative began.
Supporting the Mission of MADA
The success of the MADA SIF goes beyond financial savings. The fund’s quarterly contributions provide critical support to MADA’s advocacy efforts, including defending franchise laws and addressing other legislative priorities crucial to the livelihood of Mississippi’s franchised new automobile and truck dealers. Without this revenue, members might face higher dues or reduced representation at the state capitol.
The exclusive nature of the MADA SIF ensures that it remains a vital resource for dealers, making it an unparalleled tool for promoting, advancing and protecting the industry in Mississippi. By helping dealerships save on workers’ compensation insurance and funding MADA’s broader mission, the program continues to exemplify the value of association membership.
