The Mississippi Automobile Dealers Association Self-Insures Fund (MADA SIF) continues its tradition of delivering substantial benefits to its members with the recent approval of a $900,000 dividend credit and a 4.3% rate decrease for 2024 starting April 1. This decision, made by the Trustees, underscores MADA SIF’s commitment to its mission and members, further solidifying its position as a preferred choice for workers’ compensation insurance among Mississippi dealerships.

Walt Massey, chairman of the Board of Trustees, expressed pride in the significant returns provided to Mississippi dealers, stating, “We are dedicated to serving our dealer members. We give 100% of our profits back to the participants.” Massey emphasized the importance of the Self-Insured Fund in supporting MADA’s mission by generating non-dues income.

The approval of the dividend and rate reduction by the Mississippi Workers’ Compensation Commission highlights the effectiveness of participating dealerships’ loss control efforts and the savings accrued from previous fund years.

With nearly $19 million returned to Mississippi dealers through dividends, the MADA SIF stands out for several reasons, making it the preferred choice for workers’ compensation insurance:

• Generous Dividend Returns: $18,793,237 returned to MADA members, underscoring the Fund’s commitment to sharing profits with its participants, unlike other insurance providers that retain profits for themselves.
• Direct Benefit to Members: All dividends are distributed exclusively to participating MADA member dealers, ensuring that the financial rewards directly benefit those involved in the program.
• Dealer-Led Governance: Mississippi dealers actively participate in the governance of the MADA SIF, serving as the Board of Trustees. This ensures that decisions are made with the best interests of the dealer community in mind.
• Support for MADA’s Mission: Funds generated through the SIF contribute to MADA’s broader mission of promoting, advancing and protecting franchise automobile dealers. This support enables MADA to advocate for important legislative initiatives such as warranty reimbursement, facility protection, title washing and other issues relevant to franchise law.
• Expert Safety Support: The SIF provides designated safety experts who visit dealerships, offering valuable guidance and resources to enhance workplace safety measures.

The approval of the $900,000 dividend credit and rate decrease for 2024 reaffirms the MADA SIF’s commitment to providing tangible benefits to its members while maintaining a steadfast focus on promoting the interests of Mississippi’s automobile dealerships. As renewal information is disseminated to participants, the Trustees express their gratitude for the continued support of this highly successful program.