MICA'S Board of Trustees, at the December Board meeting, declared a dividend of Sixty Million Dollars ($60,000,000) in the aggregate to be paid to participating policyholders who were current MICA members as of December 31, 2010. It will be apportioned based on earned premium for the thirty-six month period ending December 31, 2010.
For physicians insuring with MICA for three full years this dividend represents approximately 42% of their annual 2010 premium. It brings the total dividends paid to participating MICA members in the past five years to One Hundred Eighty Million Dollars ($180,000,000).
In addition, subject to review by the Arizona Department of Insurance, MICA will decrease base rates for Arizona physicians an average of 10% effective April 1, 2011. With this decrease Arizona physicians with MICA will have on average received a 25% reduction in premium rates since April 1, 2007.