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IRMA director explains self-insurance model, coverage and services to Orem council
Summary
David Peterson, executive director of the Utah Interlocal Risk Management Agency (IRMA), told the Orem City Council that IRMA’s pooled, actuarial-based model provides lower excess insurance costs, member control of claims and coverages not available in the private market, and offers data-driven risk reduction services for municipal members.
David Peterson, executive director of the Utah Interlocal Risk Management Agency (IRMA), presented an overview of IRMA’s structure, coverages and services to the Orem City Council during a work session presentation.
Peterson said IRMA is a nonprofit, government-to-government risk pool founded in 1985 and described its model as actuarial-based and member controlled. “We do not market in IRMA like insurance companies do because we're a nonprofit governmental entity,” Peterson said. He emphasized that members have board seats and votes on policy decisions; he told the council that “Carrie represents you on our board” and that board members determine IRMA policy.
Why it matters: Peterson told the council the pooled model reduces costs for catastrophic excess coverage and litigation and enables members to access services and coverages not generally available in the private market. He said IRMA focuses on risk reduction so members avoid claims and litigation rather than simply paying premiums.
Key coverage and cost points…
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