[Congressional Record Volume 164, Number 86 (Thursday, May 24, 2018)]
[Senate]
[Page S2921]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         RECOGNIZING MAINE EMPLOYERS' MUTUAL INSURANCE COMPANY

 Mr. KING. Mr. President, today I wish to honor and recognize 
the Maine Employers' Mutual Insurance Company, MEMIC, a workers' 
compensation company based in Portland, ME. MEMIC was recently 
recognized as the best workers' compensation company in the country 
according to a New York nonprofit that analyzes health insurance 
companies. A cause for celebration in itself, MEMIC also celebrates its 
25th anniversary this year.
  One of the greatest success stories in Maine's history, MEMIC 
revolutionized workplace safety by focusing directly on case management 
and results. Prior to its incorporation, the workers compensation 
system was in peril, negatively affecting Maine's economy and workplace 
environment. Insurance companies that offered workers' compensation 
were steadily bailing, as costs of writing policies increased. 
Liability costs climbed as work-related injuries reached peak in the 
early 1990s. MEMIC's mission was founded on a need for change; both 
employees and employers need to feel protected from mishap and 
accidents.
  By prioritizing fair and equal treatment of all stakeholders, MEMIC 
helped Maine's economy avert a crisis. In 1993, Governor John McKernan, 
Jr., signed legislation that reformed worker safety and appointed a 
board of directors to set attainable goals and accountability. By its 
third year, workplace injuries in Maine had dropped to the lowest level 
in over 16 years, leading to a significant drop in premiums. By its 
fifth year, MEMIC was able to partially return investment capital to 
its policyholders with a promise to return the rest within the next 5 
years. In addition to lowering costs, reducing fraud, and boosting the 
economy, MEMIC reinforced transparency, social accountability, and 
market stability for business leaders. That trend continues to this day 
when, in November 2017, MEMIC announced that approximately 18,000 
employers who purchased insurance through MEMIC would share in a $21 
million dividend, the highest shareholder return in history, and a true 
reward for improving workplace safety and helping injured workers get 
well and back to work as soon as possible. That is money going directly 
back into Maine's economy through private, public, and nonprofit 
sectors in all 16 counties. Since 1998, MEMIC has returned more than 
$240 million to Maine policyholders, a truly remarkable track record 
and testament to its integral role and value in strengthening Maine's 
workforce and economy.
  With a 25-year foundation of success, MEMIC's current management and 
leadership team continue this strong commitment to a work environment 
conducive to innovation, as well as workplace safety and fair claims 
management. I commend MEMIC for its groundbreaking history, stabilizing 
Maine's economy and revolutionizing the workers' compensation 
industry.

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