With the approval of the NJ Department of Banking and Insurance, Conventus distributes dividends and returns of owner capital contributions to qualified members (as specified in the COBP) should there be profits that exceed specified thresholds. While the COBP is subject to change, and past performance is no guaranty of future results, here is some history of the COBP.
In 2018, Conventus distributed dividends and capital returns to member owners for the ninth consecutive year. Since 2009, Conventus has distributed more than $13.6 Million in total to qualified members and/or their representatives through the COBP. Our ability to share profits is evidence of our wise and careful management of claims and investments. It’s also proof that you can trust Conventus to put your interest front and center. Of course, profits are not guaranteed, but the COBP is there for qualified members.
Any member of Conventus Inter-Insurance Exchange (“Conventus”) who was an active member on December 31st of the previous year (“the Plan year”) is eligible to receive a dividend payment if a dividend has been declared for that COBP plan year.
Members who have previously made all or part of a required owner capital contribution, have experienced a Qualifying Event of death, disability, or retirement (“DDR”) according to Plan rules, and have been previously issued an Extended Reporting Period endorsement are eligible for return of owner capital contributions once available, and in amounts specified pursuant to the COBP. Qualified Events must have been reported in writing to Conventus prior to or during the previous calendar year.
Additionally, subject to the terms and conditions of the Plan, Distinguished Members are eligible for return of their owner capital contribution. Distinguished Members are defined as those Conventus members who: have been members for five (5) continuous years; reached the age of fifty-five (55) as of December 31st of the most recent preceding year; have paid their owner capital contributions in full; and have been members as of the date dividends and owner capital returns to members were declared for the current Plan year.