On January 1, 2007 the MTMIC was formed from the membership of the entity formerly known as the MTA Workers’ Compensation Fund. The MTMIC is a Mutual Insurance Company formed and licensed to do business in the state of Michigan as a program in support of manufacturing and technology based businesses.
The heritage of the MTMIC dates back to 1976 when the Detroit Tooling Association took advantage of enabling legislation which permitted employers in the same industry to establish a group self-insurance fund. The DTA Workers’ Compensation Fund soon changed to the Michigan Tooling Association Workers’ Compensation Fund as membership grew outside of the local area. The result: millions of dollars in reduced insurance premiums for the over 1,100 members of the Fund through effective cost control, improved safety and vigilance against fraudulent claims.
The Fund was governed by a Board of Trustees representing the manufacturing community. They recognized the industry was changing and attempted to restructure the program to reflect the changing environment. The state of Michigan however would not permit broadening the definition of “tooling” to include the many manufacturing operations currently involved in both the association and the insurance program.
Many hours were spent determining the best course of action before it was decided that a mutual insurance company would provide a structure similar to the Fund, and allow for the continued success and growth of the group. The MTMIC is governed, similarly to the Fund by a Board of Directors elected from among the policyholders.
As of September 26, 2008, the MTMIC was selected as the endorsed workers’ compensation insurance provider for the Michigan Plastic Processors Association (MPPA) for the January 1, 2009 renewal.