Conventus Owner Benefit Plan
The Conventus Owner Benefit Plan (COBP) is a program entitling our members to share in company profits. With the approval of the NJ Department of Banking and Insurance, Conventus distributes dividends and returns of owner capital contributions to all members whenever profits reach specified thresholds.
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 physician members and/or their representatives through the COBP. Our ability to share profits year after year is evidence of our wise and profitable management of claims and investments. It’s also proof that you can trust Conventus to put your interests front and center where they belong.
Dividend Payment Eligibility
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.
Return of Owner Capital Contribution Eligibility
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. Qualified events must have been reported in writing to Conventus prior to or during the previous calendar year.
Additionally, 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.
Questions? Contact us online or call (877) 444-0484 x. 7466 for information.