North Dakota’s workers’ compensation program will send employers nearly $160 million in payments as a distribution of surplus reserves.
The Forum reports that Workforce Safety and Insurance will distribute the premium credits to about 22,000 employers throughout the state. They are the latest in a series of eight payouts to employers since 2005 that have totaled more than $774 million.
WSI board member Ed Grossbauer says the payments mean employers in good standing will end up paying half their normal premium.
By law, WSI’s reserves must range between 120 percent and 140 percent of expected claims. Surpluses are distributed to premium payers.
The current fund surplus is $536.1 million, with total assets of almost $1.7 billion.
Topics Workers' Compensation Commercial Lines Business Insurance
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