Report: WSI Declares $93 Million Dividend

Wednesday, July 7, 2021 | 0

The North Dakota Department of Workforce Safety and Insurance has declared a $93 million dividend, according to a report by prariepublic.org.

Bryan Klipfel

Workforce Safety and Insurance Director Bryan Klipfel reportedly told the outlet that the workers’ compensation fund has about $2.2 billion, largely a result of strong investment returns in recent years.

Klipfel said the strong position of the fund allowed it to declare the dividend, which will be delivered in the form of a 50% reduction off premiums.

Klipfel also said claim frequency fell about 10% during the pandemic, with 18,000 claims filed between July 1, 2020, and June 30, 2021, compared to the 20,000 claims typically filed in a year.

North Dakota is one of four monopolistic states that doesn’t allow businesses to buy workers’ compensation insurance from commercial carriers. Employers in Ohio, Washington and Wyoming must also place coverage through government-run comp funds.