Workers’ Comp Reinsurance Assoc. to Refund $310 Million

The Workers’ Compensation Reinsurance Association Board of Directors has approved a surplus distribution of $310 million to Minnesota employers and insurance companies.

Including the current $310 million distribution, the WCRA has distributed surplus funds totaling $1.23 billion to Minnesota employers who purchase workers’ compensation insurance, self-insured employers and workers’ compensation insurance companies.

“Workers’ compensation insurance is a significant cost of doing business,” said Jay Benanav. “These refunds help reduce those costs and make Minnesota a better place to do business. At the same time, the WCRA’s financial success continues to provide security for the state’s most seriously injured workers.”

Approximately $108 million will be distributed to Minnesota employers and about $202 million to insurance companies. The distribution amounts are calculated in accordance with a 1993 law requiring a portion of surplus distributions to be made to qualifying employers as well as to insurance companies.