WSI board: No rate credits for N.D. employers

BISMARCK (AP) — North Dakota’s workers compensation advisory board won’t approve a new round of dividend credits for companies this year. The decision means many businesses will be paying higher bills.

In the past four years, the Workforce Safety and Insurance agency has approved more than $250 million in dividends. They have been used to reduce employers’ insurance bills. Last year, the dividend was $77 million.

The dividends were paid because the agency’s investments were doing well. The portfolio still has a surplus, but board chairman Mark Jackson says the economy is too volatile to justify paying a dividend this year.

WSI distributed a letter to its policyholders two months ago warning that the agency may not be distributing a dividend this year.

The agency provides coverage for businesses when workers are hurt on the job.

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