The agency that manages North Dakota’s monopoly workers’ compensation system announced that premium rates will rise an average of 2 percent beginning July 1, 2005.
The agency, Workforce Safety & Insurance, said premiums will be offset by an across-the-board 40 percent premium dividend credit totaling $43 million for nearly all employers who pay above the minimum premium. The premium increase will cover the growth in medical and prescription drug costs.
Even with this premium increase, North Dakota employers will still be paying the lowest premiums in the country and will remain in the top half of benefits paid to injured workers according to separate national studies on rates and benefits.
The dividend is made possible because the WSI reserve fund had another successful year of continued positive investment returns. In addition to the 40 percent credit, the WSI board also committed $35 million in workforce safety initiatives and $15 million to set up a education loan fund for qualified injured workers.
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