GNDC Statement on WSI Declares 50% Dividend for 2023-24 Policy Year
BISMARCK, ND – GNDC released the following statement today regarding the June 2023 Workforce Safety and Insurance Board meeting, the WSI Board of Directors recommendation to issue a 50% premium dividend credit to policyholders.
Arik Spencer, GNDC President & CEO: "This is great news for businesses across the state! While North Dakota consistently has the lowest premium rates in the nation, employers are also able to prioritize safe environments and safety benefits. This is a result of good policy decisions within the organization and by state policy makers. It is a testament to our business climate and further exemplifies that our state is open for business."
WSI's release goes on to say:
The dividend credit will be applied against policyholders renewing during the Fiscal Year 2023-24 policy year, who are in good standing with the agency and are not minimum premium accounts. The credit will reflect 50% of the prior year’s premium less safety discounts, ensuring no account total is less than $250 after the dividend credit is applied.
Favorable investment results have resulted in the fund exceeding statutory surplus requirements. When surplus requirements are exceeded, dividends are required.
Including this recent dividend, total WSI dividends issued in 18 out of the last 19 years amount to approximately $1.8 billion. This includes the estimated $102 million dividend for the 2023-24 policy year.