New North Dakota WSI Rate Plan Takes Effect July l

                               

Bismark, ND  (CompNewsNetwork) - The North Dakota Workforce Safety and Insurance (WSI) Board of Directors approved WSI's 2008-2009 premium rate plan. While the new rating plan beginning July 1, 2008 calls for no change in statewide premium rates, overall statewide premiums will rise by a combined 2.5 percent. This is a result of North Dakota's payroll wage cap rising from $21,300 to $22,100 on July 1st. In North Dakota employers only pay workers' compensation premium on a worker's wages up to the payroll wage cap.

"The good news is premium rates are remaining stable to employers, despite a rise in medical inflation,” said Mark Gjovig, Chief Governance Officer of the WSI Board. "In addition, we continue to see a drop in the number of our most severe injuries, those requiring time away from work. This shows that employers in this state are working hard to make safety a priority and are working hard to keep their workers from getting hurt in the first place,” said Gjovig.

While the global rate structure for WSI will remain unchanged from last year, individual rate classes may see rate increases or decreases of up to 15 percent based on their industry's claim and loss history.

Overall 65 rate classifications will see a decrease after July first, 58 will be increased and 18 will remain the same. The premium rate proposal will result in no change to the minimum premium, which is currently $250.

Next month the WSI Board will meet to decide what premium dividend credits will be offered to employers for the fiscal year beginning July 1st.

  • Read Also

    About The Author

    • WorkersCompensation.com

    Read More

    Request a Demo

    To request a free demo of one of our products, please fill in this form. Our sales team will get back to you shortly.