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Alabama employers participating in a self-insured fund will receive a $7.6 million total credit toward their 2016 workers compensation premiums, according to an Alabama Retail Association statement released Monday.
About 3,700 members of Montgomery-based Alabama Retail Comp, the self-administered, self-insured workers' compensation fund sponsored by the Alabama Retail Association, will receive a portion of the $7.6 million through the fund's retrospective return plan based on their longevity and loss history, according to fund manager Mark Young. More than 1,600 members will receive retro returns in excess of 50% of their 2016 premiums, he said in an email.
The retro returns are distributed to participants as a credit on their premium contributions for the 2016 fund year, which begins Jan. 1, according to the association's statement.
Since its inception in 1984, Alabama Retail Comp has returned more than $72 million, or 22% of all premiums collected, to its participants through its retrospective return plan, according to the statement.
As the need to hold money in reserves to pay claims decreases in a given year, that year's participants receive money back as a credit on their next renewal, according to the association.
The retrospective rating plan takes into account individual participants' experience versus the experience of the fund as a whole. The amount of credit a participant receives is tied directly to the company's loss ratio, meaning lower losses return a higher retro credit at renewal and reward participants for providing a safe work environment, according to the release.
Alabama Retail Comp specializes in the retail industry, but also provides coverage to many employers in other business classes, according to the association.
The U.S. workers compensation insurance industry experienced improved results for the fourth consecutive year in 2014 thanks to a solid underwriting performance, said rating agency A.M. Best Co. Inc.