Ohio weighs $1 billion comp premium rebate

Ohio Bureau of Workers’ Compensation administrator and CEO Sarah Morrison has proposed a $1 billion premium rebate for Ohio’s private and public employers.

The bureau is Ohio’s monopoly workers comp insurer. This is the third rebate proposed by the bureau since 2013, according to a statement from the agency on Monday.

More than 200,000 eligible private and public employers would receive a rebate equal to 66% of premiums for the policy year that ended June 30, 2016, the bureau said. The proposed rebate is set to be considered by the Ohio workers comp bureau board of directors on April 28.

If approved, employers would begin receiving rebate checks in early July, the statement said.

The rebate was made possible by “strong fiscal management and better-than-expected investment returns,” Ms. Morrison said in the statement.

The workers comp bureau said that previous rebates, credits and rate reductions, along with the proposed rebate, will have saved employers $6.3 billion in workers comp costs since 2011.