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Policyholders with the State Accident Insurance Fund Corp. in Oregon will receive $160 million in dividends, the nonprofit workers compensation insurer announced Wednesday.
The 48,508 Oregon employers insured through SAIF will receive a share of the $120 million primary dividend, which will be divided based on premium, and about 94% of those employers will be eligible to receive a portion of the second, $40 million dividend, which will be distributed based on policyholders’ safety results, SAIF said in a news release.
SAIF will determine whether a policyholder dividend is appropriate based on capital levels, claim trends and the overall economic environment, and safety performance dividends will be based on policyholders’ trends in injury prevention claims experience based on a scale ranging from 0% to 10.6% of their standard premium, the insurer said.
SAIF said it expects to mail out checks in October.
This is the 10th consecutive year SAIF has offered dividends to policyholders, and the 22nd dividend in the past 30 years, said the insurer.
State-chartered workers compensation insurers may be subject to strict transparency requirements, even in relation to personnel matters, as Oregon’s state insurer learned the hard way.