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Ohio comp bureau approves up to $1.6 billion dividend

Posted On: Apr. 9, 2020 11:35 AM CST


The Ohio Bureau of Workers Compensation's board of directors has approved a dividend of up to $1.6 billion to help relieve some of the economic impact of the coronavirus outbreak on the state’s business community, the bureau announced in a statement Friday. 

The bureau’s board voted to approve the dividend, which equals 100% of the workers compensation premium employers paid in 2018, in a virtual meeting Friday morning.

"This dividend is possible in no small part to the employers in our state that have worked hard to improve workplace safety and reduce injury claims,” Stephanie McCloud, the BWC’s administrator, said in the statement. “We are also fortunate that despite the market’s recent downturn, our fiscal position is strong enough to allow for this dividend while maintaining funds to take care of injured workers for years to come.”

Approximately $1.4 billion of the dividend will go to private employers and approximately $200 million to local government taxing districts, with checks being sent this month, the bureau said.

Last month, the BWC announced that it would allow employers to defer their monthly premium installments for March, April and May until June 1 and waived or postponed requirements and deadlines for some premium discount programs.

More insurance and risk management news on the coronavirus crisis here.