KEMI to issue $8 million comp dividend

Kentucky Employers Mutual Insurance announced Monday that it would issue an $8.1 million dividend to eligible workers compensation policyholders and an additional nearly $7 million to the state’s school boards insurance trust fund.

More than 13,000 policyholders are expected to receive a dividend, KEMI said in a statement. Qualifying policyholders must have an active policy and a loss ratio of less than or equal to 65% for their 2017 policy. KEMI will begin mailing checks Nov. 17.

The insurer’s board of directors also approved a refund of $6.75 million to the Kentucky School Boards Insurance Trust Workers Compensation Fund, and proposed a 6.4% overall rate reduction. If approved by the Kentucky Department of Insurance, the reduction will take effect Jan. 1, 2021, and apply to both new and renewal policies.