St. Paul, MN – The Workers’ Compensation Reinsurance Association (WCRA) is pleased to be distributing a $35 million surplus to policyholders in Minnesota.
Policyholders are the more than 100,000 employers in the state who had workers’ compensation premium in calendar year 2020. Any policyholder whose portion of the distribution exceeds $15 will receive a check from the WCRA. Pre-notice letters will be mailed to recipients in October, with the checks to follow about a month later.
The WCRA was created 42 years ago by the Minnesota Legislature to improve the system of providing workers’ compensation insurance at fair and reasonable rates to Minnesota employers. The WCRA Board periodically issues a surplus distribution when the WCRA has sufficient capital to warrant doing so. As a matter of policy and as a nonprofit, the WCRA has previously distributed surpluses to its members and policyholders in 1992, 1993, 1996, and 2000.
The amount each policyholder receives in this surplus distribution is based on their amount of Minnesota workers’ compensation earned premium reported by their insurance company for the 2020 calendar year. There is no action required on the part of policyholders to receive their checks.
The WCRA Board of Directors approved the surplus distribution earlier this year, of which approximately $35 million was allocated to policyholders.
Source: MN WCRA