Decrease to WSI Insurance Premiums
Governor Burgum signed a resolution that will result in a Workforce Safety and Insurance (WSI) statewide average rate decrease of 4%.
Premiums for the 2022-2023 reporting period will be calculated using a payroll wage cap of $38,400, a decrease from $38,500 per covered worker for the previous year. The net effect of the 4% average statewide rate decrease combined with the change in the payroll cap will result in an average statewide premium decrease of approximately 4.2%. The decrease is based on WSI’s consulting actuaries premium rate review. The information is presented to the Workforce Safety and Insurance (WSI) Board of Directors, who make a recommendation to the Governor. Under the proposed rate changes, 101 classification rates will decrease, 32 classification rates will increase, and 6 will remain the same.
This is great news for the North Dakota business community as North Dakota will continue to maintain some of the lowest rates in the nation while offering a high level of service to injured workers.