Kansas Insurance Commissioner: No Workers’ Comp Fund Assessment for FY 2024

Kansas Insurance Commissioner Vicki Schmidt announced there will not be a Workers Compensation Fund assessment this year. Carriers, pools, and self-insured businesses will not be required to pay into the assessment fund for fiscal year (FY) 2024. This will reduce the cost of doing business by at least $3 million over the previous fiscal year.

Pursuant to state law, the Insurance Commissioner is permitted to make an assessment on all insurance carriers, self-insurers and group-funded workers compensation pools insuring the payment of workers compensation, specifically in cases where an employer either did not have workers compensation insurance, is insolvent, or cannot be located.

This discretionary assessment is to be in an amount equal to pay all amounts which may be required to be paid from the Workers Compensation Fund, less the amount estimated unencumbered balance in the Workers Compensation Fund at the end of the current fiscal year. Since the Commissioner determined the fund will have a sufficient balance on June 30, an assessment will not be required for the upcoming fiscal year.

Source: Kansas Insurance Department