The Kentucky Associated General Contractors Self-Insurers’ Fund, a workers’ compensation insurance provider in the state of Kentucky, will return more than $18.5 million, including special fund tax reimbursement, in dividends to qualifying members in March of 2021.
The board of trustees also resolved to adjust the fund’s rates for the 2021 policy year. For 2021, the fund’s overall rates will decrease by 3.4%. No rate will increase by more than 5%, and no rate will be decreased by more than 10%.
According to the fund, this dividend payment will represent 27 consecutive years of dividend payments totaling over $215.6 million. As of Oct. 31, 2020, 97% of current fund members were eligible for a dividend payment. The following criteria must be met to qualify for a payment:
- A member in the year for which the dividend is being paid (2016)
- A loss ratio of less than 100% for the year in which the dividend is paid (2016)
- A current member at the time of the dividend payment (March of 2021)
- Current in all obligations to the Fund at the time of the dividend payment (March of 2021)
Additionally, the Board of Trustees has declared a $20 million dividend for the 2020 year. This dividend declaration will be added to the fund’s existing dividend pool. With this year’s dividend declaration, the fund’s dividend pool now stands at $77.5 million available for future payout.
The Kentucky AGC-SIF has grown to one of the largest providers of workers’ compensation insurance in the state of Kentucky, and the only carrier solely dedicated to the construction industry.
Source: Kentucky Associated General Contractors Self-Insurers’ Fund
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