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Category: Premium Increase

Ohio BWC Updates for 2020 & 2021 Policy Years

By Brandy King
April 01, 2021 Category: Ohio BWC, Workers\' Compensation, BWC Premiums, BWC Dividends, Surplus Fund, Premium Increase, BWC Administrative Fees

Ohio BWCs Net Position (as of March 2021) $12.5 Billion in surplus as of 12/31/2019 $7.6 Billion in surplus as of 12/31/2020 Potential Dividend this fall will be based on how their investments perform. Administrative Fee Increase BWCs administrative fee is an amount that is baked into premiums, and will see a drastic increase in the coming policy year. For many, this will devalue the 7.1% (avg.) base rate decrease recently announced. Also, keep in mind that the rate reduction announced is not applied evenly across all manual codes. 2020 20.32% of premiums 2021 31.56% of premiums In addition, the BWC transferred $25,000,000 from the state fund to the admin fund. If you want to find out how this will impact your 2021 premiums or have any other questions about this, please email Jennifer Kantorowski. She can be reached at jkantorowski@spoonerinc.com.

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