Earlier this year, the Workers’ Compensation Reinsurance Association (WCRA) announced a surplus distribution to its members. MCIT is a member of the WCRA, which provides workers’ compensation reinsurance to MCIT and others in Minnesota.
According to the WCRA, the “surplus distribution is the result of excellent investment returns and reductions in loss reserve liabilities from favorable inflation rates, declining claims frequency and recent legislation.”
In June, the MCIT Board of Directors voted to return $9.6 million of the $11.3 million distribution directly to members who participate in the workers’ compensation division. The remaining funds are set aside for MCIT operations.
Members were advised of their individual distribution amount in July, with checks being processed in early August.