KS Insurance Commissioner: No Workers Comp Fund Assessment for FY 2024

Kansas Insurance Commissioner Vicki Schmidt announced on Thursday 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 fiscal year 2024 assessment fund, thus reducing the business costs by $3 million over the previous fiscal year.

“As Commissioner, I am committed to providing effective government services in the most efficient way possible,” said Schmidt. “Due to the healthy balance of the Workers Compensation Fund, I have determined that imposing an assessment is not warranted for the upcoming fiscal year.”

The fund will have a “sufficient” balance on June 30 resulting in the absence of the fiscal year 2024 requirement, according to the release. Note, in fiscal year 2018 there were 1,920 open claims in the Workers Compensation Fund. As of fiscal year 2022, those claims have seen a decrease to 1,660, according to the Kansas Insurance Department.

Read the full news release, here.

Posted June 5, 2023