Oregon’s SAIF will pay out $6.5 million to contractor policyholders

Oregon’s State Accident Insurance Fund Corp. will pay out more than $6.5 million to 639 companies that participated in its joint workers compensation program during 2018-2019 with Associated General Contractors Oregon, the nonprofit workers comp provider announced Wednesday.

The payout includes a $3.7 million retrospective return, representing a nearly 10% return of paid premiums during the policy year. SAIF has paid a retroactive return to AGC members in 27 of the past 28 years, amounting to more than $196 million, the insurer said.

Policyholders will see additional savings due to a reduction in pure premium rates in the state for 2020, with the contracting industry seeing a decrease of more than 10% overall, SAIF said.

Checks are expected to be mailed from SAIF to policyholders in mid-August.