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Press Release
For Immediate Release
January 19, 2007
Contact: Wendy Waren
Tel: (800) 256-4572
E-mail: wendyw@lra.org
LRA / SIF DECLARES $75 MILLION IN DIVIDENDS
Self Insurer’s Fund celebrates 25th Anniversary
The Louisiana Restaurant Association Self Insurer’s Fund (LRA/SIF) is pleased to announce a surplus of $4.1 million in unused premium and interest income slated to be returned to eligible participants in April 2007. For 25 years, the LRA/SIF has a cumulative total of more than $75 million in dividends—more than any other workers’ compensation provider in the state. The fund insures 2,735 hospitality-related businesses in the state including restaurants, restaurant suppliers, hotels, casinos and bakeries.
“Every penny of premium not spent on claims or administrative expenses is returned to the very members who have made this program so successful,” said Jim Funk, President/CEO of the LRA. “No other workers’ comp insurance program in Louisiana comes close to matching our rate of return over the last several years and we commend our members’ commitment to workplace safety.”
For the past 19 years, the board has reviewed the financial stability of the LRA/SIF and concluded the surplus can be returned to members without jeopardizing the fund. In addition to regular dividends distributed in April, the LRA/SIF will continue to offer its safety incentive program, now issued in the form a credit applied annually to those members who: attend at least one annual safety seminar; complete the fund year with a loss ratio below 50 percent; and provide a copy of their working safety program.
Last year marked the ninth consecutive year the LRA/SIF offered a five percent safety reward to its safety-minded members—totaling more than $2.5 million.
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