The Louisiana Restaurant Association Self Insurer’s Fund for Workers’ Compensation (LRA SIF) Board of Trustees recently declared a dividend of $2.8 million to eligible plan participants. The LRA SIF specializes in workers’ compensation for Louisiana’s hospitality industry and related businesses.
The LRA SIF celebrates its 36th year in 2018, and inclusive of this dividend, nearly $112 million in surplus and safety dividends have been returned to eligible members. This marks the 30th consecutive year the LRA SIF has declared a surplus in unused premium and interest income that will be returned to members. This surplus will include eligible participants from the fund years 2006, 2007, 2008, 2009, 2010, 2012 and 2013 and will be paid in April 2018.
The program also announced the Louisiana Department of Insurance has approved premium rate reductions on full service and fast food restaurant classes, as well as convenience stores. This rate reduction is made possible by LRA SIF members’ commitment to improving workplace safety, which lowers claims expense and reduced lost time accidents.
“Our members’ commitment to workplace safety paired with management’s consistent focus on efficient and timely claims handling has resulted in this year’s dividend declaration and our rate reduction,” said Stan Harris, LRA SIF President & CEO. “This will no doubt be welcomed news for our members as they are experiencing significant increases in other aspects of their operations.”
The LRA SIF was created in 1982 to address the workers’ compensation needs of Louisiana’s hospitality industry and is one of the most respected providers of workers’ compensation in the state. To be eligible for a dividend, the member must be in good standing with the LRA and the LRA SIF, and have a loss ratio that is equal to or less than 70 percent as of March 2, 2018. The dividend will be distributed in April 2018.
To obtain a comparison quote or to learn more about how the LRA SIF can help you reduce your workers’ compensation costs, contact your independent insurance agent or the LRA SIF directly at (504) 454-2277 or visit www.LRASIF.org.