News & Info
R.O.I.I. Summary
What is RETRO?
Retro is the general name used for programs the State of Washington allows employers to participate in whereby they can receive substantial refunds on their L & I premiums. It's basically an incentive the State offers to companies that prove themselves to be safety conscious and careful about their claims management procedures. Currently approximately 60% of premium paid to the State of Washington Department of Labor and Industries is subject to Retro refunds.
Return on Industrial Insurance (R.O.I.I.) is the specific Retro program that BIAW administers in cooperation with the State of Washington.
Benefits of R.O.I.I.
- Refund potential
-
Claims assistance
-
Safety assistance
-
Low risk vs. Individual Retro option
Why R.O.I.I.?
- Performance: R.O.I.I. has good, consistent refunds and low fees.
-
Low upfront enrollment fee: $150.00 or 1.5% of L & I premiums.
-
Low membership fees: Local association fees range from $300 to $650.
-
Group size: 5,800 members = $160 million dollar premium base, largest Retro group in the State.
-
Low risk: Never had a penalty year where participants had to pay in.
-
In-house claims staff: Swift closure of L & I claims and a vested interest in the program's success.
-
Safety assistance: Provide programs and information to keep members abreast of safety issues / regulations.
-
25 year history: R.O.I.I. is the one of the oldest Retro groups in the State.
-
Numerous Risk Classes: We accept more risk classifications than any other construction industry related Retro program.
-
Options: Our Standard program option does not involve mandatory Kept on Salary and Light Duty requirements. The Select program option does involve these requirements; and by abiding by them, companies could potentially earn refunds of 45 -65 %, or more. 2001-2002 Select program refunds averaged 66%; 2002-2003 Select program refunds averaged 71%.
Click Here to print a BIAW Authorization of Release of Information.
|
