State Fund Financial Reports
Your Premium Dollars at Work
The publication, Your Premium Dollars at Work (F200-029-000), provides an overview of the programs and services funded with your insurance dollars. Nearly 83% of the Washington State's Industrial Insurance Fund ("State Fund") payments from July 1, 2017 through June 30, 2018 were spent on medical treatments, partial wage replacement, disability awards, and pension benefits for injured workers.
10-year summary of Washington's Industrial Insurance Fund
Washington's Comprehensive Annual Financial Report (CAFR)
The state of Washington's CAFR follows Generally Accepted Accounting Principles (GAAP). The Workers' Compensation Program's financial information is included as a major business activity and can be found within the state of Washington's CAFR.
The schedules accompanying the statements break out the Basic Plan, which includes only the Accident, Medical Aid and Pension Reserve accounts combined from the Supplemental Pension Plan.
The state's CAFR reports typically become available in January for the preceding year.
State Fund financial information reports
These reports are prepared in conformity with the Statements of Statutory Accounting Principles as promulgated by the National Association of Insurance Commissioners, as would be required of any property and casualty insurance enterprise in the United States when reporting its financial condition to insurance regulators. This accounting basis is used to allow regulation of insurance solvency and the stability of premium rates.
These reports show only the Basic Plan that includes the following:
- Medical Aid
- Pension Reserve accounts combined
These Industrial Insurance Fund Financial Information reports typically become available in January for the preceding fiscal year ending June 30.
The Workers' Compensation Program also issues a Comprehensive Annual Financial Report (CAFR) in accordance with Generally Accepted Accounting Principles (GAAP). These reports include the following:
- Medical Aid
- Pension Reserve
- Supplemental Pension
- Second Injury
- Self-Insured Employer Overpayment Reimbursement
- Industrial Insurance Rainy Day Fund accounts combined