FACT: The first workers' compensation insurance organization, the Maryland State Accident Fund was created in 1914 ensuring workers' compensation coverage for all Maryland-based businesses. And in 2009 the Injured Workers’ Insurance Fund (IWIF) celebrated its' 95th anniversary in business.

FACT: In 1988, IWIF became an independent state agency. (There are 52 other independent state agencies in Maryland.)

FACT: The company was renamed the Injured Workers' Insurance Fund in 1990.

FACT: IWIF is the leading writer of workers' compensation insurance in Maryland.

FACT: In 2000, IWIF began the process to become a member of the Property and Casualty Guaranty Fund and to be examined by the Maryland Insurance commissioner for financial solvency.

FACT: IWIF is a fully regulated insurer and is subject to the same financial and market standards as other insurance carriers.

FACT: IWIF operates as a not-for-profit insurer offering workers' compensation insurance as close to actual cost as possible. Any profits are returned to policyholders through the rate making process. There are no underwriting profit incentives, other than to ensure IWIF remains financially sound.

FACT: IWIF is led by a nine-member board of directors appointed by the Governor of Maryland.

FACT: IWIF is a self-supporting insurance organization and operates solely on premium and investment income. No taxpayer dollars or assessments have ever funded IWIF.

FACT: IWIF's current assets and reserves total $1.6 billion.

FACT: Approximately 375 professionals are employed with IWIF.

FACT: The creation of in-house fraud and special investigation units in Maryland was pioneered by IWIF.

FACT: IWIF markets workers' compensation insurance directly to business owners and through the offices of approximately 1,000 independent agents.

FACT: IWIF is a stabilizing influence on Maryland’s overall favorable ranking for the cost of workers’ compensation insurance. Nationally, Maryland has the 8th lowest overall workers’ comp premium rates. (Source: NCCI 2008 National Council on Compensation Insurance)

FACT: From its beginning, IWIF has operated as a guaranteed market/insurer providing workers’ compensation insurance to all who apply, regardless of the company’s size or past claim experience.

FACT: IWIF supports Maryland’s small businesses. Many private carriers will not write coverage for a brand-new start-up business. They often require a three year loss history for new customers. This is another part of IWIF’s mission, to be there for the entrepreneurial small business owners that have just opened their doors for business.

FACT: IWIF is small-business friendly by providing a “Safety Saves” discount. One reason, IWIF is so attractive to small businesses is our service of providing a loss-experience modification (e-mod) discount credit for good loss experience to policyholders paying as little as $3,000 in premium over three years. Private insurance carriers normally reserve this discount benefit for larger businesses only.

FACT: IWIF is managed effectively. The WARD Group, a national organization that benchmarks operating efficiencies of financial and insurance organizations, indicated in its latest reports that IWIF’s performance is among the “best in industry” as measured against other small property/casualty insurance companies.

FACT: IWIF is a leader in helping Maryland become a safer place to work. For the past six years, there continues to be an encouraging decline in Maryland workplace injuries, workers’ compensation claims and fatalities. IWIF’s “Safety Saves” advertising, free seminars, training consultations, website, publications and loss control professionals have helped promote the benefits of a safe workplace.

FACT: By making safety a priority, 88% of IWIF policyholders reported no workplace injuries in 2009.

FACT: IWIF currently helps care for more than 25,000 Maryland injured workers with payment for their medical treatment, indemnity (lost time) payments or both.


March, 2010