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WCC yet to collect $766,310 from employers
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Posted on Apr 21 2009
The Workers Compensation Commission’s total receivables as of March 31 reached $766,310.16, according to the latest financial report prepared by comptroller David S. Demapan.
WCC is a government agency under the NMI Retirement Fund, along with the Group Health and Life Insurance.
About 98 percent or $751,150.63 of WCC receivables are owed by employers.
WCC provides financial protection to both employers and employees for the catastrophic effects of work related injuries, illnesses or deaths. It is a social insurance plan that compensates employees for disabilities incurred from work-related injuries regardless of fault. It is also a no-fault insurance program, solely paid for by the employer.
As of March 31, WCC’s total assets were at $1.90 million, which exceeds the liabilities of $811,542.81.
Net assets represent resources available for future payments, which means after all liabilities are paid off, WCC has at the end of March 30 some $1.25 million to pay for workers’ compensation benefits.
Demapan said to date, WCC has collected $105,201 in allotment from the Department of Finance, as well as from the special disability revenue. In March alone, WCC received $25,348 in allotment from Finance.
WCC has also paid $4,809 in disability claims as of March 31. “These claims relate to medical bills that were incurred by disabled persons,” said Demapan.
