Associated Press

North Dakota's workers compensation board is giving $77 million in insurance payments back to the state's businesses.

The Workforce Safety and Insurance directors voted to declare the dividend Thursday. It will benefit more than 14,000 North Dakota companies.

Board Chairman Mark Gjovig says the money is being returned because WSI's money reserves are larger than they should be. The dividend is intended to lower the agency's reserves below a maximum set by North Dakota law.

The payments could reduce the insurance bill for a business by up to 62 percent. The minimum payment for a business is $250 a year.

Workforce Safety provides insurance coverage for businesses whose workers have been injured on the job.