As an agency of the Ontario government, the WSIB operates "at arm's length" from the Ministry of Labour, Training and Skills Development and is solely funded by employer premiums, administration fees, and investment revenue.

The WSIB is one of the largest compensation boards in North America[1] and is primarily responsible for administering and enforcing the Ontario Workplace Safety and Insurance Act (WSIA).

[2] In 1910, Ontario Premier Sir James Whitney [1905 - 1914] appointed Sir William Meredith to head the first Royal Commission into the "laws relating to the liability of employers to make compensation to their employees for injuries received in the course of their employment which are in force in other countries, and as to how far such laws are found to work satisfactorily".

The Historic Trade Off saw workers surrender their Right to the Courts in exchange for the 5 Meredith Principles and employers lost their "fault" defenses.

Sir William Meredith designed the system so that injured workers would not become a burden on relatives, friends, or the community.

The Provincial Governments entire role in workers compensation was to appoint honourable men to administer the Historic Trade Off.

Following the injury or illness, if treatment is needed from a health professional (beyond first aid), the employer is obligated to report it to the WSIB by filling out a Form 7.

If the claim is allowed, the injured or ill person is contacted and the WSIB begins to collect information from the health care provider (if applicable) and the employer.

After reaching a high of $14.2 billion in 2011, WSIB eliminated its unfunded liability in Q2 2018, almost 10 years ahead of the legislated deadline of December 31, 2027.

The elimination of the unfunded liability was accomplished as a result of: WSIB's Board of Directors is composed of the chair, the president and CEO, and seven to nine members, who are appointed by the Lieutenant Governor-in-Council.