Approximately $54 million will be returned to California businesses
SACRAMENTO, Calif., December 31, 2022–(BUSINESS WIRE)–State Compensation Insurance Fund (State Fund) today announced that it will declare an approximate $54 million dividend to its qualifying policyholders with policies that took effect between January 1 and December 31, 2022. This dividend equals approximately 5% of the estimated annual premium reported during that period.
In 2022, State Fund reported approximately $1.1 billion in estimated annual premium (EAP) and approximately $65 million in realized capital gains.
“We’re pleased to be able to return money to our policyholders for the fourth consecutive year,” said State Fund President & CEO Vern Steiner. “In the midst of an uncertain economy, our financial strength and operational efficiency allow us to provide California businesses with more than $50 million that will go directly to their bottom lines.”
Since its creation in 1914, State Fund has paid out more than $5 billion in dividends to policyholders.
State Fund policyholders eligible for the 2022 dividend will begin to receive their payments after the expiration date of their individual policies.
To learn more about State Fund, visit StateFundCA.com.
Disclaimer: Under California law it is unlawful for an insurer to promise the future payment of dividends under an unexpired workers’ compensation insurance policy or to misrepresent the conditions for dividend payment. Dividends are payable only pursuant to conditions determined by the Board of Directors or other governing board of the Company following policy expiration. It is a misdemeanor for any insurer or officer or agent thereof, or any insurance broker or solicitor, to promise the payment of future workers’ compensation dividends. Past dividend performance is no guarantee of an insurer’s future dividend performance. Forfeiture of a right to, reduction in the amount of, or delay in the payment of a policyholder’s dividend due to the policyholder’s failure to accept renewal of the policy or subsequent policies issued by the same insurer is illegal and constitutes an unfair practice.
About State Fund
State Fund is California’s leading provider of workers’ compensation insurance. Not for profit and funded solely by premiums and investment income, we’ve supported California’s entrepreneurial spirit and played a vital role in the state’s economy for more than 100 years. By innovating in areas such as workplace safety and injured worker care, we’re committed to serving California for the next 100 as well. To learn more or get a quote, contact your broker or visit www.StateFundCA.com.
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