San Francisco, CA – State Fund Compensation Insurance Fund’s Board of Directors has approved a $100 million dividend to qualifying policyholders for the 2013 policy year. The dividend represents approximately 8.6 percent of policyholders’ 2012 estimated annual premium and demonstrates the effectiveness of the business improvements and operational efficiencies implemented by the organization.
“State Fund has made significant progress this year by improving efficiency and establishing a new rate structure to provide fairly-priced workers’ compensation insurance,” commented Larry Mulryan, Board Chair. “We are committed to being a competitive workers’ compensation insurance provider that brings value to California employers. Part of that value is the ability to return funds to our policyholders in the form of a dividend.”
This action brings total dividends declared since 2011 to $250 million. Since its inception State Fund has paid more than $5 billion in dividends to policyholders—a record unparalleled among all California workers’ compensation insurance carriers.
Source: CA State Fund