San Francisco, CA – State Fund Compensation Insurance Fund’s Board of Directors has approved a $37 million dividend to qualifying policyholders for the 2014 policy year. The dividend represents approximately 2.6 percent of policyholders’ 2014 estimated annual premium.
“In addition to declaring a $37 million dividend, we strengthened our reserve position to improve State Fund’s financial strength for the long term, thanks to strong investment returns,” said Vern Steiner, President & CEO.
In order to be eligible for the 2014 policy year dividend, policyholders must:
- Have completed no less than 335 days of continuous coverage during their 2014 policy term.
- Have not cancelled during their 2014 policy term.
- Have complied with the State Fund audit and as a result the final audit was completed within 18 months of the 2014 policy inception. No dividend shall be paid on any premium owed or paid as a result of an audit.
- Be current on 2014 premium payments.
- Payments for a dividend will be based on the inception dates of policies.
This action brings total dividends declared by State Fund since 2011 to $287 million.
Source: CA State Fund