Pleasanton, CA (WorkersCompensation.com) - State Compensation Insurance Fund (State Fund) today announced plans to distribute an approximate $39 million dividend to its qualifying policyholders with policies that took effect between Aug. 27 and Dec. 31, 2020. This dividend equals approximately 10% of the estimated annual premium reported during that time period.
This announcement follows up State Fund's August declaration of an approximate 10% mid-year dividend that applied to all policies incepted between Jan. 1 and Aug. 26, 2020. The dividend distribution for the entire year equals approximately $114 million.
Through 2020, State Fund is reporting approximately $1.13 billion in premium.
“This has been a very challenging year for our policyholders and we're glad we can continue to support them with this dividend declaration,” said State Fund President and CEO Vern Steiner. “We took a number of actions during 2020 to help our policyholders, including accelerating the delivery of our 2019 dividend payments and providing more than $40 million in COVID-19 safety support grants. This latest declaration continues that support—all qualifying State Fund policyholders now know they can expect another dividend payment next year.”
Since its creation in 1914, State Fund has paid out more than $5 billion in dividends to policyholders.
State Fund policyholders will begin to receive dividend payments during the second half of next year.
To learn more about State Fund, visit www.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.
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